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Guinness’ parent company expects alcohol sales to improve as restaurants and bars gradually reopen

Nestlé S.A, Switzerland, the parent company of Nestlé Nigeria Plc, has increased its stake in the Nigerian subsidiary with the purchase of 229,697 additional units in the shares of the company. This was disclosed by the company in a notification sent to the Nigerian Stock Exchange, which was seen by Nairametrics. The purchase according to […]

‘Naira Depreciation In Parallel Market To Continue’ — Economic Confidential

‘Naira Depreciation In Parallel Market To Continue’       Analysts have predicted that the depreciation of the naira in the parallel market will continue due to back-log of unsatisfied demand for dollars. They also cited rising dollar demand owing to increased economic activities due to reduction in COVID-19 induced restrictions. The naira depreciated further […]

Inside BDCs’ Operations And Exchange Rate Stability

Against the backdrop of alleged poor regulation of the Bureaux De Change operators (BDCs), BODE GBADEBO reports that the group has rather helped to ensure exchange rate stability in the country, among other benefits under the regulatory oversight provided by the apex Bank. The attempt to generalize all Bureaux De Change (BDCs) operators as weakest […]

Naira depreciation in parallel market to continue — Analysts

Naira-Dollar Pressure mounts on NTB yields as CBN resells N113bn maturing bills Analysts have predicted that the depreciation of the naira in the parallel market will continue due to back-log of unsatisfied demand for dollars. They also cited rising dollar demand owing to increased economic activities due to reduction in   COVID-19 induced restrictions. The naira […]

CBN battles to save the Naira, launches tough measures

The Central Bank of Nigeria (CBN) has put machinery in place to alleviate the impact the looming recession would have on the economy with the …

What BBNaija winner, Laycon can do with N30 million  

One of the spillovers of the pandemic is the recent ban on large gatherings and outdoor entertainment. After being stuck at home for three months, we have moved to a phased and gradual easing of the lockdown where certain guidelines still hold sway. Gatherings of more than 20 people are still considered forbidden; cinemas are […]

Real Estate Developers express fear over selection process of CBN’s N200 billion Housing Fund

It was meant to be a regular end-of-month meeting at a residential estate located in Lekki Phase 1, beside the beach. Residents gathered for their usual monthly meeting and were at the ‘other business’ segment of the agenda when someone spurted out a remark that ignited an uproar in the forum. To the shock of […]

These industries drove business activities in September

The House of Representatives has asked the Nigeria Labour Congress (NLC) to suspend the strike planned to commence on Monday, as it offered the organised labour some palliatives. This was disclosed by the Speaker of the House of Representatives, Femi Gbajabiamila, at a negotiation meeting with labour on Sunday in Abuja, according to NAN. The […]

Reviving cocoa, oil palm industries as main economic driversFeatures — The Guardian Nigeria News – Nigeria and World News

Cocoa plantation. PHOTO: Google image Cocoa and palm oil, among others, were the bedrock of the country’s economy before the Oloibiri oil rig became a metaphor for complacency and mono-cultural economy 60 years after independence. However, the government has been advised to restore farmers’ productivity, through the Central Bank of Nigeria (CBN), Cocoa Research Institute […]

Buhari and debt-free sustainable growth

Buhari. Photo; TWITTER/NIGERIAGOV Annotated review of CBN Economic Report First Quarter 2020 (ERQ1, 2020) makes it evident that to fix the country’s multifaceted infrastructural gaps and socio-economic difficulties is realisable. Post-COVID-19 lockdown, Nigeria requires neither domestic nor external loans to execute federal budgets but only abidance by the Oath of Office of the President. That […]

CBN’s rate cut triggers rush for equities | GCFRNG – NIGERIA BREAKING NEWS TODAY

By Taofik Salako, Deputy Group Business Editor   Stunned by the decision of the Central Bank of Nigeria (CBN) to cut the benchmark interest rate,bewildered investors dumped fixed-income instruments and rushed to the equities market, pushing equities to their best performance in four months. After five trading sessions of successive gains, Nigerian equities closed weekend with […]

Tackling COVID-19 pandemic with strategic economic interventions – The Sun Nigeria

Uche Usim, Abuja In Nigeria, like in other countries across the globe, the COVID-19 pandemic created huge upheavals in virtually all spheres of activities.The Nigerian economy was particularly hit, with over 65 per cent drop in commodity prices; disruptions in global businesses and the unprecedented outflow of over $100 billion of debt and equity funds […]

Nigeria’s forex reserves drop by $47.3m

By Taofik Salako, Deputy Group Business Editor   Nigeria’s foreign exchange reserves suffered its first decline in recent weeks at the weekend as dreary global crude oil prices, dollar recovery and domestic pressure on the controlled exchange rate heightened fears of further depreciation in naira. Nigeria’s foreign exchange (forex) reserves dropped by $47.33 million to close […]

Hedging against recession, COVID-19 with interventions

The Central Bank of Nigeria (CBN) is devising strategies through its various intervention programmes to rein the COVID-19 pandemic’s impact on the economy and the threat of an impending recession, reports Group Business Editor, SIMEON EBULU   In the last five to six years, a combination of a motley of developments in Nigeria’s political and […]