SUN
FX Squeeze: SEC Backs NGX’s Proposed Dollar Asset Listings
The Securities and Exchange Commission (SEC), at the weekend, backed the Nigerian Exchange Limited (NGX)’s proposed plan to have dollar asset listings on the nation’s bourse, stating that it presents an opportunity for inflows into the economy. Director-General, SEC, Lamido Yuguda stated this during the commission’s second Capital… Read More
NCI Fund: Boi, NCDMB Disburse N38.4bn For Oil, Gas Investors
The Managing Director of Bank of Industry, Mr. Olukayode Pitan, has disclosed that, the Nigerian Content Intervention(NCI) Fund promoted by the Nigerian Content Development and Monitoring Board(NCDMB) and managed by the Bank has disbursed N38.4 billion to 69 companies so far. Pitan stated this at the signing of the amended MoU… Read More
PUNCH
Cash Shortage: Bank Borrowing From CBN Hits N12tn
There are indications that commercial banks and merchant banks are increasingly depending on the Central Bank of Nigeria for liquidity as their borrowing from the apex bank has intensified in the last eight months of 2023. Aside from August 2023 ending this week, commercial banks and merchant banks borrowed a total of N12.46tn from… Read More
TRIBUNE
Unpaid Claims: NAICOM To Name, Shame Insurers
The National Insurance Commission (NAICOM) said it has directed all insurance companies to begin publications of all outstanding claims in their records. The Commissioner for Insurance/CEO, National insurance Commission, Olorundare Sunday Thomas, said this last week at the cocktail for the 2023 NAICOM Conference for Insurance… Read More
ECONOMY HEADLINES
SUN
JP Morgan’s $3.7bn Estimate Of Nigeria’s FX Reserve Misleading –CBN
The Central Bank of Nigeria (CBN) has labeled JP Morgan’s report of $3.7billion estimate of Nigeria’s FX reserve as misleading and miscalculated. The Director, Monetary Policy, CBN, Dr Hassan Mahmud, stated this during a programme monitored via Youtube at the weekend. JP Morgan had estimated Nigeria’s net FX Reserve to be around $3.7… Read More
PUNCH
Low Productivity Hurting Economic Growth
The Centre for the Promotion of Private Enterprise and the Lagos Chamber of Commerce and Industry have blamed dwindling productivity as a factor that is negatively affecting economic growth in the country. The economic think-tank and commerce chamber stated this while reacting to the Gross Domestic Product report for the second… Read More
Servicing Debt With 90% Revenue Path To Destruction — Tinubu
President Bola Tinubu has said the country could not continue to service its debt with 90 percent of its revenue. He noted that the country was headed for destruction should that continue. Tinubu spoke during the Annual Conference of the Nigerian Bar Association on Sunday in Abuja. He said his administration must make difficult changes to… Read More
POLITICAL HEADLIINES
PUNCH
Cameroon Dam Opening: Evacuate To Prevent Deaths, FG, States Warn Flood-Prone Communities
The release of huge volumes of water from the Lagdo Dam in Cameroon has made states along the path of River Benue in Nigeria brace up for possible flood disasters in their various domains. To prevent deaths and other disasters associated with floods, states that are likely to be affected have asked residents of the flood-prone areas to vacate such… Read More
VANGUARD
Bayelsa Govt Imposes Curfew On Opu-Nembe, Suspends Chieftaincy, Youth Activities
Bayelsa State government has imposed a dusk-to-dawn curfew on Opu-Nembe (Bassambiri) in Nembe Local Government Area of the state, following a crisis that rocked the area. The curfew period is between 7p.m. and 6a.m. until further notice. Governor Douye Diri, in a closed-door meeting, weekend, with members of the security council in the… Read More
TECHNOLOGY HEADLINES
NAIRAMETRICS
ICT Contributed 19.54% To Nigeria’s Real GDP In Q2 2023
Activities in Information and Communications Technology (ICT) contributed 19.54% to Nigeria’s real Gross Domestic Product (GDP) in Q2 2023. The National Bureau of Statistics (NBS) disclosed this in the Q2 GDP statistics. This shows an increase in contribution compared to the 18.44% recorded in the same period last year. Quarter on… Read More