Government borrowing from the central bank rose to ₦3.31 trillion in 2017, representing an increase of ₦1.08 trillion. Buhari further borrowed ₦2.1 trillion in 2018 to take total borrowing to N5.41 trillion. A new report from the Central Bank of Nigeria (CBN) has revealed that President Muhammadu Buhari-led’s administration has borrowed a total sum of … Read more
The local currency opened the day at ₦515 to a United States Dollar but at the Bureau De Change segment, the Naira exchanged at ₦513 to a United States Dollar, ₦705 to a British Pound and ₦600 to a single Euro. The Nigerian Naira was largely unchanged against the United States Dollar on Tuesday morning … Read more
Blockdata says that three main developments convinced many of the top banks to start providing crypto-related services to clients. A new report from blockchain research firm Blockdata suggests that over half of the world’s biggest banks are getting exposure in crypto and blockchain companies. READ ALSO: BREAKING: TALIBAN ENTERS AFGHAN PRESIDENTIAL PALACE AFTER GHANI FLEES … Read more
While critics have accused the government of worsening the economy, Sylva put the blame on the Peoples Democratic Party (PDP) led administration. The Minister of Petroleum Resources, Timipre Sylva, has defended how the administration of President Muhammadu Buhari is handling the country’s economy. The Minister made the defense while responding to questions on the economy … Read more
The implication is that prices of food rose in the month under review but at a little slower pace than what was recorded in May 2021 Nigeria’s consumer price index (CPI), a measurement of the rate of rate of inflation, has declined to 17.75% in June from 17.93 recorded in May 2021. The ‘Consumer Price … Read more
She blamed the recent surge in the prices of yam in Enugu State on the activities of the various groups. A yam seller in Enugu State identified as Mrs Agnes Onyeabor, says she and her colleagues spent more than N500,000 to ferry a truck-load of yam tubers from Benue to Enugu. Onyeabor told Newsmen on … Read more
The CBN also divulged plans to increase the amount of foreign exchange allocated to banks to meet legitimate needs. On Friday, the Bureau De Change disclosed that the naira exchanged to the dollar at N504 at the parallel market. A month earlier, the dollar was at N490 but had recently moved to N500 as … Read more
The NDU report by the World Bank estimated that despite the country’s gradual recovery from the 2020 recession, Nigerian masses will continue to suffer the adverse effect of the economic downturn. A new report authored by the World Bank says a full decade of economic growth in Nigeria is likely to be lost by the … Read more
…insecurity and conflict as well as the COVID-19 pandemic are responsible for the challenges The World Bank says Nigeria’s inflation rate is expected to rise to 5th highest in Sub-Saharan Africa by the end of 2021, behind only Zimbabwe, Zambia, South Sudan and Angola. The bank’s Lead Economist for Nigeria, Macro Hernandez, stated this on … Read more
President Muhammadu Buhari has vowed to enhance fiscal stability. President Muhammadu Buhari has vowed to enhance Nigeria’s fiscal stability, stressing the fact that Nigeria is more of a gas country than a crude oil country. As gathered by Eko Hot Blog, Buhari made this known during his meeting with Total’s Chief Executive Officer, Patrick Pouyanné, … Read more
The Edo State Governor, Godwin Obaseki, had raised an alarm over Nigeria’s financial woes, alleging ₦60bn Was Printed To augment FAAC allocation to state governments for the month of March The National Economic Council (NEC) has affirmed that there was no printing of ₦60 billion or any other amount whatsoever to shore up allocation for … Read more
… we have had to borrow more than we have planned before the COVID-19 started because we need to still continue to invest in infrastructure using our national budget Minister of Finance, Budget and National Planning, Zainab Ahmed, on Monday admitted that Nigeria’s economy was facing a difficulties and urged states to improve their internally … Read more
The Abuja Chamber of Commerce and Industry (ACCI) has called on the Federal Government to set up a presidential commission on cryptocurrency in view of surging intrusion of the bitcoin into global and local financial systems. ACCI President, Dr Almujtaba Abubakar who made this known on Friday in Abuja in a statement listed some terms … Read more
Kristalina Georgieva, Managing Director, International Monetary Fund (IMF) says the world is witnessing a revolution in digital money that can make remittances easier, faster and cheaper. She said this on Wednesday in Washington, D.C. during her opening remarks at the iLab Spring Meetings Virtual Workshop. According to her, after a long period of development, the … Read more
The National Bureau of Statistics (NBS) says residents of Lagos, Ebonyi and Niger states paid the highest amount for Premium Motor Spirit (PMS), popularly known as petrol in March. The NBS said this in its “Premium Motor Spirit (Petrol) Price Watch for March 2021’’ released on its website on Wednesday in Abuja. It said Lagos … Read more
Stakeholders in the Africa Continental Free Trade Area (AfCFTA) have called for private sector participation and the creation of compatible trade policies to ensure successful implementation of the agreement. Top government officials, industrialists, and financial services experts made these recommendations in Lagos on Tuesday at a webinar organized by the Commonwealth Enterprise and Investment Council, … Read more
NSE, Market breadth was positive with 13 stock gainers against 12 losers. NSE, Trading at the domestic equities market closed positive on Thursday with the market capitalization increasing by N14 billion due to buying interest in tier 1 banks. The market capitalization which opened at N20.286 trillion inched higher by N14 billion or 0.07 percent … Read more
Market sentiment turned negative with 21 laggards, relative to 14 gainers. The Nigerian stock market (NSE) resumed after the Easter public holidays on Tuesday with a loss of 0.39 per cent due to persistent bearish trend. Specifically, the All-Share Index lost 150.13 points or 0.39 per cent to close 38,766.61 compared with 38,916.74 achieved on … Read more
Nigeria’s total public debt portfolio as of Dec. 31, 2020, stood at N32.92 trillion, the National Bureau of Statistics (NBS) reveals. It made the revelation in its Nigerian Domestic and Foreign Debt report for Quarter Four, 2020, obtained from its website on Monday in Abuja. It added that the debt profile was for the States … Read more
NSE, Consequently, the market breadth closed positive with 28 stocks, relative to 12 losers. The nation’s bourse resumed a new trading week on Monday with a growth of N145 billion due to buying interest in MTN Nigeria (MTNN) and 27 other stocks. Specifically, the market capitalization which opened the week at N20.518 trillion inched higher … Read more