World Bank Advises CBN to Review the RT-200 FX Policy.
Despite its best efforts, the World Bank has requested the Central Bank to reevaluate its RT-200 Program.The global bank claims that this approach has increased the number of foreign exchange…
6,047 BVNs Are Being Monitored by CBN for Possible Fraudulent Transactions.
The Central Bank of Nigeria has placed at least 6,047 Bank Verification Numbers of bank clients on a watch list for fraudulent transactions, The PUNCH has learned. 11,871 BVNs have…
Fuel: Three more Cities will Receive Mass Supplies in January After Lagos.
Mass supplies of Premium Motor Spirit, often known as gasoline, will start to be distributed in Lagos, Calabar, Port Harcourt, and Ogara starting next month thanks to a special cooperative…
Pension Funds will not be Included in Ghana’s Domestic Debt Restructuring.
According to a letter signed by the finance and labor ministers, as well as an alliance of trade unions, Ghana would exempt pension funds from its domestic debt restructuring scheme.…
IMF Advocates for Stricter Crypto Legislation.
The International Monetary Fund has advocated for tighter regulation of crypto markets in Africa in light of the recent collapse of FTX and the current legal case against its former…
Shell will Pay 15 million Euros to Resolve the Nigerian Oil Disasters.
Shell (SHEL.L) will pay 15 million euros ($15. 9 million) to communities in Nigeria that were affected by multiple oil pipeline leaks in the Niger Delta, the oil company said…
Nigeria: SEC Begins Annual Registration of Market Operators.
The Securities and Exchange Commission, Nigeria’s top capital market regulator, has announced the beginning of an annual renewal of registration for operators in an effort to quell unethical behavior among…
World Bank Grants $311 million for West Africa’s Renewable Energy.
The World Bank has granted $311 million in International Development Association financing to improve West Africa’s capacity for grid-connected renewable energy. It was stated that the new Regional Emergency Solar…
Nigeria Failed to Reduce Poverty in 2022, According to W’Bank
The World Bank Group has said that the estimated per capita income growth of 0. 7 per cent for Nigeria and the rest of Sub-Saharan Africa in 2022 is insufficient…
The UK Economy Slumped more than Initially Estimated.
According to the Office for National Statistics (ONS), business investment performed worse than anticipated, causing the economy to contract by 0. 3% as opposed to the 0.2% previously estimated. Additionally,…
Yen is in Demand as Dollar Declines and Risk Sentiment Increases.
Due to the risk-on environment, the U.S. Dollar declined, but the Japanese yen was still in demand following the Bank of Japan’s unexpected policy change. The Dollar Index, which compares…
Kenya: Major Income Losses Affect 50% of Border Populations.
The ability of more than half of those residing near the Kenyan border and in other African countries to meet their basic needs has gotten worse over the past two…
Kenya’s Producer Inflation Hits Highest Points Since 2019.
The Producer Price Index (PPI), which measures the cost of manufacturing, reached 16.53 percent in June before falling to 15. 78 percent in September, according to data from the Kenya…
Tesla to Freeze Hiring and Lay Off Employees First Quarter of 2023.
There will be further layoffs at electric vehicle manufacturer Tesla Inc (TSLA.O) in the upcoming quarter. According to the article, Tesla would also halt hiring. The rumoured action coincides with…
Tanzania: NBC Bond Trades at DSE Following a Successful Sale.
The National Bank of Commerce (NBC) bond, which was recently completed, is now open to investors through the Dar es Salaam Stock Exchange (DSE), where it was listed. The NBC…
Ghana’s Economy Grows Slowly in the Third Quarter.
According to preliminary data from the Ghana Statistical Service (GSS), the economy grew 2. 9% less slowly between July and September this year than it did during the same time…
Kenya Campaigns for an Import Ban on Radioactive Waste.
In accordance with a continental agreement to prevent Africa’s borders from becoming a dumping ground for foreign manufacturers, the Kenyan government has stepped up efforts to impose import restrictions on…
Kenya: Treasury Announces a New Plan for Sh110 billion in Syndicated Loans.
According to an International Monetary Fund (IMF) report, Kenya will take out syndicated loans totalling Sh110. 7 billion by the end of June to support its budget and replenish its…
Uganda and IMF Agree to a $240 million Funding Deal.
Uganda and the International Monetary Fund (IMF) have established a staff-level agreement for the delivery of around $240 million in funding to the nation, the IMF announced. Following the formal…
CBN Says Emefiele will be Unable to Honour Reps Invitation, has Health Challenges.
Godwin Emefiele, the governor of the Central Bank of Nigeria (CBN), will not be able to testify before the House of Representatives on December 21, 2022, according to the CBN.…
Nigeria: Lagos Completes Infrastructure Work on the Blue Rail Line, Making History.
Lagos State Governor, Babajide Sanwo-Olu officially boarded the coach of the recently finished Lagos Blue Line and made history by traveling on the electric-powered rail system for the first time.…
Wells Fargo was Ordered to Compensate Customers $3.7 billion for Improper Behavior.
The largest-ever civil fine levied by the U.S. Consumer Financial Protection Bureau was levied against Wells Fargo & Co. (WFC. N) as part of a $3.7 billion settlement to resolve…
Russian Gold was Taken Out of Several Western Funds.
Russian gold worth billions of dollars have secretly changed hands in high-security bank vaults in London, Zurich, and New York in recent months in response to Moscow’s invasion of Ukraine.…
Nigeria Generates N625.4 billion in VAT from the Manufacturing Sector in Q3 2022.
In the third quarter of 2022, the Federal Government of Nigeria (FGN) collected N625. 39 billion in value-added tax through the Federal Inland Revenue Service (FIRS). According to the data,…
Ghana’s Third-quarter Growth Dips to 2.9%
According to the statistics office, Ghana’s third quarter economic growth dropped to 2. 9% year over year from 6. 6%, which was the weakest result since the first quarter of…
Flight Difficulties are Looming as the Shortage of Aviation Fuel Grows.
Domestic airlines operating under the auspices of the Airline Operators of Nigeria have alerted Nigerians to anticipate delays in regularly scheduled aircraft operations caused by a JETA1 (aviation fuel) shortage.…
Foreign Portfolio Investments in the Stock Market Reach Over 9-Year Low at 16.67%
Foreign portfolio investments in the Nigerian stock market decreased to 16.67% in the first 11 months of 2022, the lowest level in more than 9 years, amid political unpredictability and…
Nigeria’s Imports of Wheat Decrease as Business with Russia Drastically Declines.
In the first nine months of 2022, Nigeria imported durum wheat worth N753.6 billion, a 16.1% decrease from the N898.2 billion in durum wheat imports during the same period in…
Nigeria: Bayelsa Receives N90 billion in Oil Revenue from Surplus Crude Accounts.
The Bayelsa State Government confirmed that as of October 2022, it will receive N90 billion from the Federal Government’s Excess Crude Account (ECA). Seipulo stated that instead of being paid…
Nigeria: FEC Grants N386.75 billion to the Ministries of Power, Works and Transportation.
The Federal Executive Council on Wednesday approved a total of N386.75bn for various projects in the federal ministries of Power, Police Affairs, Environment, Works and Housing and Transportation. The council…