Food Prices Rose In July 2022 – NBS.
The National Bureau of Statistics says prices of selected food items increased in July. It made the declaration in its Selected Food Prices Watch Report for July 2022 released in…
Anxiety In Banks As Loans To Power Sector Hit Over N800bn.
There appears to be no end sight to the woes of the power sector with economic experts expressing concerns over a whooping N836.08 billion owed to Deposit Money Banks (DMBs)…
Aggregate FX Inflow Down 17.3% to $6.58bn On Decrease In Non-Oil Components.
The aggregate foreign exchange inflow into the Nigerian economy dropped by 17.3% to $6.58 billion in April 2022; compared with $7.95 billion in March, the Central Bank of Nigeria (CBN)…
$20 Billion Indian Investments In Nigeria – Foreign Minister.
Indian Minister of State for External Affairs Shri Vellamvelly Muraleedharan has disclosed that Indian investments in Nigeria amount to $20 billion. Muraleedharan who spoke during the inaugural Session of the…
Nigerian Stock Market Starts The Week Shedding N14 billion.
The Nigerian stock market started the first trading session of the week bearish, shedding approximately N14 billion in market capitalization. The losses today were majorly attributable to profit taking and…
Saudi Says Oil Price Plunge Ignores Extremely Tight Global Crude Supply.
OPEC’s leading oil producer, Saudi Arabia, says the recent oil price decline is by poor futures market liquidity; and macro-economic fears, which have ignored the extremely tight crude supply. This…
HSBC Ups Price Targets On Greek Banks, With Eurobank, Piraeus Top Picks.
HSBC raised its price targets on shares of Greece’s four largest lenders after they posted strong performances in the first half; saying Eurobank (EURBr. AT) and Piraeus Bank (BOPr. AT)…
OPEC+ Missed Output Targets By 2.9 Million Barrels Per Day In July.
OPEC+ produced 2.892 million barrels per day (bpd) below their targets in July, two sources from the producer group said; as sanctions on some members and low investment by others…
BoG Rolls Out Urgent Measures To Fight Inflation, Cedi Depreciation.
The Bank of Ghana (BOG) has raised the policy rate by 300 basis points (bp) to 22% in a historic move; meant to stop growing inflationary pressures and contain the…
FTX Reportedly Grew Its Revenue By Over 1,000% In 2021.
FTX, one of the largest cryptocurrency exchanges by transaction volume, has seen its revenue grow by 1,046% in 2021; from $89 million in 2020, amassing a total of $1.02 billion.…
Nigeria FG Records N643.09bn Fiscal Deficit In One Month.
The Federal Government’s fiscal deficit rose from N491.28bn in March to N643.09bn in April, according to the Central Bank of Nigeria. The bank regulator’s April economic report stated that, “The…
Oil Snaps 3-day Winning Streak On Strong Dollar, China’s Sluggish Demand.
After three days of gains, oil prices dropped considerably due to concerns that aggressive interest rate increases; by the United States will slow down the global economy and reduce demand…
5G: New Operator Won’t Launch In August.
Mafab Communications Limited is set to miss the Nigerian Communications Commission 5G rollout commencement date of August 24, 2022. This is as the Commission grants it a five-month extension to…
Why Nigeria Exports Electricity To Niger, Benin, Togo — TCN.
As Nigerians continued to worry about the continued exportation of electricity to neghbouring countries amid shortage in national supply; the Transmission Company of Nigeria (TCN) has stated that the deal…
Ethereum Drops Below $1,600, Posts Weekly Loss Of Over 20%.
The majority of popular digital assets declined during the course of the week, and by the weekend, market leaders; Ethereum and Bitcoin had registered double-digit percentage losses. Due to the…
Bitcoin Up From Mid-August Lows Amid Growing Economic Uncertainty.
As investors continued to mull over the most recent inflation figures and lingering macroeconomic uncertainties; most crypto assets breathed heavily throughout the weekend following sharp price decline. The flagship crypto…
Undisbursed Loans Raise Nigeria’s World Bank Debt To $21.15bn.
Undisbursed loans may drive Nigeria’s debt to the World Bank from $12.72bn to $21.15bn, the PUNCH has learnt. This shows that the yet-to-be disburse loans can increase Nigeria’s debt to…
Nigeria FG Concludes Takeover Of Four DisCos.
The Federal Government has completed the takeover of four electricity distribution companies; and constituted the board of the Nigeria Electricity Liability Management Company. Vice President Yemi Osinbajo, on Friday, said…
Power Production Was Reduced By Striking Workers To 43 MW-FG.
The recent one-day strike by workers of the Transmission Company of Nigeria crashed Nigeria’s power generation from a peak of 4,829.5 megawatts to as low as 43MW. Staff of the…
FG To End Petrol Subsidy In June 2023.
The House of Representatives’ Ad Hoc Committee to Investigate the Petroleum Products Subsidy Regime from 2013 to 2022; grilled the Minister of Finance, Budget and National Planning, Zainab Ahmed, over…
Vodafone To Sell Hungarian Business For $1.8 Billion.
Britain’s Vodafone (VOD.L) will sell its Hungarian business for 715 billion forints ($1.8 billion) in cash, it said on Monday, in a deal that will create a locally-owned telecoms leader…
ENaira Records 200,000 Users, N4bn Transactions Value – Emefiele
The Central Bank of Nigeria (CBN), digital currency, eNaira has recorded 200,000 volumes; and four billion Naira value of transactions since its inauguration in 2021. Mr Godwin Emefiele, the CBN…
FG Spends N18.397bn On Petrol Subsidy Daily –Minister
The House of Representatives’ Ad Hoc Committee to Investigate the Petroleum Products Subsidy Regime from 2013 to 2022; grilled the Minister of Finance, Budget and National Planning, Zainab Ahmed, over…
Bitcoin Drops For Fourth Straight Day On US Fed’s Hawkish Stance.
Bitcoin and many crypto assets fell for a fourth straight day as investors continued to be perplexed by recently released; frequently conflicting economic indices and business earnings reports. The market…
Nigeria’s Inflation Rate Ballooned By 170% Under President Buhari In 7 Years.
Nigeria’s consumer price index (CPI), which is use to measure the level of inflation in the country has risen by 170.2% under President Muhammadu Buhari’s administration, between June 2015 and…
Valereum To End Bitcoin Mining To Focus On Gibraltar Exchange.
Blockchain company Valereum (6TJ.SG) said it was selling its bitcoin mining assets to Vinanz Ltd; for a 24% stake in the company as part of plans to acquire and expand…
Sterling Struggles As Inflation Outlook Sours Mood.
The British pound weakened against the dollar after policy minutes from the Federal Reserve boosted the U.S. Currency and traders worried soaring UK inflation would mean higher interest rates and…
Swiss Gold Exports To China Surge To 5-1/2-Year High.
Swiss exports of gold to China in July rose to their highest since December 2016, Swiss customs data showed on Thursday, as demand in the world’s largest bullion market improved.…
Vietnam Orders Tech Firms To Store User Data Onshore.
Vietnam’s government has ordered technology firms to store their users’ data locally; and set up local offices, its latest move to tighten cybersecurity rules. The new rules, issued in a…
EUROPE POWER Rising German Solar Supply Weighs On Spot Prices.
European spot power prices fell as German solar supply is seen rising; while French nuclear availability increased. German baseload power for delivery was down 6.2% to 526.50 euros a megawatt-hour…