Barely a week after President Bola Tinubu announced his nomination for appointment as Acting Governor of the Central Bank of Nigeria (CBN),Dr. Olayemi Cardoso, has formally assumed duty at the apex bank. In a statement issued on Friday, the apex bank’s Director, Corporate Communications, Dr. Isa AbdulMumin, confirmed that Cardoso together with his designated deputies […]
President Bola Tinubu has advised foreign investors to explore for good returns the opportunities in the Nigerian economy through investments. Tinubu made the appeal on Wednesday in New York, when he rang the NASDAQ’s closing bell as part of the proceedings at the Executive Business Dialogue in the United States. Speaking at the event, the […]
Sustained efforts by the monetary authorities to stabilize the Naira exchange rates at the official and parallel markets appear to be yielding minimal results as the national currency continues its sliding trend over the past week on the back on the US dollar and other foreign currencies’’ scarcity. Available data from the parallel market FX […]
Indications are strong that the Nigerian National Petroleum Company Limited (NNPCL) and other oil marketers in the country may further adjust fuel pump prices before the year ends based on the spiking trend of crude oil prices in the international market. In the past two weeks, the Brent crude oil and other variants’ prices have […]
Nigeria’s public debt stock has surged to N87.38 trillion (US$113.42 billion) in Q2 2023 from N49.85 trillion (US$ 108.30 billion) in Q1 2023, representing a 75.27% growth on a quarter-on-quarter basis. The National Bureau of Statistics (NBS), the national statistics coordinating agency in Nigeria, reported on Thursday, in its ‘Nigerian Domestic & Foreign Debt Q2 […]
The Association of Bureau De Change Operators of Nigeria (ABCON) has urged the Central Bank of Nigeria (CBN) to increase the minimum capital requirement of a foreign exchange trading firm from the current N35 million to N350 million ($454,888) in order to boost the operational capacity. Also, the association recommended to its members to merger […]
The Lagos Chamber of Commerce and Industry (LCCI) has advised the Federal Government to establish dedicated websites that will guide foreign investors and other with the relevant information about investment opportunities in Nigeria. In a statement signed by its President/Chairman of Council, Asiwaju (Dr.) Michael Olawale-Cole, the organized private sector (OPS) group maintained that doing […]
The African Union (AU) is making arrangements to launch a credit rating agency for the continent in the coming year as part of its efforts to address concerns about the fairness of existing ratings assigned to African economies by foreign rating agencies. A top official of the AU, Misheck Mutize, who serves as the lead […]
…..as fuel pump price may further surge Data from the international oil market indicated that Brent crude oil was priced at $91 per barrel on Tuesday, sustaining its increase over the past few days after which it reaching a 10-month high of $90 per barrel precisely a week ago. The surge in prices of Brent […]
The Central Bank of Nigeria (CBN) on Monday warned banks to stop spending foreign exchange (FX) revaluation gains in order not to undermine its current efforts aimed at stabilizing the Naira in the FX markets The apex bank, in a circular dated September 11, and signed by its Director, Banking Supervision, Haruna Mustafa, hinged the […]