Business CBN hikes interest rate to 27.50% in fierce inflation fight November 27, 2024 Ekemini The Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR) by 25 basis points to 27.50%, marking the sixth consecutive hike under Governor Yemi Cardoso’s leadership. The…
Business Government to Support Research and Technology for Health Transformation November 27, 2024 Ekemini The Nigerian government has reaffirmed its commitment to advancing universal health coverage (UHC) by prioritizing research, technology, and local healthcare manufacturing. Speaking at the 2024 Research Symposium in Abuja, Abdul…
Business Finance SEC: No investor will lose funds to fintech November 27, 2024 Ekemini The Securities and Exchange Commission (SEC) has reassured investors about the safety of their investments as financial technology (Fintech) continues to reshape Nigeria’s investment landscape. Speaking during a capacity training…
Business Ecobank boosts construction sector with Design & Build expo November 27, 2024 Ekemini Ecobank Nigeria has launched its five-day Build and Design Expo to promote innovation and creativity within Nigeria’s construction sector. The event, which will take place from November 27 to December…
Finance Market Naira appreciates to N1,755 per dollar in the parallel market November 27, 2024 Ekemini The naira appreciated in the parallel market on Tuesday, strengthening to N1,755 per dollar from Monday’s rate of N1,770 per dollar. Similarly, the currency gained value in the Nigerian Autonomous…
Crypto International Bitcoin options trade shows more bets on retreat after failing to breach $100,000 November 27, 2024 Ekemini Bitcoin recently reached a record high of $99,830 but fell 8% to $91,377, with investors now betting on further declines. The cryptocurrency’s 120% surge this year, partly fueled by pro-crypto…
Business investment Delta State’s Strategic Investment in UTM FLNG: A Game-Changer November 27, 2024 Ekemini Delta State’s acquisition of an 8% stake in the UTM Floating Liquefied Natural Gas (FLNG) plant is being hailed as a visionary decision with significant financial and developmental benefits. With…
Business Market Trade CBN Implements $100,000 Minimum Trade for Banks in FX Market November 27, 2024 Ekemini The Central Bank of Nigeria (CBN) has introduced new guidelines for interbank foreign exchange trading through the Electronic Foreign Exchange Matching System (EFEMS), requiring a minimum trade value of $100,000.…
Business Wema Bank’s Hackaholics 5.0 finalists battle for N75m prize November 26, 2024 Ekemini Wema Bank, renowned for its innovation in banking and creator of Africa’s first fully digital bank, ALAT, has unveiled the top 10 finalists for Hackaholics 5.0. After receiving over 3,500…
Business Expert Warns Against Further Tightening of Monetary Policy Rate November 26, 2024 Ekemini Economic expert Dr. Chijioke Ekechukwu has advised against further increases to Nigeria’s Monetary Policy Rate (MPR) ahead of the Central Bank of Nigeria’s (CBN) 298th Monetary Policy Committee (MPC) meeting.…
Business Finance States failed to execute 40% of capital expenditure – Fitch November 26, 2024 Ekemini State governments in Nigeria fail to execute 40% of their capital expenditure (CAPEX) budgets, according to the Fitch Ratings report. The global credit ratings firm revealed that debt servicing, driven…
Business Finance foreign Foreign Transactions Decline as Naira Weakens November 26, 2024 Ekemini Foreign investors are increasingly withdrawing from the Nigerian Exchange (NGX), with year-to-date foreign outflows reaching N400.04 billion by October 2024, surpassing inflows of N344.30 billion. This marks a net withdrawal…
Business Market Nigerian Capital Market Raises N2.7tn to Boost Economy in 2024 November 26, 2024 Ekemini The Securities and Exchange Commission (SEC) announced that banks and other companies raised ₦2.7 trillion from the Nigerian capital market in the first 11 months of 2024. This amount, primarily…
International Stock Dollar Climbs as Trump’s Tariff Threats Hammer European Stocks November 26, 2024 Ekemini The U.S. dollar surged on Tuesday, while European stocks suffered sharp declines. President-elect Donald Trump vowed to impose tariffs on all imports from Canada and Mexico and take additional measures…
Business Local Services and Oil Drive Nigeria’s Economic Growth to 3.46% in Q3 2024 November 26, 2024 Ekemini Nigeria’s economy grew by 3.46% year-on-year in the third quarter of 2024, outperforming the 2.54% growth recorded in the same period last year, according to the National Bureau of Statistics.…
Business Finance CBN extends BDCs’ recap deadline by six months November 26, 2024 Ekemini The Central Bank of Nigeria (CBN) has extended the recapitalization deadline for Bureau De Change (BDC) operators by six months, moving it from December 3, 2024, to June 3, 2025.…
Business Energy Mixed reactions trail moves to privatisee PH, Warri, Kaduna refineries November 26, 2024 Ekemini The Nigerian government has confirmed its plans to privatize the country’s four government-owned refineries in Port Harcourt, Warri, and Kaduna, aiming to improve local oil refining capacity. This initiative was…
Business FG lauds NLRC for contribution to nation’s growth November 26, 2024 Ekemini The Minister of Special Duties and Inter-governmental Affairs, Zephaniah Jisalo, praised the National Lottery Regulatory Commission (NLRC) for its impactful regulatory functions and its contributions to Nigeria’s economic growth. Speaking…
Business Liquidation of Heritage Bank Plc: Matters Arising (2) November 26, 2024 Ekemini The liquidation of Heritage Bank Plc and the transfer of its powers to the Nigeria Deposit Insurance Corporation (NDIC) under the NDIC Act 2023 have significant implications for debt recovery.…
Banking Business Keystone Bank Rewards Loyal Customers in ‘Welcome Back Campaign Promo November 26, 2024 Ekemini Keystone Bank, a prominent financial institution in Nigeria, recently concluded its “Welcome Back Campaign Promo,” an initiative designed to re-engage dormant and inactive account holders. The campaign, which ran from…
Business investment Investment banking hits major deals in 2024 –AIHN President November 26, 2024 Ekemini The Association of Issuing Houses of Nigeria (AIHN) recognized significant achievements in the investment banking sector during its annual Investment Banking Awards Dinner in Lagos. AIHN President Kemi Awodein highlighted…
Business Market Stock Stock Market Declines 0.21% on Profit-Taking in GTCO and 29 Other Stocks November 26, 2024 Ekemini The Nigerian Exchange Limited (NGX) All-Share Index fell by 0.21% at the start of the trading week, closing at 97,626.27 points. This decline was primarily driven by profit-taking activities in…
Business Nigeria’s GDP Grows by 3.46 Percent in Third Quarter 2024 November 25, 2024 Ekemini Nigeria’s economy expanded by 3.46% year-on-year in Q3 2024, marking a notable improvement from the 2.54% growth recorded in Q3 2023 and the 3.19% growth in Q2 2024. According to…
foreign International Market TD Bank prepares to hire compliance monitors as US CEO reassures staff November 25, 2024 Ekemini Toronto-Dominion (TD) Bank is taking significant steps to address its compliance shortcomings after becoming the largest U.S. bank in history to plead guilty to violations of federal anti-money laundering (AML)…
International Market Dollar dips with Treasury yields after Bessent pick November 25, 2024 Ekemini The U.S. dollar fell from a recent high after President-elect Donald Trump nominated Scott Bessent, a fiscal conservative and Wall Street veteran, as Treasury Secretary. Investors welcomed the appointment, viewing…
Business FCMB Partners with EStars to Bring Esports Education to Nigerian Schools November 25, 2024 Ekemini First City Monument Bank (FCMB) has teamed up with EStars to introduce esports education to primary and secondary schools across Nigeria. The initiative aims to equip children aged 7 to…
Business Anambra State Implements N70,000 Minimum Wage for Workers November 25, 2024 Ekemini Anambra State has officially adopted the new minimum wage of N70,000, fulfilling the Federal Government’s directive to enhance workers’ standard of living. This was confirmed by the State Commissioner for…
Business Market Stock Stock Market Up 0.11% WoW as Analysts Predict Mixed Trading November 25, 2024 Ekemini The Nigerian stock market ended last week on a positive note, with the NGX All-Share Index (ASI) gaining 0.11% to close at 97,829.02 basis points. The market capitalization added ₦77…
Business Nigerian Banks Face Record-High Lending Rates Amid Economic Pressures November 25, 2024 Ekemini The average maximum lending rate in Nigeria climbed to 30.28% in October 2024, marking its highest level since February 2022. This increase aligns with the Central Bank of Nigeria’s (CBN)…
Business AMCON Calls for Tenor Extension and Judicial Efficiency to Boost Debt Recovery November 25, 2024 Ekemini The Asset Management Corporation of Nigeria (AMCON) is urging judicial support and a tenor extension to enhance its debt recovery efforts, citing the critical role it plays in stabilizing Nigeria’s…
