Economy
FULL LIST: NGX suspends eight companies from trading in shares
The Nigerian Exchange Limited (NGX) has suspended trading in the shares of eight companies due to their failure to file audited financial statements for 2023. This suspension, effective from July 8, 2024, was announced in a statement on Monday, signed by Godstime Iwenekhai, NGX’s Head of Issuer Regulation Department. The affected companies are: 1. Guinea […]
Nigeria’s external reserves surge to $34.66 billion, highest level in 13 months
Nigeria’s external reserves have increased yet again, this time by $1.88 billion to $34.66 billion as of July 4, 2024, marking a 13-month high. This is according to Nairametrics historical records of the central bank’s external reserve data for the last year. Our records also indicate this is the highest level the external reserve has […]
Dangote Faults CBN’s 26% Interest Rate
Chairman and Chief Executive of the Dangote Group, Aliko Dangote, has criticised the latest increment of interest rate to almost 30 per cent by the Central Bank of Nigeria (CBN). While addressing the audience during the opening session of a three-day summit Organised by the Manufacturers Association of Nigeria (MAN) at the Banquet Hall of […]
NEC approves six Governors as board members for Niger Delta Power Holding Company
The National Economic Council (NEC) has confirmed the appointment of six state governors to the Board of the Niger Delta Power Holding Company (NDPHC). These governors, representing the six geopolitical zones, are from Borno, Katsina, Imo, Ekiti, Kwara, and Akwa Ibom States. NEC emphasized the critical role of NDPHC in the nation’s economic development while […]
Nigeria’s GDP declines to 2.98% in Q1 2024 – NBS
Nigeria’s Gross Domestic Product (GDP) growth declined to 2.98%, lower than the rate recorded in the fourth quarter of 2023 which was 3.46%, according to the latest report from the National Bureau of Statistics (NBS) released on Friday. However, the GDP growth rate in the quarter is higher than the figure recorded in the corresponding […]
CBN hikes interest rate by 150 basis points to 26.25%
The Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) has increased the benchmark interest rate by 150 basis points to 26.25 per cent from 24.75 per cent recorded at the end of last meeting. The Governor of the CBN, Yemi Cardoso stated this at the press briefing after the 295th MPC meeting. The CBN […]
CBN reduces banks’ LDR to 50%
The Central Bank of Nigeria has announced a review of the loan-to-deposit ratio (LDR) for banks, from 65 percent to 50 percent to align with the current monetary tightening. LDR is used to assess a bank’s liquidity by comparing its total loans to its total deposits. An increase in the loan-to-deposit ratio allows banks to […]
Nigeria’s FX reserve dips by $1.02 billion in 18 days on CBN’s naira defence
Nigeria’s foreign exchange (FX) reserve has experienced a sharp decline of about $1.02 billion within 18 days, as the Central Bank of Nigeria (CBN) continues its aggressive defence of the naira. As of April 4, 2024, the FX reserves stood at $33.43 billion, down from $34.45 billion on March 18, 2024, according to the latest […]
CBN sells dollars to BDCs at N1,251/$1
The Central Bank of Nigeria on Monday disclosed that it sold $10,000 to each Bureau De Change operators at a rate of N1,251 per U.S. dollar. The bank disclosed this in a circular addressed to the President of the Association of Bureau De Change operators of Nigeria. In the circular, signed by Hassan Mahmud, the […]
CBN raises interest rate by 400 basis points to 22.75% to tackle inflation
On Tuesday, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) increased the Monetary Policy Rate (MPR) by 400 basis points to 22.75 per cent from 18.75 per cent. CBN governor Yemi Cardoso, who chairs the MPC, announced the committee’s decisions on Tuesday after the meeting. Mr Cardoso said the asymmetric corridor […]