Why CBN can’t float exchange rate –Emefiele
The Governor of the Central Bank of Nigeria, Godwin Emefiele, has said that despite calls and recommendations by the International Monetary Fund, the World Bank and other global financial institutions, Nigeria cannot afford to operate a floated exchange rate system. Emefiele made this known at the IMF/World Bank Spring Meetings
Binance recovers $5.8m from North Korean cryptocurrency hackers, Lazarus Group
The founder of Binance, Changpeng Zhao, on Friday, said the cryptocurrency exchange had recovered some funds stolen by North Korean hackers, the Lazarus Group. Zhao revealed that the DPRK Group used Binance blockchain system to move part of the funds, spreading the crypto funds across over 86 accounts on the
Naira loses again at official market
Naira fell yet again against the U.S. dollar at the official market on Thursday, extending its decline to two consecutive days at the spot market. It closed at N419.50 to a dollar, implying a N1.17 or 0.30 per cent loss from N418.33 it traded in the previous session on Wednesday,
Cement maker Lafarge Africa’s quarterly profit nearly doubles as sales hit N91 billion
Lafarge Africa’s net profit for the three months to March expanded almost twice as much as its bottom-line one year prior, and the cement maker is anchoring optimism for a similarly strong scorecard this quarter on sustaining a “good demand momentum” and cost control. The firm increased revenue by more
FCMB offerings meet customer, regulatory requirements – SON
LAGOS — The Standards Organisationof Nigeria (SON) has again validated the capacity of First City Monument Bank (FCMB) to provide best-in-class products and services that always meet consumer and regulatory requirements. SON, the only regulatory body vested with the responsibility of standardising and regulating the quality of all products in
Net foreign exchange inflow falls 27% to $52.46bn
Net foreign exchange (forex) inflow into the economy fell by 27 per cent, Year-One year, to $52.46 billion in 2021 from $70.66 billion in 2020. Reportdailys analysis of the fourth quarter 2021 (Q4’21) statistical bulletin of the Central Bank of Nigeria, CBN, showed that forex inflow into the economy dropped
Inflation: Central Banks should raise interest rates — IMF
The International Monetary Fund (IMF), has called on Central banks across the globe to raise interest rates, in order to halt the escalating inflationary trends. IMF Director of Monetary and Capital Markets, Tobias Adrian, made this call at a press briefing on the latest Global Financial Stability Report, in Washington
Power sector recovery back on track — FG
THE Federal Government said, yesterday, that the effort to improve power supply across the country was back on track, after about two months of challenges that led to the collapse of the national grid thrice within a month. The government said it expected the grid to deliver a minimum of
Stocks making the biggest moves midday: Netflix, M&T Bank, Baker Hughes, IBM & more
Netflix — Shares of the streaming giant sank 35% after Netflix reported a loss of 200,000 subscribers in the most recent quarter. Netflix cited increasing competition, password sharing and the situation in Ukraine among the reasons for the dip. The news led to a wave of downgrades from major Wall