Category: Business

The Federal Government disclosed on Monday a new pricing regime for natural gas used by power generation companies, now set at $2.42 per metric million British thermal unit, up from the previous rate of $2.18/mmbtu. Given that Nigeria relies heavily on thermal power plants fueled by gas for over 70% of its electricity generation, the…

By Milcah Tanimu According to the Central Bank of Nigeria (CBN), Nigeria’s economy experienced an inflow of over $1.5 billion in recent days, signaling the effectiveness of the CBN’s monetary policy measures. Hakama Ali, the Bank’s Acting Director of Corporate Communications, revealed this development, attributing the inflows to concerted efforts aimed at stabilizing the foreign…

By Milcah Tanimu The Central Bank of Nigeria (CBN) has introduced new guidelines on its recapitalization policy for banks in the country, barely 48 hours after emphasizing the need to enhance the capital base of Deposit Money Banks (DMBs) for improved productivity. According to a statement signed by its Acting Director, Corporate Communications, Sidi Ali,…

A rights group, Empowerment for Unemployed Youths Initiative (EUYI) has said the current Governor of the Central Bank of Nigeria (CBN) Mr Olayemi Cardoso has not shown signs of turning around economic woes facing the nation. The biting inflation and the unstable forex market according to the CSO are direct consequences of hasty policies of…

By Milcah Tanimu A Binance executive, Gambaryan, has initiated legal action against the National Security Agency (NSA) and the Economic and Financial Crimes Commission (EFCC). Represented by his lawyer, Olujoke Aliyu from Aluko and Oyebode Law Firm, Gambaryan filed the originating motion on March 18 before Justice Inyang Ekwo, seeking five reliefs. Similarly, Nadeem Anjarwalla,…

The Nigerian equity market continues its upward trajectory, defying expectations and maintaining strong buy interest. Despite the allure of treasury bills and bonds following a significant interest rate hike by the central bank last month, stocks have retained their appeal, delivering one of the most robust weekly performances of the year at 3.7 percent. Notably,…

The Nigerian naira experienced a notable uptick yesterday, reaching N1,350 per dollar in the parallel market, marking a significant improvement from Monday’s rate of N1,430 per dollar. Similarly, within the Nigerian Foreign Exchange Market (NAFEM), the naira saw a positive trend, appreciating to N1,382.95 per dollar. Data sourced from FMDQ indicated a decline in the…

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has announced a hike in the benchmark interest rate to 24.75 percent. This decision, revealed in a communique issued by CBN Governor Yemi Cardoso after the MPC meeting in Abuja, marks an increase from the previous rate of 22.75 percent set about a…

In February 2024, the financial sector’s credit to the economy witnessed a notable increase, rising by two percent to N114.7 trillion compared to N112.4 trillion in January 2024. Detailed insights from the Money and Credit Statistics report released by the Central Bank of Nigeria (CBN) indicate a six percent month-on-month surge in banks’ credit to…

By Milcah Tanimu Despite the recent appreciation of the Naira, concerns arise as the expected impact on the prices of goods and services remains elusive. Many express a desire for the exchange rate to stabilize at N1600 to a dollar, hoping for improved purchasing power. The disparity between the strengthening Naira and its reflection in…