Category: Market
Banks Rush to Sell Excess FX Holdings Ahead of CBN Deadline
Commercial banks in Nigeria were in a frenzy on Thursday as they worked tirelessly to offload their surplus foreign exchange…
CBN Orders Banks to Sell Excess Dollar Stock to Stabilise Exchange Rate
In a bid to stabilize Nigeria’s volatile exchange rate, the Central Bank of Nigeria (CBN) has directed Deposit Money Banks…
Port Harcourt Refinery Undergoes Test-run
The Federal Government confirmed on Wednesday that the Port Harcourt Refining Company is currently undergoing test runs, with refined petroleum…
Nigeria-Morocco Gas Pipeline: Minister Assures Uninterrupted Supply
Mr. Ekperikpe Ekpo, the Minister of State for Petroleum Resources (Gas), has provided reassurance of uninterrupted supply to the Nigeria-Morocco…
Dangote Refinery Plans to Import Crude from the US
In anticipation of potential supply disruptions that could jeopardize its operations, Dangote Refinery is preparing to import crude oil from…
Global Markets Extend Slide as Rate Cut Hopes Diminish
Global stock markets faced a continued decline at the start of 2024, with investor optimism regarding early U.S. interest rate…
NNPC and Marketers Clash Over Petrol Subsidy, PMA Proposes N1,200/Litre
Tensions have risen between the Nigerian National Petroleum Company Limited (NNPC) and fuel marketers, represented by the Independent Petroleum Marketers…
New E-Dividend Portal in Nigeria to Be Operational by November 30, 2023, Says SEC
The Securities and Exchange Commission (SEC) in Nigeria has announced that the new e-dividend portal is expected to become operational…
IMF and World Bank Confirm 2023 Annual Meetings in Morocco Despite Recent Earthquake
The International Monetary Fund (IMF) and the World Bank have confirmed that their scheduled 2023 Annual Meetings will proceed in…
Global Debt Skyrockets to $235 Trillion, With US and China Accounting for Half
The world’s total debt has surged to a staggering $235 trillion, with the United States and China contributing a significant…
Private Employers Caution Against Impending Nigerian Labour Congress Strike
Private employers of labour in Nigeria have cautioned against the proposed strike by the Nigerian Labour Congress (NLC), emphasizing that…
G7 and Allies Pause Reviews of Russian Oil Price Cap Scheme
The G7 and its allies have halted their regular reviews of the Russian oil price cap scheme, despite Russian crude…
IFC Plans $50 Million Investment in Emerging Markets Infrastructure Fund II
The International Finance Corporation (IFC) is considering an investment of $50 million in the Emerging Markets Infrastructure Fund II, a…
Biden Administration Offers $12 Billion to Automakers to Retrofit Plants for EV Production
The Biden administration is providing $12 billion in grants and loans to auto manufacturers and suppliers to retrofit their plants…
China Takes Measures to Boost Economy Amidst Slowdown
As China grapples with an economic slowdown and a debt crisis in the property sector, authorities have rolled out a…
Surprising Surge: Kenyan One-Year Treasury Bill Interest Rates Spike to 14% Despite Government’s Borrowing Cut Plans
In an unexpected twist, the interest rate on the one-year Treasury bill in Kenya soared to a remarkable 14% during…
War Risk Premiums Surge for Shipping in Russia’s Black Sea Ports Amid Escalating Tensions
Insurance companies have informed ship charterers operating in Russia’s Black Sea ports of a significant increase in “war risk premiums,”…
European Business Lobby Urges China for Clarity on Economic Plans and National Security
The European Chamber of Commerce in China, an influential business lobby, is calling on Beijing to provide a clear message…
U.S. Stock Futures Rise on Nvidia Optimism and Easing Bond Yields”
U.S. stock index futures have shown positive movement as optimism regarding Nvidia’s upcoming earnings report continues to bolster megacap growth…
China Cuts One-Year Lending Rate, But Surprises by Keeping Five-Year Rate Unchanged
China has taken steps to stimulate credit demand by reducing its one-year benchmark lending rate, lowering it by 10 basis…
Oil Prices Rise on Tightening Supply Amid Global Demand Concerns
Oil prices increased on Monday due to tightening global supply resulting from lower exports by major oil-producing countries like Saudi…
Petroleum Traders May Benefit from Falling Oil Prices and Strengthening Naira
Major petroleum product traders and independent traders could potentially experience relief from rising gasoline importation costs due to a combination…