‘Nigeria’s PMI Hits 18-month High In July’ Nigeria’s Purchasing Managers Index rose to 55.4 in July from 53.6 in June, according to a report by Stanbic IBTC Bank. The company said this signalled a marked improvement in business conditions, describing it as one of the strongest PMIs since January 2020. According to the […]
Forex: Mixed Reactions Trail BDC Ban In Aviation Industry Some stakeholders in the aviation sector say the stoppage of the forex sale to the Bureau De Change operators by the Central Bank of Nigeria may take a toll on airlines while others think the policy was good for the sector. The CBN […]
DBN gets ‘AAA’ Rating from AGUSTO & CO. The foremost credit rating agency, Agusto & Co. (“Agusto”) assigns an “Aaa” rating on the Development Bank of Nigeria Plc (“DBN” or the “Bank”), the highest rating possible on any institution. In summarizing the rating, which aligns with the “risk-free” rating of the Nigerian Sovereign, Agusto described […]
In Two Weeks, External Reserves Gain $280m The country’s external reserves have returned to a growth path with a gain of $280m in two weeks, the latest figures from the Central Bank of Nigeria have shown. Figures obtained from the CBN on Sunday revealed that the reserves rose to $33.38bn on July […]
Nigerians Spent N1.77trn On National Calls, SMS In 2020 Nigerians spent about N1.77tn on national calls and short messages in 2020. This is according to the analysis of data released by the Nigerian Communications Commission recently released in document titled ‘2020 subscriber/network data report’. NCC put total outgoing local and national traffic […]
Petrol Consumption Rises By 340m Litres In One Month Petrol consumption in Nigeria leaped by 340 million litres within a space of one month, figures released by the Nigerian National Petroleum Corporation showed on Sunday. Providing data contained in its March 2021 financial and operations report, the oil firm said 1.75 billion litres […]
Stock Market Decline By N973.2bn In Seven Months Profit-taking on price appreciation of stocks recorded last year and foreign investors exit Impacted the Nigerian equities market negatively in the first seven months of 2021 as investors lost N973.2billion. Specifically, market capitalisation, which measures the value of all stocks dropped by N973.2billion in […]
Refineries Record 13-month Loss Of N104.3bn – NNPC A total loss of N104.3bn was recorded by Nigeria’s refineries in 13 months, even as the facilities refined no crude oil throughout the period, the latest report released by the Nigerian National Petroleum Corporation showed. An analysis of the updated consolidated refinery financial performance from […]
$23bn Diaspora Remittances Raise Income Line For Households In recent time, there have been moves to increase the volume and value of dollars remitted into the economy by Nigerians living abroad. More dollar inflows have significantly improved income of many beneficiaries who rely on their families and friends living in abroad to […]
‘Petrol Subsidy May Gulp N2trn This Year’ Nigeria may end up spending N2tn on petrol subsidy this year if the current situation persists, the Group Managing Director, Rainoil Limited, Dr Gabriel Ogbechie, has said. Ogbechie said this on Sunday at the Nigeria History Series of the Centre for Values in Leadership, themed ‘Indigenous […]
