Business

The World Bank has said the naira lost 10.2 per cent of its value in 2022. The bank was speaking on the heels of the rising food and fuel prices responsible for high inflation in the country in 2022. The global bank disclosed this in its latest Africa’s Pulse report …

The Lagos Chamber of Commerce and Industry, LCCI, has raised the alarm that Nigeria’s debt servicing declined to 3.87 trillion in 2022 as against 4.22 trillion in 2021. In a statement on Wednesday by the Director General of LCCI, Dr Chinyere Almona, she disclosed that Nigeria’s debt profile increased by …

The Ecobank Group has recorded a 13 per cent growth in profit before tax, PBT, to $540 million in the financial year ended December 2022. According to the bank, the growth in PBT was supported by the benefits of its diversified business model. Within the period under review, the solid profit …

The Nigerian economy has started recovering from the three-month-long naira scarcity, but there is another brewing risk of a possible banking sector collapse as customers shun cash deposits. The development is a spill-over effect of the Central Bank of Nigeria’s poorly implemented Cashless Policy, which caused Nigerians untold nightmares and …

According to data from the Central Bank of Nigeria, CBN, Nigeria’s external reserves fell by $1.46bn between January and March. According to the figures shown by the apex bank, Nigeria’s reserves ended February 27, 2023, at $36.67 billion. Figures obtained from the CBN’s data on the movement of external reserves …

According to the National Bureau of Statistics’ recent report, domestic air transport fares decreased slightly by 0.18 per cent in February. In its latest report titled ‘Transport Fare Watch (February 2023)’, domestic fares for air travel for a single route were reduced to N74,571.62 in February from N74,702.70 in January …

The Naira depreciated against the dollar, exchanging N461.50 at the investors’ and exporters’ window on Monday. The rate represented a decrease of 0.04 per cent when compared to the N461.33 for which it exchanged to the dollar before the close of business on March 24. The open indicative rate closed …

Nigeria is toiling to find buyers for its crude oil as strikes in the French refining sector and seasonal maintenance at European plants cut into the OPEC producer’s sales. There are reports that about 25 shipments of the country’s crude for April loading were still searching for buyers, according to …

Amid the continued tension necessitated by the Russia-Ukraine war and the post-COVID-19 pandemic effect, the International Monetary Fund warned on Sunday that risks to financial stability have increased following the recent sector in the financial industry. Speaking at the China Development Forum in Beijing, IMF Managing Director Kristalina Georgieva said …

There were fears, weekend, as the price of Nigeria’s premium oil grade, Bonny Light, dropped to $73.87 per barrel, from $76.37, recorded last week, indicating a fall of three per cent. The Federal Government had benchmarked the 2023 budget at $75 per barrel and 1.8 million barrels per day, bpd, …