Naira Appreciates on Low Demand for Dollars
The Nigerian Naira gained 1.33 percent against the US Dollar at the official foreign exchange (FX) market, trading at N745.19…
Day: October 4, 2023
$1.5 Billion COVID-19 Delivery Scheme Halted, Leaving Thousands of Health Workers Unpaid
Over 22,000 health workers, including Nigerians, have been left stranded after a $1.5 billion COVID-19 delivery scheme, backed by the…
Top 10 African Countries with the Largest Gold Reserves in 2023
Africa boasts some of the world’s largest gold reserves, presenting a substantial source of wealth and economic potential for the…
OPEC Oil Output Rises in September Despite Cuts
OPEC’s oil output increased for the second consecutive month in September, according to a Reuters survey. Nigeria and Iran led…
Top 5 Best-Performing Stocks on NGX in 2023
Despite macroeconomic challenges in 2023, some stocks listed on the NGX have delivered remarkable returns, exceeding 100%. Factors contributing to…
Federal Government Opens Subscriptions for 10-Year Ijarah Sukuk at 15.75% Interest
The Debt Management Office (DMO) has initiated subscriptions for a 10-year Ijarah Sukuk with a 15.75% interest per annum, due…
Nigerian Forex Market Faces New Challenge as US Dollar Strengthens
The surge in the US dollar, driven by rising US Treasury yields, is posing a fresh challenge for Mr. Yemi…
Naira Faces Significant Depreciation in Q3 2023, Raising Economic Concerns
The Nigerian currency, the naira, experienced a notable depreciation in the third quarter of 2023, with both official and unofficial…
Nigeria’s Over-Reliance on Imports Hinders Industrialization Efforts
After 63 years of independence, Nigeria is still heavily reliant on imports, which is impeding efforts to boost industrialization. The…
Nigeria’s Equities Market Starts Q4 Positively, Anticipating Q3 Earnings Season
Nigeria’s equities market has begun the fourth quarter of 2023 on a positive note, aiming to recover recent losses. Analysts…
Rising Inflation Forces Nigerians to Opt for 2G Devices as Buying Power Shrinks
Inflation in Nigeria has surged to an 18-year high of 25.80% in August, impacting consumers’ purchasing power. Many individuals are…
Chairman of Fiscal Policy Committee Urges Sale of Non-functional Nigerian Refineries
Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, suggested selling Nigeria’s non-functional refineries, highlighting that over…
First Bank and Lafarge Africa Pledge Support for Cement Distributors Amid Challenges
First Bank Plc and Lafarge Africa have expressed their commitment to continue supporting their cement distributor customers in the SouthWest…