Economic Analyst Tasks New CBN Governor on Price Stability, Inflation

By Adedapo Adesanya Brent crude futures surged by 2.8 per cent or $2.59 on Wednesday to the highest settlement in 2023 at $96.55 per barrel after a steep drop in crude stocks in the United States compounded worries of tighter global supplies. The price of the US West Texas Intermediate crude futures (WTI) climbed by 3.6 per cent or $3.29 to $93.68 as the Energy Information Administration (EIA) reported a crude oil inventory draw of 2.2 million barrels for the week to September 22 in the country. In the preceding week, the agency posted an inventory draw of 2.1 million

By Adedapo Adesanya The oil market retreated on Thursday, as traders took profits after prices soared recently while the space worried that high interest rates may weigh on demand. During the trading session, Brent futures fell by $1.17 or 1.2 per cent to settle at $95.38 a barrel and the US West Texas Intermediate crude (WTI) declined by $1.97 or 2.1 per cent to close at $91.71 per barrel. The market had reached a 10-month high as some traders worried high oil prices would stoke inflation, encouraging the US Federal Reserve and other central banks to persist with rate hikes.

By Adedapo Adesanya Foreign trading and investment firm, Risevest, has acquired Chaka, a digital trading platform. According to Techcabal, which first broke the news, the deal, which was for an undisclosed sum, will see both entities operate as different products, though the capitalisation table of the acquiree will be updated in due course. Speaking on this, Mr Tosin Osinbodu, Chaka’s founder, said, “I’m excited about how Chaka’s product will evolve and how we’re going to learn from the Risevest team.” “With booming growth in many nations around the world, investors can now own a stake in the growth of other

By Adedapo Adesanya The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, has cleared the air regarding recent reports on the transfer of funds to the Joint Tax Board (JTB) by the Federal Inland Revenue Service (FIRS) under the erstwhile chairman, Mr Muhammad Nami, for the tax reform committee. In a statement on Friday, he revealed that N5 billion was paid to the board to fund activities of the team set up by President Bola Tinubu, noting that “The committee’s budget includes provisions for a national Data for Tax project which the JTB had been

By Dipo Olowookere Governor Babajide Sanwo-Olu of Lagos State has expressed surprise at the capital and membership base of corporate societies in the metropolis, which are in excess of N152 billion and N2 million respectively. Speaking at the International Day of Cooperatives Award/Gala Nite held recently in Lagos, Mr Sanw-Olu said the organisations have distinguished themselves as a very viable organisation on a progressive path. He used the occasion to renew his support to cooperatives societies, saying that the organisation has established itself as a major player in the economy of the state. Governor Sanwo-Olu also noted that the state

By Olajide Unde Insane climes, workers unions are partners in the organizations development ensuring amongst others, good working environs and welfare for members of staff. Far from antagonism or troublemaking, unionism is major to serve as a platform where workers can collectively federate their observations, opinions and suggestions and pass it through their leaders to the management which cannot because of time, situation and circumstances allow a regular convention of the management and the workers. After several of such conventions have been exhausted; strikes, sit-outs or protests are embarked upon. Note, these are legitimate tools created by law and as

By Investors Hub Asian stocks ended mixed on Tuesday as investors awaited Congressional testimony later in the day by new Federal Reserve Chairman Jerome Powell for further insights into the central bank’s views on inflation and interest rates. Chinese shares snapped a six-session winning streak as investors locked in some profits. The benchmark Shanghai Composite Index tumbled 38.05 points or 1.1 percent to 3,292.07, while Hong Kong’s Hang Seng Index slid 229.24 points or 0.7 percent to 31,268.66. Meanwhile, Japanese shares rallied after U.S. stocks hit their highest level in over three weeks overnight amid declining Treasury yields. The Nikkei

By Adedapo Adesanya The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has said that he has successfully disrupted the activities of currency hoarders and speculators with the Naira redesign. The CBN governor, while speaking after the apex bank’s Monetary Policy Committee (MPC) meeting in Abuja on Tuesday, said there is no going back on its January 31, 2023, deadline for the validity of the old N200, N500, and N1,000 notes. He said there was no reason for the nation’s currency in circulation to rise from N1.4 trillion to N3.2 trillion in seven years, saying that some

By Jerome-Mario Utomi In the words of Justin Merkins, a world-acclaimed management consultant, there are clear thinkers, muddled thinkers and people that fall in between. Clear thinkers -are the ones that can cull everything down into the right points-are very hard to find. But if you get yourself a team of clear thinkers, the possibilities are endless. These are men who see tomorrow, trailblazers and high-level executives, but most often misunderstood by some fellow countrymen still stuck in the old normal of yesterday. From the above-outlined attributes of clear thinkers, it will not be considered an overstatement to conclude that

By Adedapo Adesanya  Oil futures recorded more than three percent drop on Monday, February 3 as fears surrounding the coronavirus and its impact on oil demand continue to pull prices further. Brent crude fell $2.28 or 4.10 percent to $54.32 per barrel on Monday night, while the US West Texas Intermediate (WTI) crude fell $1.46 or 2.83 percent to settle at $50.10. Earlier at the session, the WTI posted below $50 to trade at $49. Markets continue to face drop as a result of the coronavirus, which analysts consider the largest demand shock faced by the oil market since the

By Modupe Gbadeyanka On Tuesday, September 22, 2020, some highly experienced subject matter experts and thought leaders in relevant industries will gather to discuss ways to boost regional trade. The platform for this discussion is being provided by Ecobank Nigeria, a member of the pan African banking group, Ecobank. The event, which will take place virtually, will provide an opportunity for exporters and importers within Africa to engage, creating a marketplace experience. The first regional trade conference of the financial institution is themed Facilitating Regional Trade in the emerging AFCFTA era. A statement from the lender said the conference will

By Dipo Olowookere The N668.9 billion generated in the month of May 2018 has been shared to the three tiers of government after series of disputes over the funds. The inability of the Federation Accounts Allocation Committee (FAAC) to disburse the revenue the federal, states and local governments has made it impossible for state governments to pay salaries to their workers. There have been disagreements over the amount submitted by the Nigerian National Petroleum Corporation (NNPC) to FAAC with state governments accusing the oil agency of under-remitting revenues. Director of Information at the Federal Ministry of Finance, Mr Hassan Dodo,