Business

The Central Bank of Nigeria (CBN) has announced the postponement of its highly anticipated 293rd Monetary Policy Committee (MPC) meeting, originally scheduled for Monday and Tuesday, September 25 and 26, 2023. The decision to defer this critical meeting was communicated through a press release issued by Dr. Isa AbdulMumin, Director of Corporate Communications at the CBN, on September 20, 2023.…

The naira on Wednesday weakened against the pound sterling and euro by 0.40per cent and 0.78per cent to close at N958.82 and N829.49, respectively while it remained flat against the dollar to close at N776.60 at the Investors & Exporters Foreign Exchange ( I & E FX) window. According to analysts at InvestmentOne Research, “Going forward, we expect the foreign…

Analysts at Cordros Research, on Wednesday said it expected the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to increase interest rate or Monetary Policy Rate (MPR) further by 25 basis points. The committee is expected to hold its penultimate meeting of the year on the 25th and 26th of September 2023. The members had voted to…

NG Clearing has announced the appointment of Mr. Farooq Oreagba as its new Managing Director and Chief Executive Officer, subject to approval from the Securities and Exchange Commission (SEC). The Board of Directors of NG Clearing has unanimously appointed Oreagba to this esteemed role, recognizing his outstanding achievements and expertise in the financial services sector. Oreagba brings a wealth of…

Nigerian equities on Monday delivered a positive performance and extended gains from the previous session as the overall capitalization rose by N264 billion, driven by a rally in Airtel Africa Plc and 28 others. The All-Share Index (ASI) rose by 481.43 points, representing a gain of 0.71 per cent to close at 67,877.17 points. Also, market capitalisation gained N264 billion…

As the official Liquidator of the failed Banks in Nigeria, the Nigeria Deposit Insurance Corporation (NDIC), in line with its mandate wishes to inform the depositors & ex-staff (deposits) of defunct Peak Merchant Bank that it has concluded preparations to pay their first liquidation dividend. According to a release signed by the Director, Communication and Public Affairs, NDIC, Bashir Nuhu,…

Analysts at InvestmentOne Research, on Monday disclosed that Nigeria’s inflation rate is expected to trend higher as global energy prices remain elevated following decisions to maintain production cuts by Organization of the Petroleum Exporting Countries (OPEC)+ power houses. National Bureau of Statistics (NBS), in its latest release of the Consumer Price Index (CPI) figures on inflation rate exhibited a persistent…

After a long wait, Oando Plc has announced N44.4billion profit before tax in 2021 financial ended December 31, as against a loss before tax of N134.28billion reported in financial year ended December 31, 2020. The indigenous energy company listed on both the Nigerian Exchange Limited (NGX) and Johannesburg Stock Exchange (JSE) announced N32.86billion profit after tax in 2021 from a…

President Bola Tinubu will ring the Closing Bell of NASDAQ in New York, United States as part of proceedings at the Executive Business Dialogue organized by United States Chamber of Commerce, Nigerian Exchange Group Plc (NGX Group) and Nigerian Investment Promotion Council (NIPC). Scheduled for September 20, 2023, the dialogue is part of a series of events in the Non-Deal…

National Bureau of Statistics (NBS) on Friday said Nigeria’s inflation surged to 25.8% in the month of August 2023, 1.72% points higher than the 24.08per cent recorded in the previous month. NBS in its Consumer Price Index (CPI) report for August 2023 said the significant increase reflects the impact of the removal of petrol subsidies and the devaluation of the…