Nigeria will get out of recession, and grow its gross domestic product (GDP) by one per cent in 2017, according to a global economic report by the World Bank. In a report released last Tuesday, January 10, 2016, the World…
Category: Finance
Efritin shuts Nigeria office, blames bad economy
Efritin (pronounced ‘Everything’) has stopped further investments in Nigeria and has wound down operations, just 16 months after its official launch. Investigation showed that high cost of data and operational demands forced the e-classified advert player to close shop. The…
Naira on a free fall as it crashes to nearly 500/Dollar in open market
The Nigerian naira fell close to 500 against the dollar on the unapproved open retail market due to dollar shortages on Friday as retail currency operators set their quotes for dollar purchases at 399 for next week, traders said. Bureau…
FDC Predicts further depreciation of the Naira
Under the current market regulatory framework, the naira is bound to remain under pressure and unstable until the market is allowed to operate freely and efficiently. This was disclosed by a group of analysts at Financial Derivatives Company (FDC) Limited…
FG To boost Agric earnings
With substantial boost in production of many agricultural produce and traders from central and North African countries flooding Nigeria to import commodities, the Federal Government (FG) is moving to maximize its advantage by resuscitating the moribund Nigeria Commodities Exchange (NCX).…
External reserves rise further to N26.2bn
The country’s external reserves rose to $26.2bn on January 4, 2017, up from $25.8bn on December 30, 2016, the latest data from the Central Bank of Nigeria showed on Thursday. The data also showed that the foreign exchange reserves ended…
Shell battles Nigerian communities in high-stakes London lawsuit
A court in London will decide in coming weeks whether Royal Dutch Shell can face trial in the UK over oil spill allegations in Nigeria, a decision some legal experts predict could attract more cases against multinationals in Britain. The…
Unremitted N450bn: FG issues new guideline for calculating surplus
The Federal Government, in a bid to check the high level of under-remittance of funds by revenue-collection agencies, has issued fresh guidelines for the computation of operating surpluses. The new guideline that will guide the preparation of the agencies’ financial…
Inflation rate may hit 20% in first quarter —Experts
Economic and financial experts have said that the country’s inflation rate may rise further to 20 per cent during the first quarter of this year from the current 18.4 per cent. They, however, said the inflation rate was expected to…
Non-performing loan ratio crashes to 13.4%
As economic recession continues to weigh on the banking sector, non-performing loans ratio in the banking industry has crashed further above the Central Bank of Nigeria’s five per cent threshold. The NPLs ratio fell to 13.4 per cent in September…