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African Development Bank, AfDB has credited the recent triple AAA with a stable outlook rating by global credit rating agency Fitch Incorporated as a result of the extraordinary support it receives from its shareholders. The new triple-A rating from Fitch for the bank comes after an earlier triple-A rating from another global rating agency, Standard…
July 21, 2020
On the heels of a recent report that investment pledge to Nigeria declined by 67 percent in the first half of 2020, the Securities and Exchange Commission, SEC has disclosed that the automation of the capital market is key to attracting Foreign Direct Investment, FDI. SEC’s Director-General, Mr. Lamido Yuguda in a meeting with Nigeria’s…
July 20, 2020
In yet another worrying sign of Nigeria worsening Foreign Exchange crisis, Nigerian customers abroad will have their debit card spending limited by some of their banks. This is in a bid to limit foreign currency settlement risk by the banks. Two of Nigerian leading banks have moved to temporarily suspend the use of debit cards…
July 20, 2020
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria, CBN rising from its meeting has held the Monetary Policy Rate (MPR) constant at 12.5%. CBN’s governor, Godwin Emefiele made this known while reading the communique at the end of the MPC meeting on Monday. Other parameters such as Cash Reserve Ratio (CRR), Liquidity…
July 20, 2020
In the aftermath of the scourge of the coronavirus pandemic, investment pledges by domestic and foreign investors to projects in Nigeria declined by 67 percent in the first half of 2020, the Nigerian Investment Promotion Commission (NIPC) has disclosed. As at the end of H1 of 2020, the proposed investment stood at $5.06 billion {N1.92tr}…
July 20, 2020
Nigeria’s gross revenues rose to N653.3billion naira in June from N517.8b in May signaling an increase of N135.1b month on month. This increase was triggered by higher crude and tax receipts, Accountant-General Ahmed Idris said, as oil prices recovered from April’s crash. Read also: China’s Record Imports, OPEC+ Cuts Jack Up Oil Prices Recall that…
July 19, 2020
Global rating and marketing research agency, Moody’s has warned that global air passenger slump will continue until 2023 due to the effect of the COVID 19 pandemic. Moody’s gave this grim forecast in a Global airline disruption report published recently. “With an effective coronavirus vaccine likely not available before well into 2021 – and likely…
July 17, 2020
The Central Bank of Nigeria, CBN in its February monthly report disclosed that the nation’s economy recorded a net foreign exchange inflow of $9.35bn {N3.553tr} based on N380/$1. “Foreign exchange flows through the economy resulted in a net inflow of $9.35bn in the review period, compared with $9.99bn and $4.58bn at end-January 2020 and end-February…
July 16, 2020
In a bid to diversify her revenue source, the Federal Government of Nigeria hopes that the reform in the gold mining sector will earn the government $500 million a year in royalties and taxes and create 250,000 jobs. This extra revenue from gold could is expected to serve as a lifeline as the coronavirus pandemic…
July 16, 2020
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African Development Bank, AfDB has credited the recent triple AAA with a stable outlook rating by global credit rating agency Fitch Incorporated as a result of the extraordinary support it receives from its shareholders. The new triple-A rating from Fitch for the bank comes after an earlier triple-A rating from another global rating agency, Standard…
July 21, 2020
On the heels of a recent report that investment pledge to Nigeria declined by 67 percent in the first half of 2020, the Securities and Exchange Commission, SEC has disclosed that the automation of the capital market is key to attracting Foreign Direct Investment, FDI. SEC’s Director-General, Mr. Lamido Yuguda in a meeting with Nigeria’s…
July 20, 2020
In yet another worrying sign of Nigeria worsening Foreign Exchange crisis, Nigerian customers abroad will have their debit card spending limited by some of their banks. This is in a bid to limit foreign currency settlement risk by the banks. Two of Nigerian leading banks have moved to temporarily suspend the use of debit cards…
July 20, 2020
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria, CBN rising from its meeting has held the Monetary Policy Rate (MPR) constant at 12.5%. CBN’s governor, Godwin Emefiele made this known while reading the communique at the end of the MPC meeting on Monday. Other parameters such as Cash Reserve Ratio (CRR), Liquidity…
July 20, 2020
In the aftermath of the scourge of the coronavirus pandemic, investment pledges by domestic and foreign investors to projects in Nigeria declined by 67 percent in the first half of 2020, the Nigerian Investment Promotion Commission (NIPC) has disclosed. As at the end of H1 of 2020, the proposed investment stood at $5.06 billion {N1.92tr}…
July 20, 2020
Nigeria’s gross revenues rose to N653.3billion naira in June from N517.8b in May signaling an increase of N135.1b month on month. This increase was triggered by higher crude and tax receipts, Accountant-General Ahmed Idris said, as oil prices recovered from April’s crash. Read also: China’s Record Imports, OPEC+ Cuts Jack Up Oil Prices Recall that…
July 19, 2020
Global rating and marketing research agency, Moody’s has warned that global air passenger slump will continue until 2023 due to the effect of the COVID 19 pandemic. Moody’s gave this grim forecast in a Global airline disruption report published recently. “With an effective coronavirus vaccine likely not available before well into 2021 – and likely…
July 17, 2020
The Central Bank of Nigeria, CBN in its February monthly report disclosed that the nation’s economy recorded a net foreign exchange inflow of $9.35bn {N3.553tr} based on N380/$1. “Foreign exchange flows through the economy resulted in a net inflow of $9.35bn in the review period, compared with $9.99bn and $4.58bn at end-January 2020 and end-February…
July 16, 2020
In a bid to diversify her revenue source, the Federal Government of Nigeria hopes that the reform in the gold mining sector will earn the government $500 million a year in royalties and taxes and create 250,000 jobs. This extra revenue from gold could is expected to serve as a lifeline as the coronavirus pandemic…
July 16, 2020
