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
CAN demands Sterling Bank CEO’s sacking over Easter advert
The Christian Association of Nigeria has demanded the sacking of the Chief Executive Officer of Sterling Bank, Abubakar Suleiman, over a controversial Easter advert. In a statement signed on Wednesday by the National Publicity Secretary, Joseph Daramola, CAN stated that the advert was “wicked and insensisitve” towards Christians. Sterling Bank
Nigerian stocks close in on 14-year peak on stronger appetite for bank shares
Nigerian stocks edged up by 0.07 per cent on Monday, touching a pinnacle last seen on September 15, 2008 as investors’ cash piled into financial services stocks more than other sectors even though the size of trade was five per cent smaller than Friday’s. Unilever, United Capital and Access Holdings
Wema Bank lost N119.1m from 1,195 fraud, forgery cases in 2021
In the financial year ended December 31, 2021, Wema Bank Plc recorded 1,195 cases of fraud and forgeries valued at N263.853million, according to the bank’s financial statement at the Nigerian Exchange Limited (NGX). The bank said on page 56 of its annual report that 3percent of the fraud/forgeries perpetrators were
Businesses hurt as visa denials persist despite Ramaphosa’s visit
Expectations that the visit of Cyril Ramaphosa, South Africa’s President, in December would boost trade and strengthen ties between Nigeria and South Africa appear to have been dashed as Nigerians still face visa denials and delays. During the visit, President Ramaphosa tasked respective officials with identifying key sectors for investment
Stock market investors gain N5bn on bulls return
The stock market last week staged a comeback from the rout of the previous week as investors reacted positively to MTN Nigeria’s Payment Service. Bank (PSB) licence approval amid bargain hunting across stocks with attractive entry prices. Consequently, the domestic bourse traded positively in all sessions with investors gaining N5
CPPE asks FG to address concerns about conflicting trade policies
The Centre for the Promotion of Private Enterprise (CPPE) has appealed to the Federal Government to intervene in addressing what it described as conflict and contradictions in the trade policy space, especially as it relates to the import prohibition list and the Central Bank of Nigeria’s (CBN) forex exclusion list.