Category: Business
The Lagos Chamber of Commerce and Industry (LCCI) has revealed why many graduates are unemployed. According to National Bureau of Statistics (NBS) data, the total number of Nigerians unemployed as at December 2020 was 23.1 million out of which 4.39 million graduates with at least Ordinary National Diploma jobless. This damning numbers LCCI President, Toki Mabogunje, explained […]
The Debt Management Office on Tuesday opened two new Federal Government of Nigeria savings bonds for subscription at N1,000 per unit. According to information obtained from the DMO’s official website, one is a two-year savings bond due on April 14, 2023 at an interest rate of 5.522 per cent per annum. The second offer is a […]
The value of Nigeria’s currency dropped by N1.20k or or 0.29 percent on Tuesday after the Easter celebrations at the I&E window of the foreign exchange market. Data posted on the FMDQ Security Exchange where forex is officially traded showed the dollar traded at N410.50 compared to N409.30 it exchanged on Thursday last week. Participants maintained bids […]
The International Monetary Fund (IMF) has predicted a 2.5 percent growth for the Nigerian economy in 2021. In its April World Economic Outlook released on Tuesday, the Bretton Woods institution also projected a 3.4 percent growth for Sub-Saharan Africa in 2021. The IMF previously projected 1.5 percent growth for Nigeria and 0.2 percent for the region this […]
South Korea’s electronics giant, LG, will discontinue its smartphone business in Nigeria and other countries in the third quarter of the year. In a statement published on its website on Monday, LG said it wants to redirect its investment. The company said the sales of phones would continue until inventory has been exhausted, added that […]
Nigeria and many more countries are likely to receive another COVID-19 relief support as the World Bank president, David Malpass, said extension of debt service is being considered. Countries had first obtained debt service suspension initiative (DSSI) in May 2020 to enable their economies withstand the negative impact of the pandemic. The debt suspension was […]
The shares of the leading FMCG company declined by 8.64% to close the first quarter lower at N1,375. Nestlé Nigeria Plc lost a total of N103 billion in market capitalization in the first quarter of 2021, following the decline in the shares of the leading fast-moving consumer goods company. The decline in the shares of […]
Users on Clubhouse can now send money to creators on the platform who host conversations for others. Clubhouse, the invitation-only audio-chat social networking app has introduced “clubhouse payments” the first monetization feature for creators on Clubhouse to send and receive payments. This means that if you are a user on Clubhouse, you can now send […]
The yield on the 10-year benchmark Treasury note ticked up to 1.7181% in this morning’s trade. The U.S. 10-year Treasury Yield showed bullish momentum early Monday as traders absorbed the outstanding job report. The yield on the 10-year benchmark Treasury note ticked up to 1.7181% in this morning’s trade meeting some resistance but forging ahead with bullish […]
Some Labour unions in the Federal Capital Territory, Abuja have concluded arrangement to embark on an indefinite strike. The Joint Unions Action Committee (JUAC) in the FCT’s administrative MDA’s including the Federal Capital Territory Administration (FCTA) and Federal Capital Development Authority (FCDA) announced they will go on an indefinite strike, due to the FCT Civil […]
On Thursday, April 1, 2021, Naira closed at N485.00 to the dollar at the black market, this represents N1.00 or 0.21 percent appreciation from N486.00, the rate it exchanged the previous day, according to data posted by Aboki fx. However, currency of Africa’s largest economy at the official market, the Investor and Exporters window, data […]
The Central Bank of Nigeria (CBN) has issued a new policy on foreign currency to the deposit money banks in the country. The Standard Chartered Bank, which disclosed this in the circular sent out to its foreign currency account holders on Thursday, said the policy limits the cash deposit to the accounts to $5,000. The […]
UAC Nigeria’s slight revenue improvement in 2020 wasn’t enough to stop the company from recording a loss in its operating profit for the same period. The drop in the operating profit was put at 37 percent. In a breakdown of the company’s earnings for last year ended December 31, 2020, UAC Nigeria’s revenue rose to […]
INEC has stated that the National Identification Number (NIN) is not compulsory for voter registration. The Independent National Electoral Commission (INEC) disclosed that Nigerians taking part in the new voter registration drive commencing on the 28th of June do not need to produce their National Identification Number (NIN) as it is not mandatory. This was disclosed by […]
The Nigerian stock market remained in bearish zone for the second consecutive day after the equity capitalization dipped further at the close of trading on Wednesday. The equity capitalization dropped from N20.54 trillion to N20.42 trillion on the day. The All- Share Index dipped by 0.57 percent to drop from 39, 267.11 to 39,045.13 at […]
