Business

The Debt Management Office (DMO) has announced plans to raise to N1.2 trillion in debt by re-issuing federal government bonds. According to the DMO’s bond issuance calendar for the final quarter of the year, the agency intends to raise funds ranging from N960 billion to N1.2 trillion over three months, spanning October through December of this year. These funds will …

Former Emir of Kano, Muhammadu Sanusi, said it would be unfair for him to criticise President Bola Tinubu over the country’s economic hardship Nigerians. He also said the nation’s fiscal policy greatly suffered under the Muhammadu Buhari administration because the Central Bank of Nigeria (CBN) printed naira without restraint. The former CBN boss spoke Sunday during a virtual religious event. …

The tariff of Mobile Network Operators (MNOs) in Nigeria like Globacom, 9mobile, MTN and Airtel may soon be reviewed upward as telecom operators under the aegis of the Association of Licensed Telecommunications Operators of Nigeria (ALTON) on Thursday said that the current tariff regime in the sector was no longer sustainable. The Chairman of ALTON, Mr. Gbenga Adebayo, dropped this …

Investors and exporters in the official market were offered the United States Dollar (USD) at a range of N799/$1 and N475/$1 on Friday. The naira to dollar rate fluctuated during business hours in the investors’ and exporters’ (I&E) window before settling at N743.07/$1. This indicates the naira appreciated in value by 4.30 per cent and the price of the dollar …

The value of investments in the Nigerian capital market rose by 1.11 percent at the close of trading on Monday. This followed the growth in the market capitalization by N410 billion from N36.95 trillion to N37.36 trillion after five hours of trading today. Similarly, the All-Share Index increased by 751.95 basis points to close at 68,279.14, up from 67,527.19 ASI …

Fidelity Bank Plc has recorded a 204.4% growth in Profit Before Tax for the first half of 2023 to N76.3bn according to the bank’s recently issued financial result. A review of the results published on the Nigerian Exchange Group (NGX) on Friday, 1 September 2023, showed a positive performance across all financial indices, Gross earnings for the period grew by …

Despite the rising inflation rate in Nigeria, the Central Bank of Nigeria (CBN) has declared that the monetary policy reforms put in place have started having a positive impact on the economy. The bank’s Director of, Corporate Communications Department, Isa AbdulMumin stated this in Abuja on Wednesday while speaking on the latest National Bureau of Statistics (NBS) figures. Recall that …

The federal government has given all illegal miners of Nigerian mineral resources an ultimatum of 30 days to either join notable mining cooperatives or face the full wrath of the law. It also unveiled plan to set up a special surveillance task force that would include policemen and other relevant agencies to secure the mines in the country. Minister of …

The price of Liquefied Petroleum Gas (LPG), otherwise known as cooking gas, has risen by 17 per cent in October 2023 as the 12.5kg now sells at N10,250 from N8,500 recorded in August 2023. This is even as the price of 1 Kg rose by 11 per cent to N900 from N800 while 3kg rose by 18 percent to N2,500 …

The Nigerian capital market continued its bullish run on Wednesday with the All-Share Index (ASI) crossing the 71, 000 mark at the close of the day’s trading. The ASI rose to 71,014.34 from 70,840.72 after five hours of business on the trading floor today. Similarly, the market capitalization increased today by N93.48 billion to N39.05 trillion from N38.96 trillion recorded …