China’s central bank, the People’s Bank of China (PBOC), decided to leave its benchmark lending rates unchanged in February, reflecting its cautious approach toward monetary stimulus. The one-year loan prime rate (LPR) remained at 3.10%, while the five-year LPR was kept steady at 3.60%. This move comes as authorities prioritize financial and currency stability over […]
Month: February 2025
Wealth Soars by N505 Billion Amid Gains in BUA Foods, Eterna, and Others
The Nigerian Exchange Limited (NGX) closed on a positive note yesterday, reversing previous losses, thanks to strong performances from prominent stocks such as BUA Foods and Eterna Plc. Investors saw their wealth rise by N505 billion as the market capitalization of listed equities increased by 0.75%, reaching N67.684 trillion, up from N67.179 trillion the previous […]
Nigerian Researcher Develops AI-Powered ESG Model to Enhance Corporate Sustainability
Feyisayo Michael, a Nigerian-born Chartered Accountant and AI sustainability expert, has unveiled an innovative AI-powered carbon accounting model designed to improve corporate transparency and compliance with Environment, Sustainability, and Governance (ESG) standards. The model aims to address long-standing challenges in accurately measuring carbon footprints, often hindered by inconsistent reporting and manual data collection, helping companies […]
CBN Orders Immediate Resignation of Bank Directors Over Non-Performing Insider Loans
Insider loans are loans granted by a bank or financial institution to its own executives, directors, employees, major shareholders, or other related parties. CBN gave the directive in a circular signed by Adetona Adedeji, acting director of banking supervision, on Monday. According to the apex bank, the move is to strengthen corporate governance and risk […]
Govt Contributes GHS9.7 Billion to Sinking Fund for Debt Management-GHANA
The Ghanaian government, under the leadership of the Mahama administration, has made a significant contribution to the Debt Service Recovery Cedi Account (Sinking Fund), paying GHS9.7 billion. This move is aimed at creating a buffer for the fifth Domestic Debt Exchange Programme (DDEP) coupon, which is due for payment in July and August 2025. Felix […]
Ghana Fuel Prices Drop for the First Time in 2025
Fuel prices in Ghana have seen a decline for the first time in 2025, following a series of price increases earlier this year. Oil Marketing Companies (OMCs) have begun adjusting prices downward with the start of the second pricing window of February. This shift comes after a period of consecutive hikes in fuel prices since […]
West Africa Faces Volatile Food Prices Amid Insecurity and Economic Challenges-GHANA
A recent report by the Food Security Monitor reveals persistent volatility in food prices across West Africa, largely influenced by insecurity, armed conflicts, and macroeconomic challenges. While countries like Ghana and Togo have seen stable food prices with minimal increases, others, particularly Nigeria, have faced sharp price hikes. Maize prices in Nigeria surged by 11.52% […]
CBN Governor Advocates Stronger Ties with Middle East
In a move to bolster economic relations, Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), has called for deeper ties between Nigeria and the Middle East. Speaking at the inaugural Conference on Emerging Markets Economies in Saudi Arabia, Cardoso highlighted the potential for collaboration in infrastructure development, tourism, and financial sector growth. […]
South Korea Joins Italy in Banning DeepSeek Downloads Amid Data Privacy Concerns
In a move that echoes Italy’s recent actions, South Korea has halted new downloads of the DeepSeek AI app due to mounting concerns over the Chinese startup’s handling of user data. The South Korean government, through its Personal Information Protection Commission (PIPC), cited the company’s failure to comply fully with the country’s data protection laws. […]
The Rise of Autonomous AI Agents: Revolutionizing Industries and Reshaping Economies
Autonomous AI agents are no longer a distant concept from science fiction they are here and rapidly transforming industries in ways that were once unimaginable. These intelligent systems, capable of perceiving, learning, and making decisions independently, are redefining business operations, healthcare, finance, and more. Unlike traditional automation tools, AI agents don’t merely follow instructions; they […]
Naira Devaluation Exaggerates Nigeria’s Non-Oil Export Growth Despite Struggling Sector
Nigeria’s non-oil export sector showed growth in 2024, with the Nigerian Export Promotion Council (NEPC) reporting a rise to N9.65 trillion, up from N3.14 trillion in 2023. However, when translated into dollar terms, the increase is much less impressive, with earnings rising by only 20.79% from $4.517 billion to $5.45 billion. This apparent success is […]
European Markets Rise Amid Geopolitical Tensions and Economic Data
European markets are expected to open broadly higher on Tuesday, February 18, 2025, despite the ongoing geopolitical tensions surrounding the Ukraine conflict. The FTSE 100, DAX, and FTSE MIB are all projected to experience gains, with the FTSE 100 climbing by 3 points to 8,768, Germany’s DAX rising by 64 points to 22,857, and Italy’s […]
CBN Forecasts Job Growth Across Sectors by February 2025
The Central Bank of Nigeria (CBN) has forecasted a positive outlook for job growth and increased employment opportunities across various sectors by the end of February 2025. According to the latest Business Expectations Survey (BES) conducted by the CBN, businesses are optimistic about expanding their workforce in the upcoming month. This optimism signals potential relief […]
CBN Introduces Key Reforms to Safeguard Nigeria’s Financial System
The Central Bank of Nigeria (CBN) plays a vital role in ensuring the stability of Nigeria’s financial system, which is fundamental for the country’s economic growth. Through a variety of regulatory measures, the CBN works to prevent excessive risk-taking and maintain transparency within financial institutions. This oversight ensures that the financial system remains resilient, promoting […]
Nigeria’s Foreign Reserves Exceed $40 Billion as CBN Strengthens Forex Market
Nigeria’s foreign reserves have exceeded the $40 billion mark for the first time in three years, marking a significant milestone in the country’s economic recovery. Central Bank of Nigeria (CBN) Governor Olayemi Cardoso attributed this achievement to various reforms aimed at stabilizing the financial sector. Cardoso made this announcement during a meeting with Talal Al-Humond, […]
Bond Investors Urged to Rethink Strategies as Interest Rate Cuts Loom
Bond investors are being urged to reconsider their strategies as projections grow regarding a potential interest rate cut by the Monetary Policy Committee (MPC). Rates on Nigeria’s one-year treasury bills (T-bills) have been steadily declining at the last three auctions, dropping from 29.2% to 25.2%. At the start of 2024, T-bill rates were at 8.4%, […]
NBS Reports Inflation Decline to 24.48% in January After CPI Rebasing
The National Bureau of Statistics (NBS) has revealed that Nigeria’s inflation rate for January 2025 stands at 24.48%, a significant drop from 34.80% recorded in December 2024. This sharp decline follows the rebasing of the Consumer Price Index (CPI), which measures the rate of change in prices for goods and services. The CPI rebasing process […]
Dangote: $23bn Refinery Project Was the Biggest Risk of My Life
Billionaire Aliko Dangote has shared that his $23 billion Dangote Refinery project was the biggest risk of his life, highlighting the many challenges he faced in realizing this massive venture. In an exclusive interview with Forbes, Dangote openly acknowledged the uncertainties surrounding the project, which is now the largest refinery in Africa, with a capacity […]
Inflation Pushes Consumer Credit to N4.42tn in November, CBN Report Shows
Nigeria’s consumer credit outstanding surged by 26.29% in November 2024, reaching a record N4.42 trillion, up from N3.5 trillion in October. The sharp increase, detailed in the Central Bank of Nigeria’s (CBN) monthly report, reflects the growing financial pressure many Nigerians are facing amid rising inflation. The most significant growth was seen in personal loans, […]
FG Advocates for Equitable Visa Policies to Boost Nigeria’s Global Trade Expansion
The Nigerian government is advocating for more relaxed and equitable visa policies to support Nigerian businesses in their efforts to expand globally. Mohammed Idris, the Minister of Information and National Orientation, emphasized the importance of mutual visa arrangements during a meeting in Addis Ababa, Ethiopia, while representing President Bola Tinubu at the 38th African Union […]
Russia Fines Google $41,500 for Hosting YouTube Video on Surrendering Soldiers
A Russian court has imposed a fine of 3.8 million roubles (approximately $41,530) on Alphabet Inc.’s Google for hosting a YouTube video that allegedly provided instructions to Russian soldiers on how to surrender. The video, which was considered illegal by Russian authorities, has led to Google facing increased scrutiny for hosting content critical of the […]
China Invites Tech Leaders Including Jack Ma for Meeting with President Xi
As the global trade landscape shifts under the new Trump administration, China is working to reconnect with its key tech leaders to strengthen its position in emerging industries like Artificial Intelligence (AI). Amidst global trade tensions and regulatory scrutiny, especially from the U.S., China has extended invitations to top entrepreneurs, including Alibaba co-founder Jack Ma […]
Understanding cNGN: Nigeria’s Newly Launched Stablecoin
cNGN is Nigeria’s stablecoin, designed to maintain a fixed value for practical uses like payments, remittances, and trading. Unlike volatile cryptocurrencies such as Bitcoin, stablecoins like cNGN offer stability, allowing for swift and low-cost transactions powered by blockchain technology. The stablecoin is minted when naira deposits are made into a reserve, ensuring new tokens are […]
CBN: Nigeria’s Economy Expands for Second Month, Led by Industry and Agriculture
Nigeria’s economic expansion continued in January 2025, marking the second consecutive month of positive growth, according to the latest Purchasing Managers’ Index (PMI) report from the Central Bank of Nigeria (CBN). The PMI stood at 50.2 points, signaling sustained business activity despite challenges in the services sector. The expansion was largely driven by the industry […]
South Korea Plans to Acquire 10,000 GPUs for AI Development
South Korea is ramping up its efforts to stay competitive in the global AI race by announcing plans to secure 10,000 high-performance graphics processing units (GPUs) by the end of this year. This ambitious move comes as countries worldwide intensify their focus on AI development, with South Korea positioning itself to lead through collaboration between […]
Nigeria’s Cyber Threat Risk Rises as Attacks Surge, Now Ranked 11th in Africa
Nigeria’s cyber threat risk has significantly increased, with the country now ranked 11th on the Cyber Threat Index for African nations as of January 2025, according to Check Point Software Technologies Ltd. This marks a steady rise in the threat landscape, up from 14th place in August 2024. The Global Threat Index for January 2025 […]
Banks and Fintechs in Nigeria Embrace Blockchain to Boost Financial Services
In early January 2025, PalmPay, a fintech platform, announced its integration of blockchain technology to improve transaction reliability, setting a new standard for digital finance. The company, which serves over 1.2 million agents and merchants, claims that adopting Zone’s blockchain-powered infrastructure boosts its transaction success rate to 99.5%, a move echoed by major Nigerian banks […]
NGX Sees Significant Surge in Equity Transactions, Reaching N5.59 Trillion in 2024
The Nigerian Exchange Limited (NGX) reported a remarkable surge in equity transactions for 2024, with the total value rising to N5.59 trillion. This represents a 56.2% year-on-year increase compared to N3.58 trillion in 2023. Domestic investors continued to dominate the market, contributing 84.75% (N4.73 trillion) of the total transactions, while foreign investors accounted for 15.25% […]
Naira Strengthens at Parallel Market, Weakens on Official Exchange Rate
In the past week, the naira exhibited a mixed performance across different segments of the foreign exchange market, reflecting the ongoing efforts of the Central Bank of Nigeria (CBN) to stabilize the currency. Analysts have pointed out that while the CBN’s interventions have slowed due to a decline in external reserves, the currency’s performance varied […]
Increased Oil Production Key to Tackling Inflation and FX Volatility, Says Agusto & Co.
Agusto & Co., a Pan-African credit rating agency, has stressed the importance of increased crude oil production in addressing Nigeria’s inflation and foreign exchange (FX) market volatility. During a recent Economic Roundtable in Lagos, Jimi Ogbobine, Head of Agusto Consulting, argued that boosting oil production would provide Nigeria with the necessary revenue to stabilize the […]