We’ve Lost Dollars To Sell Cement In Nigeria – Dangote
The manufacturer responds to reports its cement cost more in Nigeria than in other African countries. The Dangote Cement Plc. has denied selling its products at higher rates in Nigeria…
CBN to Commence Enrolment of All DFIs, MFBs, PMBs and FCs on the CRMS Platform
As part of the efforts to promote a safe and sound financial system in Nigeria, the CBN introduced the CRMS to improve credit risk management in commercial, merchant and non-interest…
The Chinese Yuan Is Going Completely Digital
Yesterday, I explained how China has moved to a mostly cashless society… and how it’s planning to go completely cashless for the 2022 Winter Olympics hosted in Beijing. That’s just…
Qatar To Pump Nigeria’s Economy With $5 Billion Investment: Reports
Qatar is eyeing up plans to invest $5 billion into the African country’s economy, Nigerian media reported on Monday. The Gulf state’s move is expected to boost Nigeria’s economy and…
Nigerian Exchange Launches New Corporate Identity
Nigerian Exchange Group (NGX Group) Plc, a leading integrated market infrastructure in Africa, has launched of its new corporate brand identity and website today, 13 April 2021. The launch of…
CBN To Clamp Down On Bad Debtors To OFIs
The Central Bank of Nigeria has said it will extend its Credit Risk Management System to the other financial institutions in the country to protect them from bad debtors. It…
How Many IMF Reports Does It Take To Dim The Moon’s Lustre?
Time was when the International Monetary Fund (IMF)’s numbers on the domestic economy mattered. “What to make of the recent numbers?”, one might ask. The economy surprised on the upside…
More Asian Countries Thick-Skinned About FX Manipulation Tag
A larger number of Asian countries and economies could join the ranks of those branded currency manipulators by the U.S. Treasury in the coming days, and yet that prospect is…
Dollar Edges Up As Markets Wait For U.S. Inflation Data
The dollar edged higher on Tuesday, helped by a pick-up in U.S. Treasury yields, but was still near three-week lows as markets waited for inflation data in the United States.…
Cryptocurrency Market Now Worth $2trn
The cryptocurrency market has grown exponentially in 2021 and is now worth a staggering $2.0 trillion as it increasingly attracts interest from big names on Wall Street. As digital currency…
Biden Warns ‘No Justification’ For Violent Protest After ‘Tragic’ Police Shooting
US President Joe Biden on Monday called the shooting of a Black motorist by police “tragic” but warned that violent protests were unjustifiable. The incident in a Minneapolis suburb was…
HP Seizes 54,000 Nigeria Counterfeit Products, Largest In EMEA
In the past year, the HP Anti-Counterfeiting and Fraud team stopped the potential sale of 54,000 counterfeit toner and ink cartridges in Nigeria, the largest seizure in Europe, Middle East…
Nosediving Disposable Income, An Underlying Factor In Nigeria’s Housing Deficit —— LBIC MD, Lawal
Mr. Oluwatobi Lawal is the Managing Director/CEO, Lagos Building Investment Company PLC. In this interview with MOSES ADENIYI, he gives perspectives to the housing deficit in Nigeria and the role…
Microsoft In Discussions To Buy Nuance Communications: Report
Technology giant Microsoft is in advanced discussions to buy the US group Nuance Communications, which specializes in artificial intelligence, for $16 billion, according to media reports Sunday. The deal could…
No Going Back On NIN, SIM Verification, Says Pantami
Minister of Communications and Digital Economy, Dr. Isa Pantami, yesterday, said Federal Government would not go back on the verification of National Identity Number (NIN) and Subscriber Identification Modules (SIM)…
Twitter Chooses Ghana To Grow Its African Presence
Twitter has opened its first African office in Ghana to grow its African presence. The company is actively looking for talents to fill 12 roles remotely, with a particular focus…
‘Support For Indigenous Brands Critical To Economic Growth’
The Managing Director, Rite Foods Limited, Seleem Adegunwa, has called on Nigerians to support indigenous businesses to grow and compete with international brands, create jobs for the citizens and stimulate…
Households, Businesses Can Apply For N50Bn COVID-19 Loans – CBN
The Central Bank of Nigeria has said that households and businesses affected by the COVID-19 can now apply for loans under its N50bn Targeted Credit Facility. It said the stimulus…
Report: Increased Borrowing May Trigger Structural Reforms in Nigeria
As Nigeria is projected to raise $3 billion this year meet its infrastructure needs, which is expected to increase its public debts, the situation will force the country’s policy makers…
Okonjo-Iweala: COVID-19 Vaccine Nationalism, Export Restrictions Threat to Africa
The Director-General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, yesterday deplored increasing COVID-19 vaccine nationalism and restrictions placed on exports by producing countries, which she described as a…
Sell-Offs In Microfinance Banks Over Recapitalisation
Ahead of April’s deadline for the first threshold of recapitalisation exercise in the Microfinance Bank (MFB) sub-sector, some operators that do not have the capacity to meet up have decided…
Federal Government Unveils Compendium On States’ Economies
The Federal Government has unveiled a publication, Book of States, detailing the economic potential of states and their performances in internally-generated revenues (IGRs). In his keynote address at the launch,…
Bitcoin Hits New All-Time High Above 63.1K
The price of bitcoin set a new all-time high Tuesday morning, the day before U.S.-based cryptocurrency exchange Coinbase’s highly anticipated listing on Nasdaq. The cryptocurrency reached 63,191.37, topping the previous…
44 Companies To Face NSE’s Sanctions Over Default Filing
A total of 44 companies quoted on the Nigerian Stock Exchange, NSE, may face sanctions from the Exchange for failing the timeline in rendition of 2020 audited financial results. Periodic…
Naira Closes Stronger Against Dollar, Euro At Black Market
The Naira closed stronger against the US Dollar and the Euro at the unregulated segment of the foreign exchange (FX) market on Monday, April 12. At the black market, which…
Qatar To Invest $5bn In Nigeria, Says Onyeama
The oil-rich state of Qatar is to invest $5 billion in the Nigerian economy, the Foreign Affairs Minister, Chief Godfrey Onyeama, has said. Onyeama, at a farewell dinner on Sunday…
Printing Currency Could Hurt Economy, Analysts Warn FG
Analysts have expressed concerns over a recent claim that the federal government resorted to printing money to augment the monthly allocation to the three tiers of government, warning that it…
Credit Suisse To Pay Out Another $1.7 Billion Of Greensill-Linked Fund Assets
Credit Suisse has made further progress in winding down funds connected with Greensill Capital and is able to distribute another $1.7 billion to investors, the bank said on Tuesday. This…
Appzone Secures $10m Series A, Biggest Investment Led By Nigerian VC
Nigerian-founded venture capital firm CardinalStone Capital Advisers is leading a $10 million Series A funding in Appzone that delivers best-in-class products for digital core banking and interbank transaction processing.It is…
Fed Looks Poised To Step Up Buying In Belly Of Treasuries Curve
The Treasury market’s weight has shifted around in the past year, meaning the Federal Reserve’s $80 billion monthly purchases no longer fit the way they’re supposed to. A reevaluation of…