LCCI Urges CBN to Leave Interest Rate at 18.75%

By Bliss Okperan, Adedapo Adesanya  The cost of cooking a pot of jollof rice, one of the most consumed foods daily in Nigeria, has surged by 37.4 per cent, according to research carried out by Business Post. Using market data and the most recent food price watch by the National Bureau of Statistics (NBS), major food items in making the delicacy, including rice, groundnut oil, tomatoes, and onions, among others have recorded a massive increase within the past year, making it hard for the average Nigerian to survive. According to NBS, 1 kilogram of Rice cost N757.06 in 2023 as

By Adedapo Adesanya The duo of NASD Plc and Central Securities Clearing System (CSCS) Plc sank the NASD Over-the-Counter (OTC) Securities Exchange by 0.04 per cent on Thursday, November 23. They caused the NASD Unlisted Security Index (NSI) to lose 0.35 points at the close of transactions, ending at 845.81 basis points compared with Wednesday’s closing value of 846.16 points. Also, the market capitalisation of the exchange went down by N460 million to remain relatively flat at N1.147 trillion. During the session, NASD Plc shed 65 Kobo to end the day at N12.65 per share versus the midweek session’s N13.30

By Adedapo Adesanya Brent crude benchmark dipped below $80 a barrel on Monday, precisely losing 60 cents of 0.7 per cent to trade at $79.98 a barrel as investors await this week’s meeting of the Organisation of the Petroleum Exporting Countries and their allies (OPEC+). The group is anticipated to maintain its ceiling on crude oil production by member countries into 2024. This affected the oil market, with the West Texas Intermediate (WTI) crude futures declining yesterday by 68 cents or 0.9 per cent to trade at $74.86 per barrel. Last week, the 23-man OPEC+ postponed its Sunday ministerial meeting

By Adedapo Adesanya  Oil prices fell on Friday as the release of some hostages in Gaza reduced the geopolitical risk premium and indicated that the Israel-Hamas tensions may not have much effect on the oil market. Brent crude futures depreciated by 84 cents or 1 per cent at $80.58 a barrel, while the US West Texas Intermediate (WTI) crude dropped $1.56 or 2 per cent to close at $75.54. There was no settlement for WTI on Thursday owing to the US Thanksgiving holiday. Prices notched their first week of gains in over a month ahead of next week’s meeting of

By Modupe Gbadeyanka Global Interns Company has received commendations from professionals from different sectors for its Career Connect Series workshop. They described the initiative as apt for students and would help to bridge the career knowledge gap experienced before or after a chosen career path. The workshop with the theme ‘Career Planning and Internship Opportunities’, is organised for students in senior secondary, fresh high school graduates as well as undergraduates. It is scheduled to hold on Tuesday, August 22, 2017, at the new venue, The Incubator, 7/8, Chief Yesuf Abiodun Way, City of David Road, Oniru, Victoria Island. Mr Caesar

By Modupe Gbadeyanka Wednesday, June 28 and Thursday, June 29, 2023, have been declared as public holidays for this year’s Eid-El-Kabir by the federal government. A statement signed by the Permanent Secretary in the Ministry of Interior, Ms Oluwatoyin Akinlade, said Muslims and all Nigerians were charged by the government to make sacrifices for the growth and development of the country. While felicitating with the Muslim Ummah at home and in the diaspora,” the government expressed hope that “the prayers and sacrifices that come with this great celebration, as well as the message of Eid-ei-Kabir, will bring about peace, unity

By Adedapo Adesanya The Nigerian Customs Service (NCS) is proposing a reduction in the levy paid on used or brand new vehicles to a negotiable 5 or 10 percent from 35 percent. However, according to the Comptroller-General of Customs, Mr Hameed Ali, this is subject to the approval of the Ministry of Finance. He said this would help government generate more revenue. Speaking while defending the Service’s 2020 budget before the House Committee on Customs recently, Mr Ali said if implemented, apart from raising revenue, it would discourage smuggling. He said at the moment, Nigerian importers ship their containers to

By Adedapo Adesanya The African Energy Chamber (AEC) will host an event which will support European investment opportunities across the African continent and drive economic growth and socioeconomic development. The programme, Invest in African Energy Reception Event, scheduled for the Waldorf Hilton luxury hotel in London on January 26, will give investors and African energy leaders a platform to support energy initiatives that drive economic growth and human development across the continent. The event will focus on developing an oil and natural gas market in Africa to serve as the foundation of the continent’s energy industry and transition, facilitating a

By FSDH Research There are opportunities for most people who follow the simple rule we share in this article to achieve financial independence and become multimillionaires in the Nigerian financial market. Imagine starting a plan with as little as N200,000 in year one and you have over N53 million in the future. Interesting, right? That means that your initial amount has increased by over 266 times. But if your goal is to become a millionaire overnight through a money doubling scheme, sorry to disappoint you, we cannot help you. Building an enduring wealth requires discipline, consistent savings and an investing

By Adedapo Adesanya The 275th Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria (CBN) is scheduled to hold on Monday, September 21 and Tuesday, September 22, 2020, at CBN Headquarters, Abuja. The meeting is where the decision on the Monetary Policy Rate (MPR), Cash Reserve Ratio (CRR) and Liquidity ratio for banks across the country will be made. The MPR is the rate at which the CBN lends to banks. This, in turn, determines the interest rate that banks charge members of the public. On its part, the CRR is the percentage of total deposits required to

By Dipo Olowookere Corporate Communications Manager of Air Peace airline, Mr Christian Iwarah, has died. The former Judicial Correspondent for The Sun newspapers was killed in Lagos yesterday around Mangoro bus stop area of Lagos State. He was reportedly killed when a commercial bus fondly called danfo in Lagos rammed into him and his vehicle. According to reports, Mr Iwarah had parked his car to fix a fault at the bus stop on the popular Lagos Abeokuta Expressway, when the commercial bus believed to have had a break failure hit him. He was reportedly attended to by some concerned passers-by,

By Dipo Olowookere Management of Ikeja Electric has unveiled a new bill format, which it said is aimed at providing better services to its customers. Business Post gathered that the bill format was changed by Ikeja Electric late 2016 and has some new features. A representative of the company, who spoke with Business Post correspondent on Friday, explained that the new bill has payment history of customers of about six months, which serves as a statement of account. The rep noted that with this, customers can see details of what they were charged and the payments made by them without