Dollar Pins Hopes On Fed, Biden For Ending Month-Long Decline
The dollar is set to take its cues from the U.S. Federal Reserve’s policy statement and a speech by President Joe Biden on Wednesday, as it seeks to extend a…
Reps Ask CBN To Suspend Deadline For MFBs Recapitalisation
A day to the expiration of the deadline given by the Central Bank of Nigeria (CBN) to microfinance banks (MFBs) to meet the first threshold of the new capital base,…
Uncertainty Envelops States As Revenue Tumbles
Nigeria’s over-reliance on oil as its major source of revenue and failure of successive administrations to build new or repair existing refineries is here to bring her to her knees.…
Nigeria, Six Others Account For 65% Global Gas Flaring – World Bank
The World Bank on Wednesday said Nigeria and six other countries were responsible for two-thirds of global gas flaring. It said this in a statement titled ‘Seven countries account for…
Decline In FX Demand Fortifies Naira By 0.10% At I&E
The Naira closed stronger against the United States Dollar at the Investors and Exporters (I&E) window of the foreign exchange (FX) market on Wednesday. The fortification of the local currency…
FG Grants Approval For $2.9bn Escravos Seaport
The Federal Government has granted approval for the establishment of the Escravos Seaport Industrial Complex, ESIC, to Mercury Marine Concession Company, MMCC. The proposed $2.9 billion project is majorly designed…
The Great Exit: Central Banks Line Up To Taper Emergency Stimulus
The Bank of Canada set the taper ball rolling last week, becoming the first major central bank to cut back on pandemic-era money-printing stimulus programmes. So who’s next? The big…
Senate Passes Amended AMCON Bill, Okays Seizure Of Debtors’ Assets
The Senate, on Wednesday, passed the Asset Management Corporation of Nigeria Amendment bill. The passage of the bill followed the consideration of a report by the Committee on Banking, Insurance,…
Alternative Seaports, Solution To Gridlock – Lagos Govt
Lagos State Government, yesterday, expressed dissatisfaction over the current traffic congestion in Apapa and its environs, despite the introduction of the electronic-Call-Up system, saying there was more to be done…
‘Banks Pumped N4.56tr Into Economy In One Year’
Banks have injected N4.56 trillion into the economy as loans through private sector operators in the last 12 months, a member of the Central Bank of Nigeria (CBN)-led Monetary Policy…
Nigeria Can`T Afford Another Civil War – Osinbajo
Vice President Yemi Osinbajo, says Nigeria cannot afford another civil war because it will not augur well for the country. Osinbajo said this at an interactive forum of All Progressives…
UPDATE 1-Bank Of Canada Says It Is Expecting Strong Growth In Second Half Of 2021
The Bank of Canada is expecting strong consumption-led growth in the second half of the year as vaccinations against COVID-19 continue, Governor Tiff Macklem said on Tuesday. In comments to…
Oil Prices Steady As Rising Demand Outlook Tempered By COVID Worries
Oil prices were steady on Wednesday as support coming from forecasts of a recovery in global fuel demand was tempered by a surge in India’s coronavirus cases and rising U.S.…
How Palladium Became A Really, Really Precious Metal
Palladium is the most valuable of the four major precious metals, with an acute shortage driving prices to records in recent years. A key component in pollution-control devices for cars…
Rising Inflation In India Risks Central Bank’s Monetary Easing
The world’s worst Covid-19 outbreak in India risks fanning price pressures, threatening to limit options for the inflation-focused central bank to support the economy. Provincial curbs to stem the virus…
Will The Fed Snap The Dollar’s Recovery?
After selling off throughout the month of April, the greenback finally rebounded on the eve of the Federal Reserve’s monetary policy announcement. The U.S. economy is running hot ahead of…
Nigeria, ICC Younde Forge Alliance To Tackle Piracy In Gulf Of Guinea
The Nigerian Maritime Administration and Safety Agency (NIMASA) and the Interregional Coordination Centre (ICC), Yaoundé, have forged an alliance to tackle the lingering piracy that has continued to threaten shipping…
Pricey Corn Has Farmers Feeding Wheat For Humans To Livestock
China’s expanding hog herd is vacuuming up the world’s feed grains and forcing traders to dip into wheat reserves, a crop that’s normally saved for humans to eat. According to…
Dogecoin Price Sky Rockets After Elon Musk Calls Himself ‘The Dogefather’
The price of dogecoin has shot up after technology billionaire Elon Musk referred to himself as “The Dogefather”. The meme-inspired cryptocurrency rose from $0.25 to $0.30 in less than 15…
CBN Injects $1.47bn Into Forex Market In One Month
The Central Bank of Nigeria injected $1.47bn into the foreign exchange segment of the market as part of its efforts to stabilise the naira in January. According to figures from…
African Trade Finance Outflows To Hit $5b
Constrained global financial conditions caused by COVID-19 have led to massive portfolio outflows from Africa, exceeding $5 billion in the first quarter of last year, a new continent-wide survey on…
Weak Fiscal Space Putting Pressure On Monetary Policy
A member of the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC), Prof. Mike Obadan, has said the country’s weak fiscal policy is putting, “significant pressure on monetary policy…
ECO: Strengthening Naira More Beneficial Than West African Regional Currency – Diplomat
As West African countries continue to dilly-dally on the adoption of a common currency, a former diplomat has advised the Nigerian government to strengthen the Naira and shun the Eco…
Banks Electronic Transfers Hit N356.47tr
The National Bureau of Statistics (NBS) yesterday said in the Fourth Quarter (Q4) 2020, total transactions recorded through Electronic Payment Channels reached N356.47 trillion. According to its data titled: “Selected…
Dollar Near Multi-Week Lows Before Fed, Yen Unmoved After BOJ
The dollar hovered near multi-week lows versus major peers on Tuesday, weighed by subdued Treasury yields ahead of the Federal Reserve’s policy decision this week, while the yen hardly budged…
Perspectives On Diaspora Remittances
As the largest recipient of remittances in sub- Saharan Africa and indeed the seventh largest among low and middle-income countries (LMICs), Nigeria has every reason to fret whenever things are…
Commercial Banks’ Loan Exposure To Government Hits N1.8 Trillion
The total commercial loans to the government, at all levels, rose to N1.77 trillion at the close of last year, about 18 per cent increase from the N1.5 trillion reported…
Top Global Central Banks Close Three-Month Dollar Cash Tap
The central banks of the the euro zone, Britain, Japan and Switzerland said on Friday they would discountinue a three-month auction of U.S. dollars created at the height of a…
Bitcoin Price Crash: Half A Trillion Dollars Wiped From Crypto Market As Btc Falls Below $50k
The price of bitcoin has plummeted $15,000 from its recent all-time high, falling below $50,000 for the first time since March. The cryptocurrency reached as low as $48,500 on Friday…
Nigeria Exports To Indonesia Over $700m’
Director of the Indonesian Trade Promotion Centre, Hendro Jonathan, said Nigeria exported goods worth 700 million dollars to Indonesia last year. He explained that while Nigeria’s total export to the…