Category: Economy
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Expect 50 % increase in prices of bread – Association
Association of Master Bakers and Caterers of Nigeria (AMBCN) says a 50 per cent increase in retail prices of bread and other finished baked items is inevitable. The leadership of the association disclosed in separate interviews with the News Agency of Nigeria (NAN) on Friday in Lagos. Mr Raji Omotunde, Lagos State chapter Chairman of…
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Buhari to CBN: Don’t give Kobo for food, fertilizer imports
President Muhammadu Buhari on Thursday ordered the Central Bank of Nigeria ”not to issue a kobo” of the country’s reserves for the importation of food items and fertilizer. Malam Garba Shehu, one of the President’s spokesmen, in a statement in Abuja on Thursday, said the president gave the order at a meeting of the National…
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Stock market extends loss by N38bn
The Nigerian Stock Exchange (NSE) extended losing streak on Wednesday for the third consecutive days with the market capitalisation declining further by N38 billion. The market capitalisation dipped N38 billion to close lower at N13.263 trillion compared with N13.301 trillion on Tuesday. Also, NSE All-Share Index shed 72.41 points or 0.28 per cent to close…
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EU coys say China must make big leap before investment deal
China must make big improvements if it is to finalise an investment deal with the Eurpean Union (EU), European companies have said. “The European side has made it very clear that it cannot meet China in the middle,” Joerg Wuttke, President of the European Union Chamber of Commerce said on Thursday. According to Wuttke, fair…
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Naira loses against dollar at the parallel market
Barely 24 hours the Central Bank of Nigeria (CBN) resumed dollar sales at the Bureau De Change (BDC) sector, the Naira have reversed the gain made against the dollar. The Naira traded at N441 to the dollar on Tuesday, losing N6 from N435 recorded on Monday at the parallel market in Lagos. The Pound Sterling…
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Sell pressure: NSE All-Share Index dips 0.33%
Trading on the Nigerian Stock Exchange (NSE) maintained negative mood on Tuesday with the All-Share Index losing 0.33 per cent, amid sell pressure in banking equities. Specifically, the NSE All-Share which opened at 25,582.23 lost 84.91 points or 0.33 per cent to close at 25,497.32. Similarly, the market capitalisation shed N44 billion or 0.33 per…
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We are addressing class inequality to bring joy to Nigerians – Buhari
President Muhammadu Buhari says his administration has embarked on implementation of policies, programmes and projects aimed at closing the gap between the different classes to bring joy to a greater number of the citizens. The president stated this in Abuja on Tuesday at the end of the two-day First Year Ministerial Performance Review Retreat, organised…
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Oil prices fall on demand fears as U.S. summer driving season ends
Melbourne, Sept. 8, 2020 Oil prices fell on Tuesday amid concerns over fuel demand as the peak U.S. driving season drew to a close and the U.S. Labour Day long weekend added to worries over rising coronavirus cases in more U.S. states. Coronavirus cases rose in 22 of the 50 U.S. states, a Reuters’ analysis…
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Crude affreightment: NIMASA revives move to change terms of trade
The Nigerian Maritime Administration and Safety Agency (NIMASA), says it has revived efforts to change the Terms of Trade for the affreightment of Nigerian crude oil from Free on Board (FOB) to Cost Insurance and Freight (CIF). The Director-General of NIMASA, Dr Bashir Jamoh, disclosed this in a statement signed by Mr Philip Kyanet, Head,…
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Energy conference ‘ll enrich national discourse on sustainable electrification- NEF
The 2020 Nigeria Energy Forum (NEF- 2020) Virtual Mini-conference will strengthen and enrich national discourse on sustainable electrification and clean energy investments. Dr Daniel Adeuyi, the Chairman, Nigeria Energy Forum (NEF), made this known on Sunday in Lagos, saying that the programme was being organised by the forum. Adeuyi said: “The virtual conference series is…