BUSINESSPOST
Stocks Shed 0.08% In Reaction To CBN 0.50% Rate Hike
The stock market reacted negatively to the continued hawkish stance of the Central Bank of Nigeria (CBN) on interest rates amid soaring inflation. The central bank further tightened its monetary policy yesterday by 50 basis points or 0.50 per cent to 26.75 per cent after its Monetary Policy Committee (MPC) meeting in Abuja. Investors pounced on… Read More
THISDAY
Federal Government Raises N4.35tn From Bond Market As Investors’ Appetite For Long-Term Investment Soar
In a bid to bridge the 2024 budget deficit, the federal government through the Debt Management Office (DMO) has raised a sum of N4.35 trillion from the Bond market. The federal government has been successful in the bond because of attractive yield and investors’ appetite for long-term investment. Analysis of trading activity… Read More
NAIRAMETRICS
BVN Enrollments Reach 62.7 Million In July 2024 – NIBSS
Enrollments for the Bank Verification Number (BVN) by bank account owners in the country increased to 62.7 million this July. This was revealed by the Nigeria Inter-Bank Settlement System (NIBSS) in its BVN data just released. Previous data released by the organization showed that the enrollment database stood at 61.87 million in early… Read More
BUSINESSDAY
Nigeria’s Five Cocoa Processing Plants Operate At 8% Capacity Over Worsening Challenges
Despite the federal government’s export drive initiative, Nigeria’s only five surviving cocoa processing plants operation has slumped to eight percent of the industry-installed capacity over worsening macroeconomic challenges. The once thriving industry that had 15 cocoa processing factories with a combined installed capacity of 250,000MT now… Read More
ECONOMY HEADLINES
Federal Government Allocates Over N438 Billion To 34 States, FCT Under Economic Stimulus Programme
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has warned that recent policies of the federal government to import specific staple foods may hamper current growths on the local front. The CBN Governor said this after the apex bank’s 296th Monetary Policy Committee (MPC) meeting in Abuja on Tuesday, where it again… Read More
BUSINESSPOST
Cardoso Tasks Federal Government To Comply With Food Imports Timeline
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has warned that recent policies of the federal government to import specific staple foods may hamper current growths on the local front. The CBN Governor said this after the apex bank’s 296th Monetary Policy Committee (MPC) meeting in Abuja on Tuesday, where it again… Read More
SUN
Poor Diversification, Excess Liquidity Responsible For Nigeria’s Economic Woes –Cardoso
In response to mounting public frustration over Nigeria’s economic challenges the Central Bank of Nigeria’s (CBN) Governor, Yemi Cardoso, to insufficient diversification, has attributed the horror to insufficient diversification efforts, excess liquidity, and global economic pressure. He stated this yesterday at a media briefing to mark the… Read More
POLITICAL HEADLINES
VANGUARD
On Cyber Insurance For Nigeria’s Businesses
IT is gratifying to learn that National Information Technology Development Agency, NITDA, has introduced a bill to implement cyber insurance for businesses in Nigeria. This is coming as the agency is encouraging Nigerian youths to participate in the ECOWAS Cybersecurity Hackathon, a regional competition aimed at promoting cybersecurity… Read More
Senate Raises 2024 Budget To N35.055trn, Amends Finance Bill
The Senate and the House of Representatives, yesterday, passed the N6.2 trillion 2024 Appropriation Act (Amendment Bill) 2024, raising the 2024 budget to N35 trillion. The bill was transmitted to the National Assembly last Wednesday July 17th 2024, by President Bola Ahmed Tinubu. Out of the N6,222,595,926,139, the sum of… Read More
TECHNOLOGY HEADLINES
BUSINESSDAY
Federal Government To Empower SME`s Through New Initiative To Boost Innovation
The Federal Government has launched the National Cleantech Innovation Entrepreneurship Ecosystem to foster innovation in clean technologies and support startups and small and medium enterprises in Nigeria. The launch event in Abuja was organised by the Global Cleantech Innovation Programme Nigeria, a United Nations… Read More