Naira Records 0.04% w-o-w Gain at I&E to Close at N362.35/$

By Adedapo Adesanya The new Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has said he would adopt an evidence-based monetary policy as he assumed office upon confirmation by the Nigerian Senate on Tuesday. He said the new leadership of CBN would “adopt an evidence-based monetary policy and shall not be making decisions based on a whim.” The Godswill Akpabio-led Senate confirmed the nomination of Mr Cardoso’s nomination as well as that of the four Deputy Governors of CBN nominated by President Bola Tinubu. The four deputy governors whose appointments were confirmed by the Senate are Mrs

By Aduragbemi Omiyale The Vice President, Mr Kashim Shettima, has said Nigeria is in dire need of foreign direct investment (FDI) more than ever before, tasking domestic and foreign investors to make Nigeria their investment hub because efforts are being made to formulate business-friendly policies. Mr Shettima, while speaking when he hosted the management of First Surat Group, as well as top management of MTN Nigeria at the presidential villa in Abuja, charged MTN Nigeria to facilitate and spearhead digital mobile money and digital education. He assured that President Bola Tinubu was willing to partner with various stakeholders in the

By Adedapo Adesanya The Independent Petroleum Marketers Association of Nigeria (IPMAN) has raised the alarm over alleged secret reintroduction of fuel subsidy payments by the federal government. In late May, after taking the oath of office, President Bola Tinubu announced the total removal of subsidy on petrol, which saw prices jump to over N600. The removal of fuel subsidy and the resulting increment in the pump of petrol by almost 300 per cent had quadrupled the inflation rate in the country and affected the purchasing power of Nigerians, especially the middle class and low-income earners. It was expected that as

By Adedapo Adesanya  Africa Finance Corporation (AFC) has secured a $300 million loan from the Export-Import Bank of China (CEXIM) to drive increased trade finance and investment across the African continent, fostering economic growth and development. The infrastructure solutions provider on the continent announced the successful signing of the landmark agreement on the sidelines of the Asian Infrastructure Investment Bank (AIIB) Annual meetings in Egypt. The 3-year credit facility is a significant development in AFC’s long-standing relationship with CEXIM. The two institutions have collaborated since 2018, with AFC receiving $400 million in bilateral loans from CEXIM to date. According to

By Adedapo Adesanya Oil prices settled lower on Friday, posting a weekly decline as traders worried interest rate hikes could sap demand. Brent crude closed downward by 29 cents or 0.4 per cent to $73.85 a barrel, while the US West Texas Intermediate (WTI) crude fell by 35 cents or 0.5 per cent to $69.16 per barrel. On Thursday, Brent dropped about $3 a barrel after the Bank of England raised interest rates by a bigger-than-expected half a percentage point. There were more worries as central banks in Norway and Switzerland also hiked rates. The benchmarks declined more than 3.5

By Adedapo Adesanya A whopping $10.3 billion was used by the Central Bank of Nigeria (CBN) to defend the Naira at the foreign exchange (FX) market in the first half of 2020. This information was contained in the H1 2020 Activity Report released on Wednesday. According to the apex bank, this amount was sold to forex dealers at the various regulated segments of the market to keep the local currency stable against the Dollar in the period under review. “Consequently, a total of $10,308.01 million was sold at the foreign exchange market. This comprised $5,056.55 million at the Investors &

By Modupe Gbadeyanka A new report from Nielsen titled ‘Navigating the New Normal in Nigeria’ has identified how tough market conditions in Nigeria altered the shopping pattern of residents in the Africa’s most populous nation. The report noted that consumers, due to these                challenging macro-economic forces, have dumped unnecessary products for immediate consumption needs. “Spend has been diverted away from discretionary categories like Confectionery (snacks and sweets) and Personal Care (Health and Beauty) products to essential food and commodities, to make ends meet,” Managing Director of Nielsen East & West Africa, Mr Abhik Gupta was quoted as saying in

The newly-constructed Takoradi Mall on Thursday received its Standing for Excellence in Design for Greater Efficiencies (EDGE) Green Building Certification at the launch of the facility in the capital of the Western Region. The official opening of the Takoradi Shopping Mall is part of the ongoing development of the oil city. The Takoradi Mall becomes the second commercial building in the country after the Atlantic Tower in Accra received its certification earlier in December, 2018. Senior Country Officer for the International Finance Corporation (IFC), Joseph Akwasi Kuma, joined by Dennis Papa Odenyi Quansah, also from the IFC and Phyills Okpoti

By Adedapo Adesanya Crude oil pointed south on Tuesday as shaky global demand recovery took away the spotlight from a number of supportive developments such as the seizure of an oil tanker in Indonesia, the closure of one of Libya’s main export ports and even an explosion in Saudi Arabia. These activities could not help prices as the Brent crude lost 4 cents or 0.07 per cent to sell at $55.84 per barrel, while the United States’ West Texas Intermediate (WTI) chipped off 24 cents or 0.45 per cent to trade at $52.53 per barrel. Demand uncertainty caused by large

By Dipo Olowookere The duo of Stanbic IBTC Capital Limited and African Export-Import Bank (Afreximbank) has signed a N300 billion domestic bond programme. The signing of this bond scheme was done at the Eko Hotel & Suites, marking the official kick-off of the initiative. The establishment of the debt issuance programme in the Nigerian capital market by Afreximbank makes it the third supranational ever to join an elite group of Nigeria’s development partners, enabling the domestic capital market. It is vital to establish the bond programme in local currency, considering the strong liquidity and current low yields in the domestic

By Modupe Gbadeyanka The panel set up by the Federal Government to look into the issue of minimum wage in the country has submitted its report. Chairman of the Technical Committee on Minimum Wage and Palliatives, Mr Chris Ngige, who doubles as the Minister of Labour and Employment, stated that his team came up with an all-encompassing recommendations in the areas of salaries, allowances, promotions and pensions both at the state and federal levels; affordable housing and transport to help out suffering workers of Nigeria. While presenting the report to the main Committee on Minimum Wage and Palliatives headed by

By Modupe Gbadeyanka Global provider of enterprise software products and services, and the leading third-party support provider for Oracle and SAP software products, Rimini Street, has achieved another flawless ISO 9001 audit with zero non-conformities for the seventh year in a row. Rimini Street has earned the most recent ISO 9001:2015 certification for its award-winning delivery of global enterprise software support service including: client onboarding and account management, product support for vendor delivered and client customized code, fix development and delivery, as well as the research, development and distribution of worldwide tax, legal and regulatory updates. Setting the Industry Standard