Monthly House Rent Payment Proposed Amidst High Inflation
Nigeria finds itself grappling with a formidable economic challenge as inflation continues its upward trajectory. According to the National Bureau of Statistics, headline inflation surged from 29.9% in January to 31.7% in February, exacerbating the already burdensome cost of living for citizens. Rent Reform Bill Despite Inflation In response to the mounting pressure on citizens […]
NGX: MTNN, GTCO, JBERGER, Others Top List Of Potential Stocks This Week
Investors are gearing up for another round of trading as the Nigerian Exchange (NGX) prepares to open its doors for the week ahead. With the market already showing signs of bullish momentum, attention is drawn to key players in the trading arena. Market Overview Of NGX Last week saw investors reaping significant gains, with market […]
U.S. Chamber Urges Biden To Secure Release Of Binance Officials Detained In Nigeria
The United States Chamber of Digital Commerce has issued a plea to President Biden, urging him to utilize all available diplomatic avenues to secure the release of two Binance officials currently detained by Nigerian authorities. Describing the detention as a “distressing breach of international law,” the Chamber emphasized the urgent need for diplomatic intervention. Grave […]
Investors Regain Confidence as NGX Gains N390bn
Following a rollercoaster ride in recent trading sessions, the NGX market capitalization witnessed a surge, soaring by N390 billion to reach N54.71 trillion by the session’s close. The notable upswing comes in the wake of a previous day’s downturn, which saw a staggering loss of N700 billion in response to MPC outcomes. Investors, however, seem […]
$26bn Crypto Fraud Allegations: Nigerian Govt Investigates Binance
The Nigerian government has launched an investigation into the operations of Binance, a cryptocurrency exchange company, following allegations of $26bn Crypto Fraud Allegations This move comes after the Nigerian Communications Commission (NCC) blocked online platforms like Binance and others to prevent forex market manipulation and illicit fund movements. NSA Reveals Investigation Of $26bn Crypto Fraud […]
FX Debt: Why CBN Is Still Owing 5 Banks- Cardoso
Governor Olayemi Cardoso of the Central Bank of Nigeria (CBN) has addressed the ongoing issue of foreign exchange (FX) debt owed by banks, assuring stakeholders of progress and imminent resolution. Cardoso Affirms Owing 5 banks FX Debts During an investor call organized by the Nigerian Exchange Group, Cardoso acknowledged that while FX backlogs have been […]
Nigerian Exchange Witnesses Persistent Sell-offs; Investors Lose N720bn
Wednesday’s trading session on the Nigerian Exchange marked the third consecutive day of bearish trends, causing a significant loss of N720 billion to investors. The persistent sell-offs have now accumulated to a staggering N1.54 trillion loss over the past three days. The All-Share Index and market capitalization took a hit, depreciating by 1.31 percent to […]
Cryptocurrency: Nigerian Govt Detains 2 Binance Executives Amidst Crackdown
The Nigerian government has reportedly detained two senior executives of Binance, a cryptocurrency exchange, as part of its efforts to regulate the crypto market and curb illicit financial activities. Following the ban on Binance’s website, the executives flew into Nigeria last week and were apprehended by officials from the office of the National Security Adviser. […]
Naira Appreciates To N1,609/$1 At Official Market Amidst CBN Guidelines
The Nigerian Naira saw a modest appreciation against the US dollar on Wednesday, climbing to N1,609 from N1,615.94 the previous day, marking a 0.37% increase. This uptick follows a series of foreign exchange directives issued by the Central Bank of Nigeria (CBN) in recent weeks. Economist Comment As Naira Appreciates At Official Market Commenting on […]
Subsidy Removal Spurs 50% Drop in Petrol Imports, says Nigerian Govt
The Nigerian government has revealed a significant decline in petrol imports since the removal of subsidy on the commodity, indicating a pivotal shift in the nation’s fuel dynamics. Speaking at a press briefing in Abuja, the Minister of Information and National Orientation, Mohammed Idris, affirmed that the withdrawal of fuel subsidy had led to a […]