Business

President Bola Tinubu recently nominated Governor of the Central Bank of Nigeria (CBN)Dr. Olayemi Cardoso on Friday formally assumed duty in an acting capacity. He is to act as the CBN Governor pending his confirmation by the Senate. According to a statement, the development followed the resignation of Mr. Godwin Emefiele as CBN Governor. “Similarly, the Deputy-Governors-Designate have also assumed…

The National Bureau of Statistics (NBS) has said the average retail price of a litre of Petrol has jumped by 231per cent from N189.46 in August of the previous year to N626.70 in August 2023.  The NBS in its Petrol Price Watch for August 2023, unveiled that the average price with the previous month of July 2023, the average retail…

The equities market of the Nigerian Exchange Limited (NGX) on Thursday extended losses from the previous session, bringing the market down by N36 billion. Accordingly, the NGX All Share Index (ASI) declined by 64.58 basis points or 0.09 per cent to close at 68,271.14 basis points. Also, market capitalisation shed N36 billion to close at N37.365 trillion. The downturn was…

President Bola Tinubu has called on foreign investors to bring their capital into the country as his government is working on easing the free flow of capital.  Tinubu stated this just before he rang the Closing Bell of NASDAQ, New York, a ceremony organized by United States Chamber of Commerce, Nigerian Exchange Group Plc (NGX Group) and Nigerian Investment Promotion…

The Central Bank of Nigeria (CBN) has announced the postponement of its highly anticipated 293rd Monetary Policy Committee (MPC) meeting, originally scheduled for Monday and Tuesday, September 25 and 26, 2023. The decision to defer this critical meeting was communicated through a press release issued by Dr. Isa AbdulMumin, Director of Corporate Communications at the CBN, on September 20, 2023.…

The naira on Wednesday weakened against the pound sterling and euro by 0.40per cent and 0.78per cent to close at N958.82 and N829.49, respectively while it remained flat against the dollar to close at N776.60 at the Investors & Exporters Foreign Exchange ( I & E FX) window. According to analysts at InvestmentOne Research, “Going forward, we expect the foreign…

Analysts at Cordros Research, on Wednesday said it expected the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to increase interest rate or Monetary Policy Rate (MPR) further by 25 basis points. The committee is expected to hold its penultimate meeting of the year on the 25th and 26th of September 2023. The members had voted to…

NG Clearing has announced the appointment of Mr. Farooq Oreagba as its new Managing Director and Chief Executive Officer, subject to approval from the Securities and Exchange Commission (SEC). The Board of Directors of NG Clearing has unanimously appointed Oreagba to this esteemed role, recognizing his outstanding achievements and expertise in the financial services sector. Oreagba brings a wealth of…

Nigerian equities on Monday delivered a positive performance and extended gains from the previous session as the overall capitalization rose by N264 billion, driven by a rally in Airtel Africa Plc and 28 others. The All-Share Index (ASI) rose by 481.43 points, representing a gain of 0.71 per cent to close at 67,877.17 points. Also, market capitalisation gained N264 billion…

As the official Liquidator of the failed Banks in Nigeria, the Nigeria Deposit Insurance Corporation (NDIC), in line with its mandate wishes to inform the depositors & ex-staff (deposits) of defunct Peak Merchant Bank that it has concluded preparations to pay their first liquidation dividend. According to a release signed by the Director, Communication and Public Affairs, NDIC, Bashir Nuhu,…