BUSINESS NEWS

  The stock market of the Nigerian Exchange Limited (NGX) yesterday gained N77billion to close positive and sustained a five-day bullish trend amidst easter celebration. Yesterday was the last trading day of the week as the federal government declared Friday, (Good Friday) April 15th, and Monday, (Easter Monday) April 18th, 2022 as public holidays to mark the Easter celebrations. The NGX All Share Index (ASI) rose by […]

The Association of Bureaux De Change Operators of Nigeria (ABCON) said the widening gap between the official and parallel market exchange rates, is driven by acute dollar scarcity due to the continued suspension of foreign exchange sales to BDCs by the Central Bank of Nigeria(CBN). ABCON in its Quarterly Economy Review for the first quarter of the […]

The central parity rate of the Chinese currency the Yuan, strengthened 43 pips to 6.3752 against the U.S. Dollar on Wednesday, according to the China Foreign Exchange Trade System. In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day. […]

Massive oil theft, among other challenges, is affecting government finances and threatening naira stability. The Central Bank of Nigeria disclosed this in a report by a member of the Monetary Policy Committee, Prof. Mike Obadan, who dealt with the topic ‘Is derugulation the solution to the forex / exchange rate problem?’ Obadan, a professor of […]

The Minister of Power, Mr Abubakar Aliyu, says the country’s renewable energy and energy efficiency sector has continued to grow rapidly thereby heightening the need for a skilled workforce to support the sector. Aliyu who spoke at “Energise- First Career Fair for the Clean Energy Sector” on Tuesday in Lagos. The fair was organised by […]

The Cross River government has faulted media reports alleging that it has been unable to pay salaries to workers and gratuities to pensioners in the state. This is contained in a statement signed by the state Head of Service (HOS), Mr Timothy Akwaji on Tuesday in Calabar.   Akwaji said the reports were malicious, untrue […]

Africa’s first digital currency, eNaira, issued by the Central Bank of Nigeria (CBN), as part of its central bank digital currency (CBCD) programme, is projected to be running on about 10,000 downloads per day, dpd, in the second quarter of this year, Q2’22. This projection by a source in one of the commercial banks leading in […]

The House of Representatives ad hoc committee investigating unclaimed funds in commercial banks has said it uncovered N300 billion unclaimed funds in some commercial banks. The committee disclosed this on Wednesday when some banks appeared before it in Abuja. The committee, chaired by Uyime Idem (PDP, Akwa-Ibom), was mandated to investigate the status of “the […]

Nigerian stocks rose for the first time this week on Wednesday as the benchmark index climbed by 0.13 per cent even though the size of gain was not enough to offset the cumulative depreciation recorded Monday through Tuesday. Unusual demand for shares in Ecobank Transnational Incorporated (ETI) stoked the recovery a day after the pan-African […]