The Central Bank of Nigeria on Friday, ordered all banks to close accounts of anyone who transacts in cryptocurrency According to the CBN, dealing in cryptocurrency or facilitating payments for cryptocurrency exchanges is prohibited Former presidential candidate, Kingsley Moghalu, has said that $500 million worth of Bitcoin has been traded in Nigeria within the last … Read more
Shares The Nigerian Stock Exchange (NSE) on Friday moved 482.19 million shares valued at N5.58 billion in 5,998 deals. You May Also Like NSE Opens February With 0.13% Loss NSE Market Capitalisation Crosses N22trn Mark This was in contrast with a turnover of 629.41 million shares worth N7.98 billion achieved in 4,752 deals on Thursday, … Read more
Profit Also, profit before tax rose to N2.55 billion from N1.34 billion, indicating an increase of 90 per cent. Linkage Assurance Plc has recorded 34 per cent increase in profit after tax for the fourth quarter ended Dec. 31, 2020. The company said this in a statement released on the floor of the Nigerian Stock … Read more
NSE The nation’s bourse resumed trading on Monday on a negative trend dropping by 0.13 per cent due to profit taking in Nestle and 27 other stocks. Specifically, the All-Share Index lost 54.76 points or 0.13 per cent to close at 42,357.90 in contrast with 42,412.66 on Friday. Accordingly, the month-to-date return settled at -0.1 … Read more
OPEC The Organisation of Petroleum Exporting Countries (OPEC’s) crude oil production increased by 160,000 barrels per day (bpd) in January as the non-member countries called OPEC+ alliance is easing the output cuts in the first month of the year, it was gathered at the weekend. OPEC’s production is estimated to average 25.75 million bpd in … Read more
Shares The Nigerian Stock Exchange (NSE) market capitalisation on Thursday crossed above N22 trillion mark as a result of price appreciation posted by some blue chips. Accordingly, the market capitalisation inched higher by N125 billion or 0.57 per cent to close at N22.059 trillion against the N21.934 trillion posted on Wednesday. The All-Share Index crossed … Read more
LCCI, Joe Biden The Lagos Chamber of Commerce and Industry (LCCI) has said that the administration of Mr Joseph Biden, the 46th elected U.S President, would usher in new dispensation for global economy. You May Also Like LCCI Urges National Assembly On PIB #EndSARS: LCCI Urges Youth On Dialogue Mrs Toki Mabogunje, LCCI’s President stated … Read more
Naira strengthened against the U.S. dollar on Thursday at the Investors & Exporters (I&E) window of the foreign exchange market, data from the FMDQ Security Exchange where currencies are officially traded showed.
The Lagos State Government has reiterated its commitment to revamp and strengthen the cooperative movement towards having a sustainable and developed informal sector for economic growth and development.
Allocation The Federal Government, States and Local Government Councils (LGs) have shared N619.343 billion as federation allocation for December, 2020. You May Also Like Digital Customer Services Increased Despite COVID-19 Disruptions – CIBN AMCON Seeks To Recover ₦4.4trn Debt To Strengthen Economy Salami To Deliver CIBN 7th National Economic Outlook Address Mr Hassan Dodo, Director … Read more
Digital customer services The Chartered Institute of Bankers of Nigeria Centre for Financial Studies, (CIBN) has said that there was an acceleration of digital customer services and interactions in 2020 due to the COVID-19 crisis. CIBN President, Mr Bayo Olugbemi, made the disclosure on Tuesday at the seventh virtual National Economic Outlook themed, “Implications for … Read more
The Federal Government dominated capital raising at the fixed income segment of the Nigerian Stock Exchange (NSE) in 2020, raising over N2.36 trillion.
The Asset Management Corporation of Nigeria (AMCON) has urged all agencies of the Federal Government and other stakeholders to join in its debt recovery drive as it looks to secure an outstanding ₦4.4trillion debt. A statement issued on Sunday by AMCON said failure to recover the debt would further aggravate the nation’s economic woes. Read … Read more
Salami to deliver CIBN Chairman, Presidential Economic Advisory Council, Dr Doyin Salami, will be delivering a keynote address in a Roundtable organised by the Chartered Institute of Bankers of Nigeria Centre for Financial Studies. The Head, Marketing/ Corporate Communication and External Relations, Mr Nelson Olagundoye, made the disclosure in a statement on Friday in Lagos. … Read more
NSE, Inauguration Ahead of its demutualisation, the Nigerian Stock Exchange (NSE) has inaugurated a ‘Claims Review Panel’, pursuant to the provisions of the NSE Demutualisation Act 2018. Otunba Abimbola Ogunbanjo, NSE President, said this in a statement made available to the News Agency of Nigeria (NAN) on Friday in Lagos. Ogunbanjo said the panel inaugurated … Read more
Economist, Cost Of Governance An economist, Prof. Evans Osabuhien, has called on the Federal Government to intensify efforts to reduce the cost of governance in order to have good economic outlook in 2021. Osabuhien, who was a former Head of Economics Department, Covenant University, Ota, gave the advice on Monday in an interview with the … Read more
Nigeria, Domestic Investors N15.8tr The Federal Government is owing N15.85 trillion in domestic debts, with almost three-quarters of the debts due to bondholders. The fixed-return debts place obligation on the government to make regular interest or coupon payment and redemption as at when due. The latest breakdown of the national debts obtained at the weekend … Read more
SMEs The Chancellor, Gregory University, Uturu (GUU), Prof. Greg Ibe, has advised the Federal Government to give concessions and rebate to Small and Medium Enterprises (SMEs) as part of economic stimulus package. Ibe gave the advice when the leadership of Correspondents Chapel, Nigeria Union of Journalists, Abia Council, visited him in his country home in … Read more
African Trading, AfCFTA African Union (AU) Chairperson Cyril Ramaphosa and Ethiopian Prime Minister Abiy Ahmed have congratulated Africans for starting trading under the African Continental Free Trade Area (AfCFTA). Abiy tweeted: “Congratulations to our continent for the beginning of trading under AfCTA. The new frontier for Africa is indeed regional integration, where minds are open … Read more
The economic might of any given nation or society is always pinned down to its natural/material resources, as well as the human resources to harness these endowments for commercial gain. But then, it isn’t enough to possess these resources without a correlating distribution outlet that would ensure culmination of the production process. This is where … Read more