Business Local Nigeria Gives Telecoms Providers Two Weeks To Add ID Numbers To SIM Cards December 16, 2020 Ekemini Nigeria has given telecommunication providers two weeks to add valid National Identification Numbers (NIN) to every SIM card registered in the country, according to a statement from the Nigeria Communications…
Business Local Naira Maintains Stability At Various FX Market Windows December 16, 2020 Ekemini The Naira extended its stability against the United States Dollar into a second day at the various windows of the foreign exchange (FX) market on Tuesday, December 15. During the…
Business China Offers $145 Billion To Banks As Cash Supply Tightens December 16, 2020 Ekemini China injected cash into the financial system by offering medium-term loans, in the government’s latest effort to ensure the country’s banks have sufficient liquidity. The People’s Bank of China added…
Business Local AfCFTA: Nigeria To Become Petroleum Products Refining Hub, Says Sylva December 16, 2020 Ekemini The Federal Government says it will leverage the opportunities provided by the African Continental Free Trade Area Agreement (AfCFTA) to reposition the oil and gas sector. The government said this…
Business Local Nigeria’s Economy Likely To Contract By Over 4% In 2020 -World Bank December 16, 2020 Ekemini Nigeria’s economy is likely to contract by more than 4% this year, plunging the country into its deepest recession since the 1980s, as a result of sharp fall in oil…
Business Local Nigeria Inflation At Highest In Almost Three Years On Food Costs December 16, 2020 Ekemini Nigerian inflation quickened to an almost three-year high in November as dollar shortages, insecurity in farming areas and supply bottlenecks stoked food prices. Consumer prices rose 14.9% from a year…
Business Local World Bank Approves $3bn For Nigeria December 16, 2020 Ekemini After threatening to withhold $1.5 billion until Nigeria carries out foreign exchange reforms to its satisfaction, the world Bank has finally approved the facility for Nigeria. While Nigeria is still…
Business Local Nigerian Annual Inflation Nears Three-Year High In November December 16, 2020 Ekemini Annual inflation in Nigeria rose in November for the 15th straight month, to almost a three-year high, the National Bureau of Statistics said on Tuesday, as food prices lifted the…
Business Local PwC: Nigeria’s Economy Will Perform Better Than IMF, World Bank Projections December 16, 2020 Ekemini This is contained in the December 2020 Nigeria Economic Alert released by the firm on Monday. It projected that the fourth quarter GDP quarter will translate to an annual contraction…
Business Local Don’t Open Borders, NASME Tells FG December 16, 2020 Ekemini The National Association of Small and Medium Enterprise has advised the President, Major General Mohamadu Buhari (retd.), not to succumb to the pressure to reopen the country’s border in January…
Business Local Court Declares Stamp Duty On Bank Transactions Illegal December 16, 2020 Ekemini A FEDERAL High Court sitting in Asaba Delta State has ruled that it is illegal for banks to charge depositors N50 stamp duty. Justice Nnamdi Dimgba made the declaration on…
Business The Australian Dollar Is Surging On Record Iron Ore Prices As Tensions With China Climb December 16, 2020 Ekemini SINGAPORE — The Australian dollar has leaped to its highest in more than two years, helped by surging iron ore prices. Late last week, it surged past 0.75 against the…
Business Local External Reserves Dip By $269.47m In Five Weeks December 16, 2020 Ekemini The country’s foreign reserves fell by $269.47m in five weeks, the latest figures obtained from the Central Bank of Nigeria revealed on Monday. The reserves, which stood at $35.656bn as…
Business Dollar Heavy Amid Stimulus Progress, Pound Buoyed By Brexit Hopes December 16, 2020 Ekemini The dollar traded near 2 1/2-year lows against major peers on Tuesday as demand for the safest assets flagged amid progress toward agreeing U.S. fiscal stimulus and optimism for a…
Local Lagos Lists 300 Distressed Buildings For Demolition December 16, 2020 Ekemini The General Manager, Lagos State Building Control Agency, Mrs Abiola Kosegbe, said it has listed about 300 buildings that it suspected could be distressed and is investigating them for possible…
Business Equities Market Opens Week Bullish, Investors Gain N309.8bn December 16, 2020 Ekemini Equities trading on the Nigerian Stock Exchange (NSE) begins the week on a positive note as the market indicators advance by 1.73 per cent on Monday. The All-Share Index (ASI)…
Business Rapid China Inflows Spur Call For Strongest Yuan Since 1993 December 16, 2020 Ekemini The yield on China’s 10-year government bonds climbed in recent months on speculation the PBOC will start to exit monetary stimulus. That has helped widen the yuan’s interest-rate advantage over…
Business Local FG Suspends Issuance Of FTZs Licences December 16, 2020 Ekemini The Federal Government has suspended issuance of licences for the operations of Free Trade Zones (FTZs) in the country. The Minister of Industry, Trade and Investment, Chief Adeniyi Adebayo, announced…
Business Local Banks’ Non-Performing Loans Now N1.17tn – NBS December 15, 2020 Ekemini Non-performing loans in the Nigerian banking sector fell by N42.4bn in three months, latest figures from the National Bureau of Statistics have shown. According to figures obtained from the NBS’…
Business Local Oil Rises From The Ashes As The Big Coronavirus Recovery Trade December 14, 2020 Ekemini Brent crude topped $50 a barrel last week for the first time since March, a milestone for an oil market that’s been grinding its way back out of a deep…
Business Local OPEC+ Countries To Hold Jan. 4 Talks, Algeria Says December 14, 2020 Ekemini Algerian Energy Minister Abdelmadjid Attar said on Sunday that OPEC+ countries will meet on Jan. 4 to study the market after their last decision to limit production rises to 500,000…
Business Local Deregulation: Nigerians Overpaying For Petrol – Expert December 14, 2020 Ekemini At a pump price of N167 per litre, Nigerians are currently overpaying for fuel, an industry expert, Alhaji Rabiu Bello has revealed. Bello, a former Chief Operating Officer/Group Executive Director,…
Local As FG Woos Global Investors At GITEX 2020 December 14, 2020 Ekemini This year’s Gulf Information Technology Exhibition (GITEX) event and conference, which held at the World Trade Centre in Dubai, UAE, gave Nigeria the opportunity to showcase itself as strategic gateway…
Business Local CBN Commits N200bn On 300,000 Social Housing Scheme December 14, 2020 Ekemini THE Central Bank of Nigeria, CBN, has committed N200 billion to kickstart the social housing projects, under the Economic Sustainability Plan, ESP. Already about 20 states have indicated interest in…
Local Lagos To Establish A Multi Million Naira Fish Centre December 14, 2020 Ekemini Lagos is set to launch a multi-million Aquaculture Centre of Excellence (L.A.C.E) to provide a major boost to the fast-growing fisheries sector that already ships a major portion of its…
Business Local Nigeria’s Q3 Oil Exports Rise By 56% To N2.42tn December 14, 2020 Ekemini Nigeria more than doubled its crude oil exports in the third quarter of this year to N2.42tn after months of struggling to find buyers amid the collapse in demand. Crude…
Business Local Banks Have Benefited From COVID-19 Fiscal, Monetary Policies – Okonkwo December 14, 2020 Ekemini Nnamdi Okonkwo, who retires as the Managing Director/Chief Executive Officer of Fidelity Bank, on December 31, spoke to business editors on sundry issues in the banking sector. EVEREST AMAEFULE was…
Business Pound Sterling Set For An Explosive Monday Session Vs. Euro And Dollar December 14, 2020 Ekemini Pound Sterling is in for a potentially explosive session on Monday owing to a Sunday deadline for EU-UK Brexit talks. If talks have not yielded progress by Sunday, the two…
Local Nigeria’s Buhari Disputes Lawmakers’ Power To Summon Him December 14, 2020 Ekemini A last minute change of heart by Nigerian President Muhammadu Buhari on answering an invitation by lawmakers triggered a constitutional dispute over the power of the country’s parliament to summon…
Local Nigerian Military In Firefight With Gang Who Kidnapped Students December 14, 2020 Ekemini The Nigerian military had located and exchanged fire with gunmen who kidnapped scores of secondary school students in northwestern Katsina state, according to a statement from the president on Saturday.…
