Business

Trading activities on the floor of the Nigerian Exchange closed the day with a gain of N145 billion. The All Share Index increased by 0.59% to close at 44,929.33 points, in the same vein, market capitalization appreciated by N145 billion. At the close of the market on Tuesday, the stock exchange market value stands at N24.4 trillion.

The Central Bank of Nigeria has raised its benchmark lending rate to 16.5 per cent in a sustained push to control inflation and ease pressure on the naira. Governor of the Central Bank of Nigeria Godwin Emefiele, made this known at the end of the Monetary Policy Committee meeting in Abuja on Tuesday. Emefiele announced that the committee also retained the Cash Reserve Ratio at 32.5 percent, and the liquidity […]

The Debt Management Office, DMO, has announced the offering of N100 billion Ijarah Sukuk bonds for subscriptions. A statement released on its website, revealed that the bonds are offered at 15.64% per annum and will be due in 2032. The statement added that the bonds are offered at N1,000 per unit. Subscription to the ten-year-tenured bonds starts today and will close on November 29, 2022.

Reports say Nigeria’s Money Supply is now at a record high of N50.5 trillion as of October 2022. According to the Central Bank of Nigeria, this is the highest level ever reported for one of the most important monetary-related statistics. It added that the increase in money supply was N1.26 trillion in October alone, the third highest month after April and May this year. The amount of money supply in the country has risen […]

As inflation hits food items in Nigeria, the price of onion has recorded an increase in the popularly Douglas market, in owerri. In an interview with Boss Radio Business Correspondent, an onion wholesaler, Donatus Micheal said the price of onion has significantly increased. Another wholesaler, Alfred John blamed the increase on hike in transportation fare. A retailer, Tobias Dominic had this to say.

The increase in the price of fuel, scarcity of foreign exchange, and disruption in food supply chain pushed headline inflation to a new record high of 21.09 per cent in October. According to the National Bureau of Statistics, this is 0.32 per cent higher than 20.77 per cent reported in September. According to the NBS, urban inflation rate had risen to 21.63 per cent while rural inflation was now 20.57 […]

The President, Institute of Chartered Accountants of Nigeria, Mallam Isa, has advised the Central Bank of Nigeria to find a lasting solution to the economic challenges occasioned by its recent monetary policy of the currency redesign. Isa spoke on ICAN’s position on the naira redesign at a programme commemorating the Accounting International Day 2022. He advised the CBN to consider the views of the various stakeholders and ensure that critical […]

The Debt Management Office has disclosed that it has been difficult for Nigeria to borrow from the international markets as global lenders and investors are shunning countries with Category ‘B’ economic ratings. According to the Director-General of the DMO, Patience Oniha, Nigeria must gear up its revenue drive while looking for alternative sources of funds internationally. Oniha noted that the Federal Government had not been able to meet its external […]

The Nigeria’s Fiscal Responsibility Commission, FRC, generated a total revenue of N725 billion for the Federal Government in the first half of 2022. This was disclosed by the Commission’s Chairman, Victor Muruako, at the technical assistance to sub-nationals/workshop on sustaining the gains of fiscal transparency and accountability across states. Muruako noted that the FRC, in the discharge of its mandate, improved the independent revenue of the Federal Government.