Business

The Lagos Chamber of Commerce and Industry has warned the Federal Government that staying within the current debt-to-GDP threshold is an unreliable means of calibrating Nigeria’s current debt burden. President of the Chamber, Asiwaju Olawale-Cole, stated this at the LCCI quarterly economic outlook press conference in Lagos. According to the chamber, the government must review its borrowing parameters on the basis of the country’s debt-to-revenue ratio which, currently calls for […]

The Organisation of Petroleum Exporting Countries has said that Nigeria’s crude oil production crashed by 744,000 barrels in March 2021 when compared to what the country produced in the preceding month of April. In OPEC Monthly Oil Market Report for April 2022, the organisation outlined the oil production volumes of its member nations and allies, as it revealed that the output from Nigeria dropped in March. Report shows that Nigeria’s […]

The exchange rate between the naira and the US dollar closed at N416.17/$1 at the official Investors and Exporters window. Naira started the week on a negative note with a 0.08% depreciation to close at N417/$1 on Monday, from N416.67/$1 recorded as of the close of trading activities in the previous week. In the same vein, the exchange rate at the peer-to-peer market depreciated marginally by 0.17% to trade at […]

The Minister of Finance, Budget and National Planning Zainab Ahmed has said that the Ministry was leveraging on data mining effort to recover huge debts owed the Federal Government. Ahmed disclosed this at the formal launch of Project Lighthouse Debt Analytics and Reporting Platform in Abuja on Monday. The Minister noted that through the consolidation efforts of the project, the government has been able to aggregate monumental debts of approximately […]

At least 2,256 depositors have lodged complaints on transactions totaling N368.9bn and $428.7m against their banks with the Chartered Institute of Bankers of Nigeria. The institute, through its ethic and governance directorate, said it had been able to resolve 2,206 of the reported cases. It added that the total amount awarded on the cases were N30.65bn and $19.48m since the inception of the tribunal.

Investors lost N114bn at the end of trading on the floor of the Nigerian Exchange Limited last week. The All-Share Index and market capitalization of equities listed on the NGX depreciated by 0.45 per cent to close at 46,631.46 and N25.139tn last week. According to the NGX, 33 equities appreciated in price during the week, higher than 20 equities in the previous week.

The exchange rate between the naira and the US dollar closed at N416.67/$1 at the Investors and Exporters (I&E) window. The exchange rate appreciated significantly to trade at N576/$1, which is the highest level recorded since 10th March 2022. On the one hand, the exchange rate at the parallel market closed flat at N588/$1, the same as recorded in the previous trading session.