The Federation Account Allocation Committee (FAAC) has reported that the three tiers of government shared a total sum of N990.189 billion as allocation from the Federation Account in December 2022, representing a 9.8% increase over the N902.053 billion shared by them in November 2022. The figures were contained in a statement issued on the allocation […]
The International Islamic Trade Finance Corporation (ITFC) and the Islamic Solidarity Fund for Development (ISFD), both members of the Islamic Development Bank (IsDB) Group, have announced the signing of the Trade Finance Support Programme for the least developed member countries (LDMCs) affected by the COVID-19 and the food security crises. The initial beneficiaries of this […]
The International Monetary Fund (IMF), one of the global multilateral finance institutions, has reported that about 15% of low-income countries (LICs) are trapped in debt distress while 45% of the population faces high risks of indebtedness as rising restrictions continue to constrain global economies. The development finance institution made this projection in a new report […]
The Naira suffered marginal loss in its exchange rate to the US dollar on Tuesday at the black market, trading at N747/S1 in the early hours of the day, representing 1.63% depreciation when compared to the N735/$1 trading value it maintained in the last three trading sessions. Some black market operators linked the marginal slide […]
The Nigerian Exchange (NGX) closed positive at the end of Tuesday’s trading session characterized by buy-interests and sell-offs among investors as bulls regain hold on the local bourse, resulting in N192 billion gain for investors. While the All-share Index (ASI) appreciated by 0.67% to close at 52,701.31 points, the Market Capitalization grew by N192 billion […]
The Financial Institutions Training Centre (FITC), a non-profit organization providing knowledge-based ICT solutions to clients in Nigeria’s and other African countries’ financial system, has reported that bank customers in Nigeria lost N1.17 billion to fraud in Q2 2022. Based on the findings of its study on the banking sector, the organization reported that data from […]
The Director-General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa, has hinged the improved Foreign Direct Investments (FDIs) in Nigeria’s ICT industry on the nation’s large population size and its emerging economic status in the global ecosystem among other factors. The industry expert, who made this remark while speaking at a meeting with […]
The Nigerian Exchange (NGX) trading activities opened weakly on Monday, resulting in a loss of N90 billion to investors, as bears took over the control of the local bourse. As expected, the All-share Index (ASI) depreciated by 0.31% to close at 52,348.82 points. But then, Market Capitalization grew by N253 billion to close at N28.512 […]
…..lowest rate in 11 months The National Bureau of Statistics (NBS) on Monday reported that the nation’s Consumer Price Index (CPI), which measures general price level in the economy, eased to 21.34% in December 2022, down from 21.47% recorded in the preceding month. The latest rate, which represents a 0.12% points lower than the […]
The Centre for the Promotion of Private Enterprise (CPPE) has flawed the provisions of the Finance Bill 2022 now undergoing review in terms of the proposed hike in tax rates in almost all sectors of the economy and advised the fiscal authorities to have a re-think on the provisions. The Centre strongly canvassed for the […]