Euro, German Bond Yields Jump To One-Week High As ECB Says It Has No FX Target
The euro and German government bond yields jumped to their highest in a week on Thursday after ECB chief Christine Lagarde said the ECB is watching the euro closely but…
Gold Rises 1% As Dollar Weakens After ECB Stands Pat On Policy
Gold jumped 1% on Thursday, as the dollar weakened after the European Central Bank kept its policy unchanged and U.S. jobless claims held at high levels, dimming hopes of a…
More Than Speculation, Bitcoin’s Real-World Usage Booms In Africa
Bitcoin is seeing its practical use in the real world in Africa, where it is used as a hedge against currency devaluation and government restrictions. Volumes are growing like crazy!…
Three Bank CEOs Quit NESG Board Over Stance On CBN’s Economic Interventions
CHIEF Executive Officers (CEOs) of three prominent banks have resigned their membership of the Nigerian Economic Summit Group (NESG) board. They resigned on Wednesday in protest against the NESG’s position…
Euro Zone Bonds Steady As Investors Look To ECB For Stimulus Clues
Germany’s benchmark Bund yield held above two-week lows on Thursday, before a European Central Bank meeting that investors suspect could signal more stimulus given weak inflation and a strong euro.…
Visa Launches Loyalty Programme To Reward Cardholders
Visa has launched of a loyalty programme to reward 28,000 cardholders in Nigeria with 10 per cent cashback when they spend up to N25, 000 using their Visa credentials online…
Dollar Weakens, Euro Gains Ahead Of ECB Meeting
The dollar slipped in early European trade Thursday, with the euro gaining ahead of greenback ahead of a policy meeting of the European Central Bank later in the session. At…
Why Isn’t The British Pound Weaker? Ask Trump
The British pound has been on a losing streak in recent days as the likelihood increases the U.K. will leave the European Union without a trade agreement. Given the potential…
Active Bank Accounts In Nigeria Surge To 111.5 Million As COVID-19 Drives Account Opening
Nigeria’s active bank account increased by 14.41% from 97.485 million active accounts to 111.54 million, data from the Nigerian Inter-Bank Settlement System Plc (NIBSS) reveals. The increase is a big…
Second $1,200 Stimulus Checks Had Bipartisan Support. Now They Could Be A Longshot
While negotiations over the next coronavirus stimulus bill have carried on for months, there has been one certainty: Democrats, Republicans and President Donald Trump have all backed sending out a…
Manhattan Rental Market Plunges, Leaving 15,000 Empty Apartments In August
The number of empty rental apartments in Manhattan nearly tripled compared with last year, as more New Yorkers fled the city and prices declined. There were more than 15,000 empty…
Nigeria Customs Rakes In N976.6 Billion In 8 Months Despite COVID-19
The Nigeria Customs Service (NCS) generated N976.6 billion from January to August, despite the COVID-19 pandemic, which led to the shutdown of the country in March. The amount was realised…
Emirates Airline Returns Abuja To Route Network
Emirates yesterday resumed passenger services to Abuja. The Airline had earlier resumed Lagos flights on Monday this week. The resumption of flights to both Nigerian cities takes Emirates’ African network…
Nigeria Borrowed N18.89tn Under Buhari
Nigeria’s debt public debt hit a total of N31.01tn at the end of June, the Debt Management Office announced on Wednesday. This means that in the last five years under…
‘Trader Moni’ Beneficiaries Unwilling To Repay Loans –NSIP
Beneficiaries of ‘Trader Moni,’ one of the programmes of the Federal government’s National Social Investment Programme designed to reduce poverty in Nigeria are reluctant to repay the loan. The Kwara…
Nigeria’s Largest Cement Makers See Profits Jump To 7-Year High Despite Covid-19
Nigeria’s biggest cement makers by market value appear to be doing relatively well despite the Covid-19 pandemic which has upended key sectors of the Nigerian economy. Two of the largest…
FG seeks $1.1B From Eni, Shell In Graft Case
The Federal Government yesterday asked a Milan court to order Eni and Royal Dutch Shell to pay $1.092 billion as an immediate advance payment for damages in one of the…
Apple Announces September 15 Date For Online iPhone 12 Reveal Event
Despite acknowledging that this year’s iPhone launches will be delayed by a few weeks relative to their traditional late September street dates, Apple isn’t stopping the hype train from leaving…
Nigerians Are Sitting On Their Savings, Thwarting Lending
Nigerian companies are parking more of their funds in bank deposits, upending a push by the central bank to fuel lending to support the economy. “Many rich corporates have simply…
UK Minister Under Scrutiny For Attacking Nigeria Over P&ID Court Case
Priti Patel, United Kingdom’s secretary of state for the home department, has come under scrutiny over her comments on the $10 billion arbitration fine case between Nigeria and the Process…
Shoprite To Leave Kenya After Announcing Plans To Close 2 More Stores
Shop-rite Holdings announced that it would leave the East African nation of Kenya after entering the market 2 years ago and will be closing 2 more stores. The company announced…
Lloyds Bank Sacks 865 Workers
Lloyds, the biggest domestic banking group in UK, had temporarily stopped job losses and restructuring early in the pandemic, with the commitment running until October. Union Unite criticised the cuts,…
All Four Of Nigeria’s Refineries Are Currently Shut Down
All four of the refineries in Nigeria, Africa’s top oil exporter, are currently shut down, the group managing director of the Nigerian National Petroleum Corporation said on Wednesday. Mele Kyari,…
United Airlines Launches Direct Flight Between Lagos And Washington
United Airlines has announced plans to expand its global route network with a new, nonstop service between Nigeria and the United States. The airline said as from late March 2021,…
Nigeria’s Debt Hits N31trn –DMO
The DMO set Nigeria’s entire debt at N31trn, indicating an increase of N2.38trn within a space of three months. The Debt Management Office on Wednesday released Nigeria’s total public debt…
ECB Weighs Chance To ‘Talk Down’The Euro
The recovery is on. Economies across the eurozone are reopening and business is returning to normal, or at least as close to normal as it can get. It puts Christine…
Pound Hits 6-Week Low On Brexit Fears, Implied Volatility Curve Inverts For First Time In 6 Months
The pound fell to its lowest level in six weeks against the dollar on Wednesday as new legislation by the British government on the country’s post-Brexit plans stoked fears of…
How China Is Closing In On Its Own Digital Currency
While there’s no launch date yet, the People’s Bank of China is likely to be the first major central bank to issue a digital version of its currency, the yuan,…
Weak Currency Discouraging Foreign Investment In Nigeria’s Economy
The federal government has been asked to take advantage of the global liquidity glut being experienced during the COVID-19 period to attract capital inflows to stabilize the nation’s currency, deepen…
ECOWAS Halts Single Currency Launch, Adopts Gradual Approach
The Economic Community of West African States has postponed the planned launch of its single currency, the Eco. The body agreed to maintain a gradual approach for the launching of…