Business

The Governor, Central Bank of Nigeria (CBN) Mr Olayemi Cardoso, has said the decision of the Monetary Policy Committee (MPC) to raise the Monetary Policy Rate (MPR) to 27.25 per cent was a bold move, stressing that higher interest rates though painful for borrowers, but is necessary to curb excess money in circulation and control inflation.  While addressing members of…

The Central Bank of Nigeria (CBN) said it sold $543.5 million  to authorised dealers between Sept. 6 and Sept. 30. According to a statement issued by Omolara Duke, the Director, Financial Markets Department of the CBN, the transaction was through a two-way quote at the Nigeria Foreign Exchange Market (NFEM) on 11 dealing days. Duke said that the spot sales…

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revealed that Nigeria may experience gas supply crisis with a potential shortfall of 3.1 billion cubic feet (bcf) per day by 2030. Chief executive officer (CEO) of NUPRC, Gbenga Komolafe disclosed this at the Association of Energy Correspondents of Nigeria (NAEC) conference on Thursday. “Between 2020 and 2030, demand for gas is…

The Central Bank of Nigeria (CBN) says the industry sector contracted in September, while the agriculture and service sectors expanded. In its Purchasing Manager’s Index (PMI) report, CBN said the composite PMI — which is the combination of the sectors’ performance — for September 2024 stood at 50.5 index points, indicating expansion in economic activities for the second consecutive month,…

The Nigerian equities market closed the second trading session of October 2024 on negative by dropping N671 billion over investors profit-taking in Dangote Cement Plc, and 27 others.  The All-Share Index (ASI) lost 1,167.97 points, representing a decline of 1.19 per cent to close at 97,064.42 points. Also, market capitalisation declined by N671 billion to close at N55.777 trillion. Investor…

Zenith Bank Plc on Thursday said it has made progress in its IT upgrade which disrupted its banking services for over 48 hours, adding that its customers can now transact across its various channels. The bank announced this via a statement posted on its X handle. Zenith also apologized to its customers over the disruption saying it was in a…

A total of 10 stockbroking firms in the Nigerian stock market traded N848.424 billion worth of shares from July to September 2024. Data obtained from the Nigerian Exchange (NGX) on Broker Performance Report for third quarter (Q3) showed this translates to 57.63 per cent of the cumulative trade executed on the exchange in third quarter (Q3). In volume terms, the…

Access Holdings Plc  has announced the completion of its merger with ARM Pensions Managers Limited (ARM), creating Access ARM Pensions Limited (AAPL). This development positions AAPL among Nigeria’s largest pension fund administrators by client base. The announcement, made on Wednesday, was shared through the Nigerian Exchange Limited (NGX) disclosure page and signed by the Company Secretary, Sunday Ekwochi. The merger…

A witness in the trial of Godwin Emefiele, former governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi  told a federal capital territory (FCT) high court that the naira redesign policy did not follow standard procedure. Shonubi, who was acting governor of the CBN from June 9 to September 15 2023, said Emefiele admitted to intrigues and politics around…

The director-general (DG), Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir has expressed that businesses cannot survive borrowing at 35 per cent interest rate, given the hike in interest rate by the   Central Bank of Nigeria (CBN). Ajayi-Kadir who was speaking during a forum themed ‘Nigeria’s Challenging Economy: Strategies For Recovery,’ organised by Channels Television to commemorate Nigeria’s 64th Independence anniversary,…