PUNCH
Equity Market Extends Rally With N329bn Gain
The Nigerian exchange maintained its positive trading trend for the second consecutive day as it gained N329bn. The All-Share Index and the market capitalisation rose by 0.58 per cent to close at 104,100 points and N56.961tn, respectively as the market year-to-date gain climbed to 39.22 per cent. However, the market breadth, which is a measure… Read More
OPS Rejects Food Imports, Backs Clampdown On Hoarders
The Federal Government has ruled out the importation of food as part of strategies to address the high costs of foodstuffs and the economic hardship troubling the country. It has also set up a committee comprising the National Security Adviser, the Director-General of the Department of State Services, and the Inspector-General of Police to… Read More
SUN
Fuel Scarcity Imminent As NARTO Threatens To Shut Down Operations Feb 19
Barring any intervention from the federal government, the Nigerian Association of Road Transport Owners (NARTO) has vowed to suspend operations from Monday, February 19. The National President of the union, Alhaji Yusuf Othman made this known in a press statement he issued in Abuja on Thursday. According to him, the high… Read More
BUSINESSDAY
CBN Stops Cash Dollar For Personal, Business Travel Allowance
The Central Bank of Nigeria (CBN) on Thursday stopped the payment of Basic Travel Allowance (BTA) and Personal Travel Allowance (PTA) in cash dollar, effective immediately. This in a bid to promote transparency and stability in the foreign exchange market while preventing malpractices. Referencing memorandum 8 of the foreign exchange… Read More
ECONOMY HEADLINES
SUN
Importers Flee Nigerian Ports As Customs Exchange Rate Hits N1,515.092/1$
Many Nigerian importers are fleeing Nigerian seaports as distortions in the clearing process, occasioned by daily upward review of Customs exchange rate by the Central Bank of Nigeria (CBN), has reached unbearable levels. Their decision follows Thursdays tariff hike from N1,481.482/$1 to N1,515.092/1$, swelling it to the highest level ever… Read More
VANGUARD
CBN Bars Immediate Repatriation Of All IOC’s Forex Earnings
The Central Bank of Nigeria (CBN) has announced far-reaching measures to shore up the value of the Naira, with more liquidity in the Foreign Exchange (FX) market as it directed International Oil Companies to henceforth repatriate 50 percent of their revenue to Nigeria. The bank also announced an end to cash Personal Travel Allowance (PTA)… Read More
THISDAY
Higher Food And Energy Prices Pushed Inflation To 29.90% In January
The Consumer Price Index (CPI), which measures the rate of change in prices of goods and commodities, rose to 29.90 per cent in January, compared to 28.92 per cent in the preceding month, the National Bureau of Statistics (NBS) said yesterday. Year-on-year headline inflation was 8.08 per cent higher, compared to 21.82 per cent in January… Read More
POLITICAL HEADLIINES
VANGUARD
Insecurity: Tinubu, Governors Agree On State Police
President Bola Tinubu and state governors, yesterday, agreed to establish state police in the country as part of measures to check the rising wave of insecurity in the country. This was one of the six high points of an emergency meeting summoned by the President at the Council Chamber, Presidential Villa, Abuja, yesterday, in view of economic… Read More
BUSINESSDAY
Coup: Burkina Faso, Mali, And Niger Forge Ahead With Confederation Ignoring ECOWAS
Burkina Faso, Mali, and Niger are pressing forward with plans to establish a confederation, according to a statement from the Malian foreign ministry on Thursday. This move signals a deepening of ties among the three countries who overthrew the seating governments via coups, through an alliance that poses a challenge to broader West African… Read More
TECHNOLOGY HEADLINE
VANGUARD
African Health-Tech Start-ups Show Resilience
Despite investments in the broader African startup ecosystem dipping by 39 percent at the end of 2023, the healthtech genre of the ecosystem, however, showed impressive growth with deals rising by 17 percent to hit $167 million. The number of deals in African healthtech rose by 17% year-over-year (YoY) to 145, with total funding of $167 million… Read More