Annual inflation in Nigeria stood at 11.44 percent in December, up from 11.28 percent in November, the National Bureau of Statistics said on Wednesday in a report. Inflation on the food price index was 13.56 percent, up from 13.30 percent. Reuters
Month: January 2019
Nigeria: ‘How oil price may affect rates in economy’
The fear over oil price volatility and its implications on Nigeria’s economy in 2019, continues to headline discourses and research, as Coronation Merchant Bank predicts, “a lot depends on oil this year.” In the lender’s “2019 Macroeconomic Outlook” report, due to be released today, it forecasts oil price at an average of $58 per barrel […]
Chevron, Total, Reliance join blockchain investor group
Chevron, Total and Reliance Industries have become strategic investors in the Vakt blockchain platform, Vakt said Wednesday. The digital platform, which handles post-trade processing in the North Sea crude oil market, counts BP, Equinor and Shell among existing shareholders. “With Chevron, Reliance and Total on board, we now have five of the world’s top ten […]
FG borrowed N6.1trn from pension assets – NPC
The Federal Government has borrowed about N6.16 trillion out of the N8.49 trillion pension assets under the Contributory Pension Scheme. These figures were released by the National Pension Commission (NPC) on Tuesday in Abuja, revealing the FG’s borrowing represents 73.5 percent of the pension fund. According to data from Pencom, Pension Fund Administrators also invested […]
CBN: 36.6m Nigerians have no access to financial services
The Central Bank of Nigeria says it has received information that 36.6 million Nigerians have no access to financial services. In a statement released on Monday, the apex bank said it would host a conference for national financial inclusion stakeholders in Nigeria. The conference, which aims to facilitate the 80% financial inclusion target, is scheduled […]
UEFA starts disciplinary action against Chelsea over racist chants
UEFA has begun disciplinary proceedings against Chelsea following alleged anti-Semitic chanting during the club’s Europa League match at Hungarian club Vidi last month; European football’s governing body announced on Tuesday. UEFA Champions League resultsA vocal minority of Chelsea fans were heard singing a derogatory chant about Tottenham supporters, featuring anti-Semitic language, during the 2-2 draw […]
FG’s mounting debt signals danger for economy – NECA
Nigeria Employers’ Consultative Association (NECA) says Nigeria’s increasing debt burden could have negative implications on developmental capacity of the economy. The Director General of NECA, Mr Timothy Olawale, said at a forum on Tuesday in Lagos that that the debt burden was worrisome and needed to be checked. Olawale said that the debt burden was […]
Aceess Bank gets CBN, SEC’s approval to acquire Diamond Bank
Access Bank and Diamond Bank Plc have obtained approval in principle from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) on proposed merger plans. Mr Victor Etuokwu, Access Bank Executive Director, Personal Banking, said in Lagos that CBN and SEC had granted both banks approval in principle for the merger […]
Nigeria: NSE Boss Explains Withdrawal of N606bn from Equities Market
The Chief Executive Officer of Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, yesterday said foreign investors pulled out N605.54 billion from the Nigerian equities market in 2018 because of a shift to higher yielding assets with lower risks in developed countries, coupled with the perceived political risks in the forthcoming general elections. The stock market […]
Oil falls one percent on concerns about China slowdown
Oil prices fell about 1 percent on Monday, pressured by data showing weakening imports and exports in China that raised new worries about a global economic slowdown hurting crude demand. Brent crude (LCOc1) futures fell 61 cents to $59.87 a barrel by 12:54 p.m. EST (1754 GMT), trading as low as $59.27 intraday. U.S. West […]