Amid public expectations that the Central Bank of Nigeria (CBN), through its Monetary Policy Committee (MPC), would decide on key monetary policy rates to tame the surging inflation rate in the country at the end of the committee’s 2-day meeting tomorrow in Abuja, the apex bank on Monday announcement the I indefinite postponement of the […]
Statistics
Global Debt Stock Surges To $307.4Trn In Q3, 2023
A new report published by the Institute of International Finance (IIF) indicated that global debt stock reached a historic high of $307.4 trillion in the third quarter of 2023, with the debt-to-output ratio in emerging markets reaching an unprecedented level during the quarter In the latest report published on Thursday, the financial services trade group […]
Why FTSE-Russell, MSCI Reclassify Nigerian Securities – SEC D-G
The Securities and Exchange Commission (SEC) has attributed the reclassifications of Nigerian securities indices by FTSE-Russell and MSCI to the current foreign exchange (FX) liquidity challenges in the country and the effects on investor confidence in the economy. FTSE Russell, a subsidiary of London Stock Exchange Group (LSEG), recently downgraded the Nigerian equities market just […]
CBN Forecasts Sustained Inflationary Pressures In Near Term
The Central Bank of Nigeria (CBN) has projected that current inflationary pressures may continue in the near term based on the prevailing micro and macroeconomic indices of the economy The apex bank, which made this prediction in its just published second quarter ‘Economic Outlook’ report, pointed out that the removal of fuel subsidy, depreciation of […]
Alleged N1.6Bn Fraud: Emefiele Arraigned, Remanded In Prison
The Federal Government on Friday arraigned the immediate past Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, over alleged N6.5 billion procurement fraud at Federal High Court, Abuja Emefiele, who is facing a six-count charge before Justice Hamza Muazu of a Federal High Court, Abuja, reportedly pleaded not guilty to the charges. The […]
Nigeria’s Inflation Hits 27.3%, As Food, Other Items’ Prices Surge
The National Bureau of Statistics (NBS), reported on Wednesday that Nigeria’s headline inflation rate further surged in October 2023 to 27.33 percent, up from the 27.13% recorded in the preceding month amid spiking food and other items’ prices during the month. The statistics agency, in its Consumer Price Index October 2023’ report published on its […]
IEA Raises Concern About Oil Market Stability As Gaza War Escalates
The Executive Director of the International Energy Agency (IEA), Fatih Birol, has expressed the agency’s concern about the escalating Israeli-Palestine war at the Gaza strip in view of the potential negative implications for the stability of the global oil market. Birol, who expressed his concern during an interview with S&P Global Commodity Insights, warned that […]
Africa’s Infrastructure Finance Default Rate Among Lowest Globally – Adesina
The President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, has said that African countries’ default rate in infrastructure financing is one of the lowest globally. The development finance banker made this disclosure during his address to participants at the African Investment Forum (AIF) with the theme ‘Unlocking Africa’s Value Chains’ held in Marrakech, […]
Customs’ FOU Zone ‘A’ Impounds Contrabands Worth N1.2Bn
The Nigeria Customs Service (NCS) has reported the seizure of 13 trailer loads of foreign parboiled rice and 17 vehicles, among other notable items, worth N1,241,777,700 in October this year. The Service, in a statement published on its official X (formerly Twitter) account on Wednesday, quoted the Acting Comptroller of the Federal Operations Unit Zone […]
Tinubu Seeks N/Assembly’s Approval Of $7.864Bn, €100Mn Loans
President Bola Tinubu on Wednesday sought the Senate’s processing of a loan facility of $7,864,508,559 and €100 million earlier requested during the immediate past Muhammadu Buhari-led administration under the 2022 – 2024 external borrowing plan. The President conveyed the request to the Red Chamber of the National Assembly through a letter he addressed to the […]