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Month: February 2017

US Economy gains 227,000 Jobs in January under President Trump

The U.S. economy gained 227,000 jobs in January according to statistics released by the Labor Department on Friday, while unemployment ticked up slightly to 4.8 percent. Wages also increased 2.5 percent compared to January 2016, rising six cents in December. The economy added 157,000 jobs in December and unemployment stood at 4.7 percent. A number …

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Investors in equities market lost N283bn in January

Following the persisted macro economy challenges, investors in the equities market of The Nigerian Stock Exchange (NSE) lost N283 billion to underlined serious profit-taking in January. According to records from NSE, market capitalization of all listed equities on the bourse depreciated by 3.06 per cent from N9.256 trillion it opened the year 2017 to close …

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Power supply improves slightly, as generation hits 3,528 megawatts – TCN

THE Transmission Company of Nigeria (TCN) says that the nation’s power generation improved slightly to 3,528.90 megawatts on Feb. 1 from 2,662 megawatts on Jan. 22, 2017. This figure was disclosed on the website of the Nigerian Electricity System Operator (SO), a sub-agency of the TCN, in its daily forecast on power generation in Lagos …

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Nigeria sells 400 billion naira bills to mop up money market liquidity

Nigeria’s central bank sold about 400 billion naira ($1.27 billion) of Treasury bills on Friday, lifting the interbank lending rate up to 12 percent, traders said. The bank sold 82 billion naira in 181-day Treasury bills at 18 percent and 309 billion at 18.6 percent, mopping up liquidity from the money market and pushing up …

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Banks scramble for fresh capital as naira weakens further

Rising non-performing loans and imminent fall in naira value have put banks in a precarious position and needing to raise fresh capital in a distressed economy. Palpable fear has gripped the chief executives of many large-tier and mid-tier Deposit Money Banks as an imminent fall in the naira exchange rate throws up a need for …

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Naira hits 500/dollar, faces further decline

The naira has depreciated further against the United States dollar at the parallel market to 500, from 498. The development came barely one week after the naira touched 500/dollar briefly and returned to 498/dollar. The local currency had been stable against the greenback for about three weeks. The Nigerian currency, however, remained stable at the …

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