No More Forex For Food Import, Buhari Tells CBN
Nigeria has achieved food security, President Buhari declared on Tuesday.Because of this, he directed the Central Bank of Nigeria (CBN) to stop release of foreign exchange for food import. Click here for more.
AfCFTA under threat of poor power supply as TCN MD proffers solution.
In order to allay the fears of those who feel that the poor state of power supply in Nigeria is a threat to the effectiveness of the African Continental Free Trade Agreement (AfCFTA) in the country, the Managing Director of the Transmission Company of Nigeria (TCN), Usman Mohammed, has disclosed what should be done to solve the deteriorating state of power supply. Click here for more.
Oil inches above $60 as U.S. delays tariffs on Chinese goods
Oil prices continued to rally yesterday, following reports that the United States has decided to delay the next round of tariffs that were to be imposed on Chinese goods. The delay gives hope to a skittish market that the trade war really won’t go on forever.For WTI, oil prices had climbed 4.13% to trade at $57.20 as at the time of filing this report. Click here for more.
African Air Traffic Soars By 11.7% Amid Global Demand Surge
Air traffic demand in Nigeria and other African countries improved by 11.7 per cent in June as part of the global upsurge of 5.0 per cent compared to June 2018.The International Air Transport Association’s (IATA) global passenger traffic results for June 2019. Click here for more.
CBN Targets 95% Financial Inclusion Rate By 2024
The Central Bank of Nigeria (CBN) Governor and Chairman of the National Financial Inclusion Steering Committee, Godwin Emefiele has set a target of 95 per cent financial inclusion rate for Nigeria by 2024. Click here for more.
CBN Issues Banks New Consumer Protection Rules
The Central Bank of Nigeria (CBN) has issued new Consumer Protection Guidelines to improve the quality of banking. The regulator has directed commercial banks to provide a Key Fact Statement (KFS), giving a summary of key information on loans to consumers. Click here for more.
CBN to auction N34bn T-bills today
The Central Bank of Nigeria is on Wednesday billed to auction N34bn worth of Treasury bills, 14, roll over existing Federal Government T-bill maturities. Analysts at Zedcrest Capital Limited said upon resumption from the Salah break, despite the small volume of T-bills on offer, they expected stop rates to clear above their previous level due to the recent bearish trend in the market. Click here for more.
External reserves drop by $482m in one month
Nigeria’s external reserves dropped by $482.18m from N45.14bn as of July 8 to $44.65bn as of August 8, latest statistics from the Central Bank of Nigeria have shown. The reserves which had maintained a steady rise in recent months has started suffering decline. Click here for more.
Pension Funds To Hit N10trillion By December
Going by the steady growth projection of pension funds assets, the funds may hit N10 trillion by December. The funds, which has been growing at the rate of over N100 billion monthly, since January 2019, stood at N9.33 trillion in June. Click here for more.
Foreign investors acquiring insurance firms over recapitalization
Many indigenous underwriting firms have been taken over by foreign investors since the last recapitalisation that took place in the insurance sector, investigation has shown. The National Insurance Commission confirmed that a number of local players in the insurance sector preferred being acquired by foreign entities to becoming stronger through merging with other local operators. Click here for more.
Investors in Budweiser’s International Breweries wail as N163 billion is wiped out of market value.
About 20 months ago, January to be precise, if you were to buy an International Brewery Stock, you would have to part with about N64 per share. It was the highest share price in about 5 years and in some ways, it signaled the dominance of the Budweiser in the value beer segment. Click here for more.