Category: Business
Bitcoin’s value increased by 2.10 percent during the week after a mini-slump in January. The most valuable cryptocurrency asset traded below $40,000 for the most part of last month. The rise in the value of Bitcoin above $40,000 earlier on Saturday, reflected the increasing confidence among investors in the crypto community amid threat from bonds’ […]
The International Monetary Fund has stated that Nigeria’s reported unemployment rates, as at the end of 2020 are yet to come down. However, it cited that recent COVID-19 monthly surveys shows Nigeria’s employment back at its pre-pandemic level. This was disclosed by the IMF in a statement on Monday as the Executive Board of the International Monetary […]
The Federal Government has announced it has held meetings with aviation worker unions to prevent a strike that would affect Nigeria’s aviation industry. This was disclosed by Labour Minister, Chris Ngige after he held a meeting with heads of aviation worker unions. The National Union of Air Transport Employees (NUATE), and the Association of Nigeria Aviation Professionals […]
The International Monetary Fund (IMF) has urged the removal of fuel subsidies and official exchange rates by Nigeria’s fiscal and monetary authorities. The Executive Board’s conclusion of the Article IV consultation with Nigeria, which was released yesterday, reflected the organization’s perspective. On January 24, the federal government announced that it will postpone its plan to eliminate […]
The Nigerian Midstream and Downstream Petroleum Regulatory Authority has disclosed that it has paid out N22.7 billion bridging claims to petroleum product transporters. According to the NMDPRA, the Federal government would also pay an additional N30 billion this week to facilitate the seamless distribution of petroleum products around the nation. Bridging claims represent the cost […]
The Federal Government of Nigeria has paid bridging claims amounting to N22.7 billion to petroleum products transporters in Nigeria. This was made known by the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mr. Farouk Ahmed at an interactive section held in Lagos on Wednesday with the stakeholders of the […]
Binance Chief Executive Officer, Changpeng Zhao, has explained that the controversial restriction of accounts on its platform is due to ongoing measures to prevent fraudulent activities. In a statement addressed to the Nigerian community, published on Sunday, Mr Zhao said 281 Nigerian cryptocurrency accounts were affected by these proactive measures. “Some 281 Nigerian accounts have been affected […]
Nigeria’s Vice-President,Yemi Osinbajo, has called for a complete reorientation on the exercise of regulatory authority in the country because over-regulation is killing businesses. According to him, for businesses and investors to thrive in the country, regulatory requirements need to be reduced and certification processes need to be faster. According to a statement signed by Laolu […]
The International Monetary Fund, IMF, has raised its forecast for Nigeria’s Gross Domestic Product, GDP, growth in 2023 to 2.7 per cent. The new forecast was contained in the IMF’s January World Economic Outlook, WEO, report released today. The new forecast represents 0.1 percentage points above the 2.6 percent projected by the Fund October last […]
It is generally agreed that all economies especially those heavily dependent on the market system experience all the phases of a typical business cycle: peak (boom), decline, trough (recession) and recovery. A prolonged recession would result in a depression. Apart from the Great depression of the 1930s, the global economy in recent times experienced a […]
THE price of Nigeria’s Bonny Light, yesterday, surged further to $91.38 per barrel, from $90.31, recorded the previous day, indicating an excess of $29.38 against the $62 per barrel benchmark of the nation’s 2022 budget. The leap in price was attributed to a combination of factors, including the declining oil inventory, due mainly to rising […]
The Central Bank of Nigeria distributed N23.2 billion in loans to 28 recipients as part of the launch of its new “100 for 100” Production and Productivity Policy (PPP). This was disclosed by the Governor of the Central bank of Nigeria, Mr. Godwin Emefiele while speaking at the launch of the 100 for 100 Policy […]
The Nigerian Postal Service (NIPOST) has launched its own e-debit card to be given free to every Nigerian at every NIPOST outlet. The package comes with the unveiling of the new banking platform launched by NIPOST alongside 27 new logistics vehicles for courier services. The development is part of its effort to improve financial literacy […]
The House of Representatives has directed the Central Bank of Nigeria (CBN) to suspend the implementation of the import/export electronic invoice policy. The apex bank was directed to adopt a 90-day timeline for the implementation of fiscal measures to avoid destabilising effects on the economy. These resolutions followed a motion moved by Leke Abejide (ADC, Kogi), on […]
Naira weakened significantly against the U.S. dollar at the official market on Thursday, extending its fall to the fourth straight day. According to data published on the Central Bank of Nigeria’s website, Nigeria’s naira closed at N416.16 to a dollar on Thursday, representing a N0.17 or 0.04 devaluation from N415.99 it exchanged in the previous session […]
