Naira Depreciates to N385.53/$1 at I&E Window

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 Bliss Okperan The exchange rate instability in the country is already giving small business owners sleepless nights and it threatens their investments. This concern was raised recently by the National Vice Chairman of the Nigerian Association of Small-Scale Industrialists, Mr Segun Kuti-George. He emphasised that business owners would have to increase their prices because of the unavoidable consequence of the current exchange rate crisis in Nigeria. According to him, if consumers are unable to meet up with the increase in the cost of goods and services, businesses would be forced to shut down their operations, which would, in turn,

By Adedapo Adesanya Crude oil prices settled gained almost one per cent higher on Tuesday as expectations of tighter supply outweighed worries that an uncertain economic outlook would hurt demand. Brent crude futures rose by 67 cents or 0.7 per cent to $93.96 per barrel and the US West Texas Intermediate (WTI) crude futures increased by 71 cents or 0.8 per cent to $90.39 per barrel. Oil supply remains tight as Russia and Saudi Arabia have extended production cuts to the end of the year. Market analysts noted that oil supply is expected to underwhelm demand in the foreseeable future

By Aduragbemi Omiyale The value of unsold finished products in the inventory of Nigerian manufacturers in the first half of 2023 increased by 44/9 per cent on a year-to-date basis to N272 billion from N187 billion in the same period of 2022. This information was contained in the report released by the Manufacturers Association of Nigeria (MAN) on Tuesday. According to Punch, the document also revealed that in the period under review, the manufacturing sector laid off 3,567 workers due to the harsh business environment triggered by high inflation, the foreign exchange (FX) crisis, and fuel subsidy removal. “This increase

By Modupe Gbadeyanka Two financial institutions in Nigeria have been assigned ‘4 Star’ ratings by Agusto & Co Limited, the leading Pan African credit rating agency in the country for over 26 years. The ratings were given after the conclusion of the 2019 Consumer Digital Banking Satisfaction Index report of the agency, which highlights customer’s preferences and attitude towards digital banking platforms provided by banks in Nigeria. This Index in its second year was carried out following an extensive online and offline consumer survey carried out by Agusto and Co. Limited across various geopolitical zones in Nigeria. The survey was

By Modupe Gbadeyanka The Economic and Financial Crimes Commission (EFCC) has dissociated itself from activities of Pinnacle Trading & Investment Nigeria Ltd, which claimed to have been appointed by the agency to auction impounded petroleum products aboard MT Good Success and MT Asteris. In a statement issued by its spokesman, the EFCC warned the general public to “refrain from engaging in any activity in relation to the auctioning of any vessel or petroleum product on behalf of the commission.” The EFCC emphasised that it “has not duly authorized anyone to act on its behalf in that regard.” It pointed out

By Adedapo Adesanya The federal government, the 36 states of the federation and the 774 local government areas shared the sum of N605.96 billion from the revenue generated in May 2021. This was disclosed by the Federation Accounts Allocation Committee (FAAC) in a communique released on Thursday after its meeting held via virtual conferencing. Business Post reports that the amount shared by the three tiers of government for the June 2021 allocation was lower than the N616.9 billion disbursed last month. Giving a breakdown of the disbursement, the committee explained that from the inclusive cost of collection to Nigeria Customs

By Adedapo Adesanya South African Pay-TV company, MultiChoice Group Ltd, has signed deals with Netflix Inc and Amazon.com Inc to offer their streaming services through its new decoder. The deal has been touted as a move by MultiChoice to retain subscribers. The platform has been battling greater competition from its US rivals after cheaper and faster internet speeds enabled them to grab a foothold on the continent. With the partnership, Netflix and Amazon Prime Video will in some way be accessible through the next Explora decoder model from the company. The Johannesburg-based company introduced its own streaming product called Showmax

By Modupe Gbadeyanka President Muhammadu Buhari on Wednesday, June 12, 2019, announced the renaming of the Abuja National Stadium to MKO Abiola Stadium. The President made this proclamation during his speech at the Eagle Square today at an event organised to celebrate the June 12 holiday. On June 12, 1993, Nigerians headed to the polls to elect a new president, but results of the exercise, which was believed to have been won by one of the contestants, late Moshood Kashimawo Olawale Abiola, was annulled by the then military president, General Ibrahim Babangida (rtd). The late businessman, who later declared himself

By Aduragbemi Omiyale The dreams of Nigerians travelling across towns and cities in Nigeria in a comfortable manner have now come to pass as a leading mobility platform, Bolt, has launched the first ride-hailing inter-city service, with customers enjoying a 20 per cent discount for rides booked on the platform, though only valid for up to a maximum of N5,000 per ride. In a statement issued on Wednesday, the company said the inter-city category on Bolt offers fast and convenient rides, noting that this service was launched on the backdrop of its desire to connect cities and transport people conveniently,

By Dipo Olowookere Rivers State Governor, Mr Nyesom Wike, is set to receive the ‘Power of Sports Award’ from the International Sports Press Association (ISPA). The Governor would be bestowed with the recognition in Brussels during the 81st AIPS congress, the largest congregation of professional sports journalists. During the congress, Mr Wike will also present a landmark paper on Peace and Progress Through Sports in the Niger Delta region of Nigeria. His presentation comes up in the morning of May 9, a day after opening of the congress. The honour for Mr Wike will be the first of its kind

By Aduragbemi Omiyale Presidential candidate of the Labour Party in the 2023 general elections, Mr Peter Obi, has warned the federal government to stop borrowing for consumption, saying this is wrong. The former Governor of Anambra State gave this warning on Wednesday while reacting to reports that the debt profit of Nigeria was nearing N42 trillion. He advised President Muhammadu Buhari of the ruling All Progressives Congress (APC) to only borrow to invest in projects that have the capacity to grow the economy. “As a matter of urgency, Nigeria must stop borrowing for consumption, but only borrow to invest in