Oil falls as U.S. stimulus hopes dim, virus cases rise

21 hrs

Oil prices fell about 1% on Tuesday after rising earlier in the session as hopes dimmed for a swift stimulus package to relieve the U.S. economy as coronavirus cases increased globally. Brent crude futures fell 49 cents, or 1.1%, to settle at $44.50 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell 33 cents, […]

Nigeria bourse continues bearish run, investor sentiment wanes

August 11, 2020

By Charles Abuede   All Share Index dips 0.6 per cent on Tuesday Traded volume 206m; traded value N2.5 billion   Activities on The Nigerian Stock Exchange continued their bearish outcome for the second trading session of the week as sell-offs in DANGCEM (-4.1%), ACCESS (-0.8%) and MANSARD (-8.2%) dragged the All-Share Index down 58 basis points to close at 24,883.70 points. […]

Forex rate unification will blow up debt stock, fuel inflation-ex

August 11, 2020

Financial experts have said the subtle devaluation of the naira in the guise of forex rate unification will have negative consequences in the form of higher debt portfolio by both the government and banks as well as fuel inflation. Last week, the Central Bank of Nigeria officially adjusted the exchange rate of the naira to […]

Buhari formalises African Trade Insurance Agency instrument

August 11, 2020

President Muhammadu Buhari has officially  signed the instrument of accession of the agreement for establishment of the African Trade Insurance Agency. A statement by Garba Shehu, the senior special assistant to the President on media and publicity,  disclosed this on Monday evening. The agreement and the agency are registered with Secretariat of the United Nations […]

FG moves to block  loop holes  public finance, Inaugurates committee on public finance transparency

August 11, 2020

The federal government moved a notch higher in its determination to institute accountability and transparency in public finance and management. Ahmed Idris, the accountant general of the federation (AGF),on behalf of the government, , has inaugurated the a committee on Financial transparency guidelines and open treasury portal. He said the move was in line with […]

Stamp duty account: NIPOST, FIRS back in the trenches

August 10, 2020

The Federal Inland Revenue Service and the Nigerian Postal Service squared up,  once again, on Sunday, over the stamp duty manddate, with NIPOST saying its stamp duty account was opened by the Central Bank of Nigeria under the Treasury Single Account. The FIRS had claimed in a series of tweets last week that NIPOST operated […]

CBN adopts unified exchange rate of N379/$

August 10, 2020

The Central Bank of Nigeria has formalised the exchange rate unification policy bt adopting a new exchange rate of N379/$ as against the old rate of N361/$. The change was effected on its website on Saturday. The apex bank began the exchange rate unification in April following the scarcity of forex and the large unmet […]

Covid-19 to force FG’s hand to change economic policy direction

Phillip IsakpaAugust 10, 2020

Towards full blown deregulation In favour of free markets, private capital, investment Properly-targeted social investment       Economic policy analysts at RTC Advisory are betting on a possible sea change in Nigerian government approach to economic policy as the year 2020 plays out in this final half amid an excruciating impact occasioned by the […]

Oil falls below $45 on demand concerns, set for weekly rise

August 7, 2020

Oil dipped below $45 a barrel on Friday on worries that a demand recovery would slow due to a resurgence of coronavirus cases, although a pledge from OPEC member Iraq to cut oil output further in August provided support. According to Reuters, the resurgence of infections remains a key issue for the market and demand […]