The National Bureau of Statistics (NBS) has released a concerning report on Nigeria’s public debt stock, which has surged to N97.34 trillion ($108.23 billion) in the fourth quarter of 2023. This represents a 10.73% increase from the previous quarter, with Lagos State leading the charge in both domestic and external debts. The NBS report indicates Read More…
Business
Nigerian stock market rebounds with key bank stocks leading the charge
The Nigerian stock market experienced a rebound on Wednesday, registering a 0.32% gain, buoyed by a surge in buying interest in top-tier bank shares. The market capitalisation, which opened at N58.775 trillion, saw an increase of N188 billion to close at N58.963 trillion. The All-Share Index similarly rose by 331.2 points, ending the day at Read More…
Naira gains strength as CBN tightens monetary policy
The Nigerian Naira saw a notable appreciation against the US dollar, closing at N1,300 per dollar, a 5.97% increase at the official market by Wednesday’s end. This marked improvement from Tuesday’s rate of N1,383 per dollar is a reflection of the Central Bank of Nigeria’s (CBN) recent monetary policy actions. The trading session witnessed a Read More…
CBN’s MPC hikes monetary policy rate to 24.75% amid economic challenges
In a decisive move to address the economic challenges facing Nigeria, the Central Bank of Nigeria’s Monetary Policy Committee (MPC) has increased the Monetary Policy Rate (MPR) by 200 basis points, setting it at 24.75% from the previous 22.75%. The MPR, a critical financial tool, influences the rate at which banks lend to each other Read More…
Nigerian insurance sector surges with N1.003 trillion gross premium in Q4 2023
The Nigerian Insurance industry has recorded a remarkable growth in the fourth quarter of 2023, with the Gross Premium Written reaching a staggering N1.003 trillion. This figure marks a significant 27% increase from the N790 billion reported in the previous year. “The statistics reflect a robust upward trajectory in the market’s performance as the year Read More…
Naira hits new record low amid dollar truggle
Despite Central Bank efforts, currency plunges below parallel market rates In a disconcerting turn of events, Nigeria’s naira has plummeted to a new record low during intraday trading on Thursday, as reported by FMDQ Exchange data. This decline occurred despite the central bank’s vigorous efforts to stabilize the currency by selling dollars and infusing liquidity Read More…
Nigeria braces for double-barrelled rate hike to tame inflation, boost Naira
Brace yourselves, Nigerians! The nation stands on the cusp of two potentially aggressive interest rate hikes in quick succession, a Reuters poll revealed on Friday. This bold move aims to curb soaring inflation and bolster the battered naira currency. After a two-meeting hiatus, the Central Bank of Nigeria (CBN) is poised to hold its first Read More…
Nigeria eyes growth despite challenges, President Tinubu reassures investors
President Bola Tinubu is determined to steer Nigeria through economic headwinds, emphasising his unwavering commitment to reforms and investments that support businesses and create opportunities for the growing population. “We are right in the middle of a challenging stage of our reforms. We have headwinds, no doubt, but we are not going back,” he declared Read More…
NBS reports drop in kerosene prices amidst increase in petrol imports
The National Bureau of Statistics (NBS) reveals a decline in the average price of a litre of kerosene from N1,362.27 in December 2023 to N1,329.53 in January 2024, according to its “Kerosene Price Watch” released in Abuja on Wednesday. Highlighting the statistics, the NBS emphasises a 2.40% decrease in the January price compared to the Read More…
EU launches investigation into TikTok over alleged breach of online content rules
The European Union has initiated an investigation into ByteDance’s TikTok to determine whether the social media platform violated online content regulations aimed at safeguarding children and ensuring transparent advertising, announced EU industry chief Thierry Breton on Monday. Breton stated, “Today we open an investigation into TikTok over a suspected breach of transparency & obligations to Read More…