Business

With the increasingly harsh operating environment, some banks have started notifying their customers that they are set to suspend international transactions on Naira visa debit cards by August 1, 2022. The banks, in a recent directive signed by their heads of deposits, debit cards and mortgages, also said this was done to provide their customers with best-in-class financial solutions. This…

The Bayelsa State government has indicated interest in partnering Heritage Bank Plc on youth empowerment and sport development. The state Deputy Governor, Senator Lawrence Ewhrudjakpo disclosed the interest of the state government during a courtesy call with the Commissioner for Youths and Sports, Daniel Igali and others on the management of the Bank, at Heritage’s Head Office in Lagos recently.…

Local currency, Naira, on Friday, fell at the parallel market to N658 per dollar amid higher dollar demand. The figure represents a depreciation of N38 or 6.13 per cent from the N620 it traded last week. Traders put the buying price of the dollar at N640 and the selling price at N658, leaving a profit margin of N18. A street…

On the backdrop increase in interest rate by the Central Bank of Nigeria (CBN),’s Eurobond yields for long term instruments are still hovering above 14 per cent, data from the Debt Management Office (DMO) has revealed. After holding the MPR constant at 11.5per cent for about two and a half years, the Monetary Policy Committee (MPC) of the apex bank,…

The National Bureau of Statistics (NBS) on Wednesday said the average retail price paid by consumers for Premium Motor Spirit (Petrol) increased to N175.89 in June 2022 from N165.61 recorded in June 2021, indicating a 6.21per cent increase.   This was stated in the bureau’s report titled: “Premium Motor Spirit (Petrol) Price Watch.” The report said: “Likewise, on a month-on-month…

Sentiments on the domestic equities market of the Nigerian Exchange Limited (NGX) on Tuesday turned negative with a marginal loss of 0.02 per cent following the conclusion of the two-day meeting of the Monetary Policy Committee (MPC). The benchmark interest rate (MPR) was hiked to 14.00 per cent; asymmetric corridor remained at +100/-700 bps around the MPR; the Cash Reserve…

In a bid to modernise Nigeria’s capital markets and ensure that it is well positioned to support economic transformation driven by private sector investment, the Securities and Exchange Commission (SEC) and the African Development Bank Group (AfDB) have signed an agreement for a grant on market surveillance system project. The grant valued at $460,000, is to finance technical assistance and…

The equities market of the Nigerian Exchange Limited (NGX) yesterday, opened the week on a positive note, extending gains from the previous session following bargain hunting in Seplat Energy and 15 others. In summary, the All-Share Index (ASI) grew by 104.82 basis points, representing a rise of 0.20 per cent to close at 52,319.94 points. Similarly, the overall market capitalisation…

All items inflation rate on a Year-on-Year (YoY) basis was highest in Bauchi at 21.99per cent, Kogi at 21.37per cent and Ebonyi at 20.73 per cent in June 2022, according to National Breana of Statistic (NBS). The bureau in its report on Friday stated that Adamawa State with 16.14 per cent, Sokoto at 16.31 per cent and Jigawa at 16.37per…

Inflation is top on the agenda of countries across the world since 2021. However, the war between Ukraine and Russia has made things worse for nearly every country, Nigeria included. The World Bank recently listed Nigeria amongst the top 10 countries in the world with the worst inflation rate, based on 2021 figures. Nigeria ranked 8th on the list with…