business
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An international business research firm, the Economist Intelligence Unit (EIU), has declared that indigenous oil companies acquiring the assets of divesting international oil companies will not be able to match their investing power. The EIU, in its latest Country Report on Nigeria, observed that the indigenous companies would not have the same financial power to […]
China’s export and import growth in the January-February period beat forecasts, suggesting global trade is turning a corner in an encouraging signal for policy makers as they try to shore up a stuttering economic recovery. China’s improved export data joins those of South Korea, Germany and Taiwan, who all saw their shipments top expectations over […]
The price of garri, a popular staple food in Nigeria has surged by 108 percent in three months, hitting a record high as cassava production shrinks. Survey across major markets shows that the average price of a 50kg bag of yellow garri surged by 108 percent from an average of N18,000 in December 2023 to N37,500 in March 2024. A 4-litre […]
It listed the timeline for the closure, asking users to take needed action. “Users are encouraged to withdraw NGN, trade their NGN assets, or convert NGN into crypto prior to the discontinuation of these NGN services,” Binance said in a statement. “From 2024-03-08 08:00 (UTC), any remaining NGN balances in users’ Binance accounts will be […]
Africa’s richest man, Aliko Dangote, is planning to set up an oil trading arm, likely based in London, to help run crude and products supply for his new refinery in Nigeria. According to Reuters, the move would reduce the role of the world’s biggest trading firms, which have been negotiating for months to provide the refinery […]
The International Monetary Fund (IMF) has warned that capping fuel prices and electricity tariffs below cost recovery could lead to a 3 per cent of GDP fiscal cost for Nigeria. The warning was contained in the report of the just-concluded Staff Article IV Consultations, which was issued by the Country Office in Abuja this morning. […]
The stock market segment of the Nigerian Exchange Limited (NGX) dropped by N1.49 trillion in two days following the hike in the interest rate. The Monetary Policy Committee (MPC) on Tuesday, increased the Monetary Policy Rate (MPR) to 22.75 percent from 18.75 percent, which saw the stock market witnessing negative sentiment as investors are now […]
FD Group Plc, a proprietary investment company in Nigeria, has recorded an 84.7 percent decline in its after-tax profit for 2023, according to its latest unaudited financial statement. In the statement, the company’s after-tax profit was N1.08 billion, down from N7.09 billion in 2022. Earnings per share-basic totalled N5.69, down from N37.32 in 2022. Other […]
The price of bitcoin went past $57,000 on Tuesday as the rally in cryptocurrencies remain strong. Bitcoin surpassed that level at 7.30 a.m. EDT and it was trading at $56,730 at 8.34 a.m. EDT for a daily gain of a massive 10.7%. The world’s biggest cryptocurrency saw its price climb above $54,000 on Monday for […]
Nigeria’s local currency is currently exchanging above 2,000 naira against the Great Britain Pound at the parallel market. A Bureau de Change operator at Wuse Zone 4, Malam Ibrahim, confirmed the rates on Monday. He said, Yes it is true, we are currently selling above N2,000 for the pounds and it is still about the […]
