Business Currency Naira appreciates to N1,280 against Dollar on parallel market March 29, 2024 Ekemini Uba The naira’s upward trajectory continues as the US dollar is currently trading at N1,280 on the parallel market, reflecting a 2.34 percent appreciation from the previous day’s closing rate of…
Business Currency Local Super-sized liquidity returns to Nigeria’s FX market as daily trades near $1bn March 29, 2024 Ekemini Uba Nigeria’s foreign exchange market experienced its highest turnover in a single day since 2017 on Thursday, with a total of $857.78 million traded, according to data from FMDQ Securities Exchange.…
Banking Business Local FG directs banks to deduct 0.375% stamp duty on loans March 29, 2024 Ekemini Uba The Federal Government has instructed commercial banks in Nigeria to deduct and remit 0.375% on all loans disbursed by them, according to messages sent to customers by banks. This directive…
Local FG to arraign Binance, 2 others for alleged tax evasion April 4 March 29, 2024 Ekemini Uba The Federal Government is set to arraign Binance Holdings Limited and its top officials, Tigran Gambaryan and Nadeem Anjarwalla, on April 4, on allegations of tax evasion. The arraignment before…
Business Local CBN sells N1.64 trillion in treasury bills as higher interest rates attract investors March 29, 2024 Ekemini Uba The Central Bank of Nigeria (CBN) successfully conducted an auction of Nigerian Treasury Bills (NTBs) on March 27, 2024, which saw a substantial amount of N1.64 trillion being sold, as…
Business Crypto Local Crypto tycoon Sam Bankman-Fried sentenced to 25 yrs in prison March 29, 2024 Ekemini Uba Sam Bankman-Fried, the disgraced cryptocurrency prodigy, received a 25-year prison sentence on Thursday following his conviction in one of the largest financial fraud cases in history. US prosecutors sought a…
Business Local Oando PLC suspended from Johannesburg stock exchange over financial reporting delays March 29, 2024 Ekemini Uba Oando PLC, a prominent Nigerian energy company listed on the Nigerian Exchange Limited (NGX) and the Johannesburg Stock Exchange (JSE), has been suspended from the JSE as of March 27,…
Business Daily FX turnover jumps to record $857 million March 29, 2024 Ekemini Uba On Thursday, March 28th, the daily forex turnover reached a remarkable $857 million, marking the highest level since the implementation of the Central Bank’s new forex policies. This milestone also…
Breaking Business CBN Increases capital base for commercial banks to N500- N200 billion March 29, 2024 Ekemini Uba In a sweeping financial reform announced on Thursday, March 28, 2024, the Central Bank of Nigeria (CBN) has raised the minimum capital requirements for commercial banks, tailored to the scope…
Africa South Africa’s producer inflation slows to 4.5% March 29, 2024 Ekemini Uba Statistics South Africa reported that South Africa’s producer inflation rate eased to 4.5% year-on-year in February, down from 4.7% in January. Additionally, on a month-on-month basis, the Producer Price Index…
Business NNPC denies reports of fuel price adjustment March 28, 2024 Ekemini Uba The Nigerian National Petroleum Company Limited (NNPC Ltd) clarified that recent reports suggesting a price change for Premium Motor Spirit (PMS) and Automotive Gas Oil (Diesel) at its retail stations…
Business Local Presco and Okomu Oil Palm companies eeport profit growth March 28, 2024 Ekemini Uba Data compiled by BusinessDay reveals that the combined profit of Presco Plc and Okomu Oil Palm Company Plc surged by 70.2 percent last year. Their total after-tax profit soared to…
Currency Local Naira strengthens as dollar supply increases at official market March 28, 2024 Ekemini Uba Following the Central Bank of Nigeria’s (CBN) decision to raise key interest rates, the Naira has seen further improvement against the dollar. On Wednesday, the official foreign exchange rate showed…
Local CBN sends strong signals with interest rate hike March 28, 2024 Ekemini Uba Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN), sent two significant messages to the investor community with the recent interest rate hike. Firstly, the CBN is determined…
Business Local 2m youths to be trained in Wema Bank/FGN-ALAT programme March 28, 2024 Ekemini Uba Wema Bank has introduced the second cohort for the FGN-ALAT Digital Skillnovation Programme, in collaboration with the Federal Government of Nigeria. This groundbreaking initiative aims to train and equip 2,000,000…
investment Local Huawei partners with banks, revolutionize finance March 28, 2024 Ekemini Uba Leading banks in Nigeria, including Access, Zenith, and UBA, gathered in Lagos for the Huawei Finance Congress, where Huawei introduced revolutionary solutions poised to reshape the future of finance. With…
Local Protesters block PH airport entrance over lack of amenities March 28, 2024 Ekemini Uba Residents of Omagwa and Ipo communities in Rivers State staged a protest at the entrance of the Port Harcourt International Airport, citing grievances over the lack of power supply and…
Maritime Caverton Injects N1bn In Local Boat Building March 28, 2024 Ekemini Uba Caverton Offshore Support Group has disclosed its investment of approximately N1 billion in in-country boat building, aimed at curbing capital flight by 70 percent. The Chief Executive Officer, Mr. Olabode…
Business Local Leadership dispute emerges at Eko DisCo March 28, 2024 Ekemini Uba A dispute over leadership has arisen at the Eko Electricity Distribution Company (EKEDC), with conflicting statements regarding the status of its former Managing Director (MD), Dr. Tinuade Sanda. While the…
Business Local Dangote, Elumelu, Rabiu, others make Tinubu’s economic team March 28, 2024 Ekemini Uba President Bola Tinubu has given the green light for the establishment of two crucial bodies aimed at addressing Nigeria’s economic challenges. The Presidential Economic Coordination Council (PECC) and the Economic…
Local Make Report Of Betta Edu Probe Public – Group March 28, 2024 Ekemini Uba The Youths Vanguard For Democracy and Good Governance has urged President Bola Tinubu to ensure transparency in the investigation of the suspended Minister of Humanitarian Affairs and Social Welfare, Dr.…
World China will be a driving force for the world economic recovery, official says March 28, 2024 Ekemini Uba China is poised to play a pivotal role in driving global economic recovery this year, according to Zhao Leji, the chairman of the Standing Committee of the National People’s Congress.…
Africa UAE’s IRH plans bid for stake in Zambia’s Lubambe copper mine March 28, 2024 Ekemini Uba In the fourth quarter of 2023, South Africa experienced a decrease in foreign direct investment (FDI) inflows, with 16.2 billion rand ($856.67 million) recorded, down from 26.0 billion rand in…
Africa Kenya resolves its oil importation row with Uganda – report March 28, 2024 Ekemini Uba Kenya’s Energy Minister, Davis Chirchir, has announced that Kenya will permit Uganda’s state oil firm, UNOC (Uganda National Oil Company), to import petroleum products through its port of Mombasa. This…
Currency Yen on intervention watch; Asia shares creep higher March 28, 2024 Ekemini Uba The yen remained near its weakest levels in decades on Thursday, but the threat of intervention by Japanese authorities prevented further decline. Asian stocks saw gains ahead of a crucial…
Trade World Dollar strengthens against euro and pound March 28, 2024 Ekemini Uba On Thursday, the dollar strengthened against the euro and pound after a Federal Reserve policy maker indicated no rush to cut rates, while traders remained cautious regarding the yen amid…
World Ghana maintains high interest rate March 26, 2024 Ekemini Uba Ghana’s central bank decided to keep its main interest rate at 29%, highlighting concerns over the country’s inflation outlook. Despite a slight increase in inflation in January followed by a…
World EU restrictions on second-hand clothes exports to impact Kenya March 26, 2024 Ekemini Uba France, Denmark, and Sweden have proposed restricting the export of used clothing from the European Union (EU), citing concerns about environmental pollution and social impact. This move could potentially harm…
World Libya’s oil and gas minister temporarily suspended March 26, 2024 Ekemini Uba The Government of National Unity in Libya has temporarily suspended its oil and gas minister, citing a legal investigation. The Administrative Control Agency (ACA) announced the decision on its verified…
World Revenue grows despite currency fluctuations- SPAR March 26, 2024 Ekemini Uba South African grocery retailer and wholesaler, SPAR, announced an 8.8% rise in turnover for the 24-week period ending March 15. However, the company noted ongoing challenges due to currency fluctuations…
