Economy
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Foreign exchange rate reason for high diesel, aviation fuel cost, says Sylva
Minister of State for Petroleum, Timipre Slyva says the high cost of diesel and aviation fuel in the country is caused by the foreign exchange rate. He made this known in an interview on Thursday. According to him, but the prices of both products are deregulated, there is nothing the Federal Government can do to intervene in the rising prices.…
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Safe driving: FRSC commissions Dangote truck driving school
Leading cement manufacturer, Dangote Cement Plc has launched the Dangote Articulated Truck Driving School in a move aimed at inculcating safe driving culture in its drivers so as to stem the tide of road crashes. The opening of the school in partnership with the Federal Road Safety Corps (FRSC), the company management reasoned, would also make the drivers become better…
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FMDQ Exchange trains over 2,600 stakeholders on derivatives to boost knowledge
The FMDQ Derivatives Market Development Project was activated in 2018 to break the ground and facilitate the launch of a standardised derivatives market in Nigeria. The Project was also created to cater to the risk and investment management needs of diverse market participants. Given the novelty of derivatives as an asset class in Nigeria, a Stakeholder Education and Sensitisation workstream…
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NRC generates N5.70bn revenue in 2021, says NBS
The National Bureau of Statistics (NBS) on Wednesday disclosed that the Nigerian Rail Corporation (NRC) generated N5.70 billion revenue from passengers in 2021, an increase of 226.4 per cent from the N1.17billion reported in 2020. The report by NBS titled; ‘Rail Transportation Data’ revealed that revenue generated from goods in 2021 amounted to N317.57 million, higher by 12.87per cent compared…
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Stable capital market aides vibrant economy, says Yuguda
For any country to be among the most advanced in the comity of nations, serious attention must be paid to the development of a credible and stable capital market, which is an essential precondition for a well-functioning economy. Director General of the Securities and Exchange Commission (SEC), Mr. Lamido Yuguda stated this at the First Nigeria Employers Summit organized by…
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Equites market appreciates by N154bn amid demands for Presco, Dangote cement, others
The equities market of the Nigerian Exchange Limited (NGX) sustained the uptrend as investors’ investment grew by N154 billion. In summary, the All-Share Index (ASI) grew by 285.46 basis points or 0.11 per cent, to close at 51,377.21 points. Similarly, the overall market capitalisation value gained N154 billion to close at N27.698 trillion. The market positive performance was driven by…
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Domestic, foreign transactions on NGX hits N1.51trn in 5months
The total value of domestic and foreign transactions on Nigerian Exchange Limited (NGX) for the first five months of the year 2022 has recorded N1.51 trillion. This record shoots higher against N933.65 billion, which was the total transactions carried out by both domestic and foreign investors in the corresponding period of January to May 2021. In a report released by…
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Equities market appreciates by N181bn
The equities market of the Nigerian Exchange Limited (NGX) on Tuesday appreciated by N181 billion following bargain hunting in Dangote Cement and others. Precisely, the All-Share Index inched higher by 335.01 absolute points, representing an increase of 0.66 per cent to close at 51,091.75 points, while the overall market capitalisation value gained N181 billion to close at N27.544 trillion. However,…
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CBN to spend $1.7bn to clear FX backlogs, says IMF
The World Bank has stated that Nigeria’s external reserves will decline as the Central Bank of Nigeria (CBN) is expected to clear $1.7 billion worth of FX backlog and FX forward contracts to foreigners by the end-October 2022. This was disclosed by the World bank in a document titled “Nigeria Development Update (June 2022): The Continuing Urgency of Business Unusual.”…
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CBN restricts foreign airlines from repatriating $450m, says IATA
Nigeria is withholding an estimated $450 million in revenues belonging to foreign airlines according to data from International Air Transport Association (IATA). The data is as of May 2022 and indicated Nigeria restricted funds rose 12.5% month on month. This amount represents the total amount of foreign airline revenues that cannot be repatriated by the airlines. In a report first…
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