Elon Musk Says Tesla Will Stop Accepting Bitcoin For Car Purchases, Citing Environmental Concerns
Tesla CEO Elon Musk said Wednesday on Twitter that Tesla has “suspended vehicle purchases using Bitcoin,” out of concern over “rapidly…
Month: May 2021
Nigeria, Others Recorded $540 Billion Remittance Flows In 2020 – World Bank
Despite the destabilising effects of the COVID-19 pandemic, Nigeria and other low and medium-income countries recorded strong remittance flows, a…
Air Cargo Business Surges As African Airlines Record 24.6% Demand Spike
The International Air Transport Association (IATA) released March 2021 data for global air cargo markets showing that air cargo demand…
Oil Spill: Agip Shuts Down Oil Well In Bayelsa
The Nigerian Agip Oil Company (NAOC) on Wednesday confirmed an oil leak from its Idu oilfields at Egbebiri settlement within…
Dollar Hits Fresh 10-Week Lows Ahead Of Inflation Report
The U.S. dollar dropped to a fresh 2-1/2-month low on Tuesday as investors bet that rising inflation could erode the…
Cement Prices Threaten Nigeria’s Economic Recovery
Dangote Cement, founded by Africa’s richest man, Aliko Dangote, has a 60.6% market share, Lafarge Africa – 21.8%, BUA Cement…
Agusto: Diaspora Remittances Will Increase 5% To $22bn In 2021
Agusto Consulting Limited, a credit rating agency, says diaspora remittances to Nigeria will increase by five percent to $22 billion…
MoneyGram To Let Cryptocurrency Holders Cash In Their Investments
MoneyGram will let people in the U.S. withdraw their cryptocurrency holdings in cash, marking another step from mainstream financial institutions toward…
Nigeria Wealth Fund To Sell Sukuk Bonds For Roads In 2021
The Nigeria Sovereign Investment Authority plans to raise equity capital and sell sukuk bonds this year to fund technology and…
Inflation Speeds Up In April As Consumer Prices Leap 4.2%, Fastest Since 2008
The Consumer Price Index, which measures a basket of goods as well as energy and housing costs, rose 4.2% from…
$100m Lost As NNPC Gives Bunkering Service To Foreigners, Says SOAN
Shipowners Association of Nigeria (SOAN) has said that $100 million is lost to capital flight as the Nigerian National Petroleum…
Actis Plans To Double Africa Energy Investments To $2 Billion
Actis LLP, a London-based private equity firm focused on emerging markets, plans to finalize deals on six African power projects…
EXCLUSIVE: How Amaechi, Hadiza Usman Clashed Over Multibillion Naira NPA Contracts
Months before her suspension last week, the Managing Director of the Nigerian Ports Authority (NPA), Hadiza Usman, repeatedly faced off with…
The Chinese Digital Currency Is Moving Forward – Will The US Follow?
As far as early adopters go, the People’s Bank of China (PBOC) has become the first major central bank to…
CBN-Directed Board Changes At First Bank Of Nigeria And FBN Holdings Plc Address Governance Issues
S&P Global Ratings said that changes to the boards of First Bank of Nigeria Ltd. (FBN; B-/Stable/B) and FBN Holdings PLC (FBNH;…
NSIA Assets Grow By N193b As Investment In Foreign Assets Appreciates
The Nigeria Sovereign Investment Authority (NSIA), yesterday, hinted that its net assets grew by N193.21billion in 2020, representing a 33…
Yuan Eases As FX Demand For Dividend Payments Kicks In
“The PBOC’s Q1 monetary policy report suggests that the central bank is not worried about imported inflation, despite that it…
Euro Zone To Rebound More Strongly, Borrowing Curbs To Stay On Hold -EU
The euro zone economy will rebound from its COVID-19 slump more strongly than previously thought this year and next, the…
Currencies Tumble As Stocks Erase Gains
What started off as a strong day for risk appetite turned into losses for currencies and equities. The Dow Jones…
FG Action On Nigerian Traders In Ghana Excites MATAN
The Market Traders Association of Nigeria (MATAN) has expressed delight on steps taken by the Federal Government to address the…
Glo Begins Reactivation Of SIM Cards
Globacom on Tuesday announced the recommencement of SIM card activation at its service outlets across Nigeria. This is coming after…
$153 Million, 80 Houses Recovered From Diezani —EFCC Boss
The Chairman of the Economic and Financial Crimes Commission, Abdulrasheed Bawa, has disclosed that the commission has recovered $153 million…
Nigeria’s Diaspora Remittances To Hit $22bn – Report
Nigeria’s diaspora remittances have been projected to rise by five per cent to $22bn by the end of 2021. Agusto…
Forex-Commodity Currencies Hold Advantage As Dollar Waits For Inflation And Fed
The dollar nursed losses against the currencies of major commodity exporters which enjoyed support from expectations for further gains in…
CBN: Manufacturing Sector Vital To Economy
THE manufacturing sector plays an important role in the country’s economy and will continue to do so in every economy, the…
Pipeline Outage Causes U.S. Gasoline Supply Crunch, Panic Buying
Gas stations from Florida to Virginia began running dry and prices at the pump rose on Tuesday, as the shutdown…
DPR Pledges To Complete First Floating LNG Production Plant
The Department of Petroleum Resources (DPR) has pledged support to the completion of Nigeria’s first floating Liquefied Natural Gas (LNG)…
CBN Action Won’t Affect FBN Holdings Asset Quality, Profitability—Fitch
Fitch Ratings has disclosed that the removal of the non-executive board members of FBN Holdings Plc and First Bank of…
Stock Market Reopens Upbeat As Capitalisation Rises By N60 Billion
Following gains recorded by most blue chip stocks, the Nigerian Exchange Limited (NGX) reopened in uptrend yesterday, as market capitalisation…
Pound Up Against Dollar And Euro Amid Hopes For Strong UK Recovery
Analysts say SNP’s failure to achieve overall majority in Scottish elections also a factor in highest level against dollar since…