Crude Rises To $64.17, Fuel Subsidy Hits N43/Litre

The rise in crude oil price has spiked the Expected Open Market Price of Premium Motor Spirit, popularly known as petrol, leading to a sharp increase in the amount spent on subsidy. Data obtained in Abuja on Tuesday showed that Brent, the commodity for which Nigeria’s crude was priced, appreciated by $0.54 to $64.17 per barrel. Click here for more.

Lottery can be goldmine for Nigeria – Akume 

Speaking during a courtesy visit to the National Lottery Regulatory Commission yesterday, Senator George Akume, Minister of Special Duties and Inter-Governmental Affairs, explained the need for the commission to increase capacity so the nation can benefit from it. Click here for more.

Investors Lose N73.58bn As NSEASI Dips By -0.56%; MPC Holds All Policy Rates

Equities market closed yesterday on a negative note, as NSEASI depreciated by -0.56% to close at 26,883.33 points as against +0.16% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -14.47%. Click here for more.

External reserves sink below $40bn

The nation’s foreign exchange reserves have slumped below the $40bn mark, hitting their lowest level in 22 months, latest report from the Central Bank of Nigeria has shown. The external reserves, which have been on a downward trajectory in recent times, dipped by over $5bn in the last five months. Click here for more.

Governments’ Credit Shrinks, Private Sector’s Rises To N25.8tn

Banks’ credit to governments shrunk by13.41 per cent in October to N9.05tn from N10.45tn reported in September, the Central Bank of Nigeria has disclosed. On the other hand, credit to private sector hit N25.8tn in October, according to apex bank. Click here for more.

Reduce $57 budget oil benchmark, MPC tells FG

The Monetary Policy Committee of the Central Bank of Nigeria has called on the Federal Government to review downwards the 2020 budget oil price benchmark of $57 per barrel to stimulate fiscal buffers. The CBN Governor, Mr Godwin Emefiele, said this on Tuesday in Abuja while presenting a communiqué on the outcome of the MPC meeting. Click here for more.

SEC Extends Deadline For Multiple Accounts Regularisation Indefinitely

The acting Director General, SEC, Ms Mary Uduk, said this would enable other shareholders that had challenges with their details to come up and regularise their holdings. She said the commission had discovered that some shareholders were avoiding it due to the fear of prosecution. Click here for more.

N253.6b capital flight upsets stock market stakeholders

The current volatility witnessed in the nation’s stock market is partly due to the delisting of 36 firms valued at N253.6 billion from the daily official list of the Nigerian Stock Exchange (NSE) in the last four years. Click here for more.

Currency-in-circulation Hits N2trn

Currency-in-circulation on month-on-month basis fell by 0.7 per cent to N2.00 trillion at the end of September 2019, in contrast to the growth of 0.8 per cent at the end of the preceding month. The Central Bank of Nigeria (CBN) revealed this in its economic report for October 2019. Click here for more.

Why telecoms poor services persist 

The alleged poor telecommunication services witnessed across Nigeria has been attributed to an investment gap of about N1.98 trillion in the sector and that is currently hindering some 40 million Nigerians from accessing basic telephony services in the country. Click here for more.

DStv plans to go “dishless” as it introduces streaming product come 2020 

Interesting times are in the offing for users of DStv across Africa because MultiChoice, which provides the service, is all set to introduce what is being referred to as a standalone ‘dishless’ streaming product. Click here for more.