Category: Business
United Kingdom has stopped operation of Binance in the country, giving the biggest cryptocurrency exchange three days to comply with its directive. Changpeng Zhao’s company had created Binance Markets Limited as its UK arm, and applied for cryptocurrency license, but it eventually pulled out after what was described as intense discussion with the FCA. The […]
Despite the backlash that trailed Nigeria’s consistent borrowing, the country has one of the lowest debts to Gross Domestic Product (GDP) among peers. Latest data from National Bureau of Statistics (NBS) showed that states and federal debt portfolio as of March 31 stood at N33.11 trillion and nominal GDP of N152.32 trillion as of December […]
The Federal Government has disclosed that flights to the United Arab Emirates (UAE) are yet to resume due to the discriminatory nature of the protocol introduced by the UAE. The Minister of Aviation, Sen. Hadi Sirika, made the remark during the briefing by the Presidential Steering Committee on COVID-19 in Abuja on Monday. Sirika, who […]
The Nigerian naira began the week with a slight gain against the US dollar in the official currency market, but fell on the black market. According to data posted by FMDQ Security, where forex is officially traded, the naira closed at N411.28 at the Nafex window. This is a N0.39 or 0.10 percent gain over […]
The Group Managing Director of Nigerian National Petroleum Corporation (NNPC) Mele Kyari, said the government corporation will borrow to fund its stake acquisition in Dangote Refinery. Kyari said the federation account won’t be used to finance the deal with Aliko Dangote’s company as NNPC will approach commercial banks for financial backing. He made this known […]
The cost of servicing Nigeria’s public debts has increased by 62.9 percent in the first three months of the year. A data released by the Debt Management Office (DMO) and made available to Ripples Nigeria on Sunday revealed that the nation spent N993.5 billion in the first quarter of 2020, up from N609.3 billion the […]
The International Monetary Fund (IMF) on Monday urged Nigeria and other African countries to tax the private sector more in order to grow the economy. In a report titled: “How to Attract Private Finance to Africa’s Development, IMF said large public investment programs have been limited by high public debts and uncertain outlook for international […]
Oil prices started the week hitting their highest levels in more than two years on the back of economic recovery and the prospect of fuel demand growth as vaccination campaigns in developed countries accelerate. Brent is up 0.65%, to trade at $73.34 a barrel, its highest since May 2019, while the U.S. oil, West Texas […]
The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, on Tuesday, said the commission recovered about $20 million worth of cryptocurrency loot from cybercriminals, adding that the loot has been saved in the commission’s e-wallet. This is as the anti-graft agency has said that it sees cryptocurrency as an avenue where […]
Elon Musk break-up tweet on Friday sent Bitcoin price crashing by 7 percent as investors jostled to protect their capital by selling off their holdings in panic. The Tesla founder had posted on Twitter, a broken heart, which was accompanied by Bitcoin logo and a couple illustrating a breakup. Bitcoin, Ethereum, Dogecoin and Cardano prices crashed after […]
On Friday, two weeks after the Central Bank on Nigeria (CBN) devaluation, the Naira completed the week above N500 on the parallel market. According to abokiFX data, Nigerian money was exchanged for the dollar at N502 in the unofficial market on Friday, down 0.60 from N499 on Thursday. Similarly against the British Pound Sterling, the Naira crashed […]
Every hour, the Federal government’s decision to prevent Nigerians from accessing Twitter, a microblogging social media website, is costing the country N90.7 million ($250,600). This is according to analysis of Netblocks’ Cost of Shutdown Tool (COST) calculations. The indicators use are from the World Bank, International Telecommunication Union, Eurostat and U.S. Census with the estimated […]
With the parallel market exchange rate soaring, the Central Bank of Nigeria (CBN) has announced an increase in the amount of foreign exchange supplied to banks. The CBN move was in response to increased demands from travelers seeking foreign cash for travel allowances, tuition, medical costs, and other Invisibles. The CBN governor, Mr. Godwin Emefiele, at a […]
Ecobank Transnational Incorporated liability is set to rise as the lender is looking to increase its capital flow through debt financing, which will have both negative and positive impact on its balance sheet. The financial institution plans to raise funds from the international debt capital markets to finance its operation and other company activities, which […]
The Nigerian Naira began the new week in the negative zone in the foreign currency (FX) market’s Investors and Exporters (I&E) window on Monday. Data from the FMDQ Security Exchange, where currency is officially transacted, indicated that the Naira fell by 32 kobo, or 0.08 percent, versus the US dollar to settle at N411.07/$1, compared […]
