The International Monetary Fund (IMF) says global growth is projected to remain unchanged at 3.2 per cent in 2024 and 3.3 per cent in 2025. This is according to the IMF’s latest World Economic Outlook (WEO) Update Report for July 2024: “The Global Economy in a Sticky Spot” released on Tuesday. The report said though […]
Justice Dehinde Dipeolu of the Federal High Court in Lagos has directed the former Minister of Humanitarian Affairs, Disasters Management and Social Development, Sadia Umar-Farouk, to give details of how N729bn allegedly disbursed to 24.3 million poor Nigerians was carried out. The court ruled that the ex-minister should provide a list of all the beneficiaries, […]
Analysts at Proshare Nigeria, an online news media, have projected increased bank loans and advances among other things following banks’ recapitalization. Presenting a book, “ Beyond Profit: How a Nigerian company built a culture of credibility”, in Lagos Mr. Teslim Shitta-Bey, Managing Editor/Chief Economist, Proshare Nigeria, said: “Banks will increase loans and advances. Those will result […]
The Naira yesterday depreciated in the parallel market to N1,520 per dollar from N1,515 per dollar on Tuesday. Similarly, the Naira depreciated to N1,512.61 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,512.61 per dollar from N1,509.45 per dollar on […]
The Central Bank of Nigeria (CBN) has threatened to sanction Deposit Money Banks (DMBs) for rejecting old and small denominations of the United States of America Dollars. In a circular issued by the Ag. Director, Currency Operations Department, CBN, Mr. Mohammed Solaja, the apex bank said its market intelligence had revealed the continued rejection of the […]
The volume of dollars traded (turnover) in the Nigerian Foreign Exchange Market, NAFEM, rose year-on-year (YoY) by 74 percent to $22.88 billion in the first half of 2024 (H1’24) from $13.11 billion in H1’23. Vanguard analysis of quarterly transactions in the market as published by FMDQ showed that turnover stood at $12.64 billion in the first quarter of […]
The President and Chief Executive Officer of the Dangote Group, Aliko Dangote, yesterday faulted the hike of interest rate to almost 30 per cent by the Central Bank of Nigeria (CBN). He spoke at the Banquet Hall of the Presidential Villa in Abuja at the commencement of a three-day summit organised by the Manufacturers Association […]
Governor, Central Bank of Nigeria, Olayemi Cardoso yesterday said that the apex bank will support measures to boost the nation’s external reserves including the proposed Eurobond issue by the Federal Government. Cardoso stated this in an interview with Bloomberg TV, saying, “We should have a diversity of sources. It shouldn’t just be the eurobond market, it […]
All commodity terms of trade (ToT) declined by 0.12 percentage points in the first quarter of 2024 (Q1’24), just as the value of imports increased by 0.51 percentage points during the period. The National Bureau of Statistics, NBS, disclosed this yesterday in its All Commodity Price Indices and ToT report for Q1’24. The bureau defined ToT […]
Increased loan inflows improved capital importation into Nigeria in January 2024 by 19 percent month-on-month, MoM, to $330 million from $280 million in December 2023. The Central Bank of Nigeria, CBN, disclosed this in its Monthly Economic Report for January 2024. CBN said: “Higher inflow of loans boosted foreign capital inflow in the review month.” Giving further […]
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