CBN September 2019 MPC meeting to hold earlier than scheduled
Businessam Staff
September 17, 2019
The Central Bank of Nigeria (CBN) has rescheduled its September 2019 Monetary Policy Committee (MPC) by one week. The meeting has been brought forward in what suggest an emergency has arisen. Isaac Okoroafor, the CBN’s director of corporate communications disclosed the rescheduling in a statement sent to business a.m Tuesday evening. Although he gave no […]
Oil drops sharply as Saudi output seen returning soon after attacks
Businessam StaffSeptember 17, 2019
Oil prices dropped sharply on Tuesday after a top Saudi Arabian source told Reuters that production could be fully back on line within weeks. This is quicker than initially thought following weekend attacks that halved the kingdom’s output. Saturday’s attacks raised the specter of a major supply shock in a market that in recent months […]
FG inaugurates panel to recover N5trn AMCON debts
Businessam StaffSeptember 17, 2019
An inter-agency committee to recover the N5trn debts owed the Asset Management Corporation of Nigeria has been inaugurated by the federal government. Yemi Osinbajo, Nigeria’s vice president inaugurated the committee in Abuja, a statement by Laolu Akande, his senior special assistant on media and publicity, said on Tuesday. Members of the committee include heads and […]
Nigeria’s headline inflation declines to 11.02 percent in August
Businessam StaffSeptember 17, 2019
Omobayo Azeez The consumer price index, (CPI) which measures inflation decreased by 0.06 percent in August from 11.08 in July, 2019. The CPI, however, increased by 11.02 percent year-on-year (YoY) in August 2019. This is according to the latest consumer price index (CPI) for August, 2019 released by the National Bureau of Statistics (NBS) on […]
Budget benchmark stays despite increasing oil prices
Businessam StaffSeptember 17, 2019
The federal government on Monday said it was not in a hurry to adjust its benchmark oil price for the 2020 budget following the attack on Saudi Arabia’s oil facility, which had resulted in a rebound in oil price. Zainab Ahmed, the minister of finance, said this on Monday while answering questions from journalists at […]
Direct remittances to Nigeria rise 136% to $11.6bn
Businessam StaffSeptember 17, 2019
The Central Bank of Nigeria has disclosed that total direct remittances to Nigeria in the first seven months of the year rose by 135.51 percent to $11.54bn as against $4.9bn reported in the corresponding period of 2018. Data collected from the apex bank official website revealed that diaspora remittances into the nation’s economy continued to […]
Nigeria’s domestic revenue among world’s lowest —Bill Gates
Businessam StaffSeptember 17, 2019
American billionaire and philanthropist, Bill Gates, has said that Nigeria has one of the lowest domestic revenues at just six percent of GDP compared to 15 percent in some other countries. This, he said, is perhaps one of the reasons why the largest black nation has a problem with providing basic health infrastructure. Gates said […]
N100bn loss dislodges equity investors’ rising confidence
Businessam StaffSeptember 17, 2019
The domestic equities market resumed the week on a negative note as the All Share Index declined by 0.74 percent to settle at 27,547.32 basis points while the year-to-date loss worsened to –12.3 percent. Investors lost N99.6bn in value as the market capitalisation of equities fell from N13.523tn to N13.423tn. The market recorded growing confidence […]
FG gives NCC 9 day ultimatum to deactivate 2.24m lines
Businessam StaffSeptember 16, 2019
The federal government has directed the Nigerian Communications Commission, NCC to go ahead and deactivate 2.24 million improperly registered sim cards on or before 25th September. Ibrahim Patami, the minister of communications, issued the directive on Monday during the inauguration of the newly constituted board of NCC Sim-cards. Pantami, who frowned at the development, described […]
Buhari replaces Osinbajo’s economic management team
Businessam StaffSeptember 16, 2019
Nigeria’s president Muhammadu Buhari has replaced the economic management team with an economic advisory council, the Presidency said on Monday. The replaced EMT was chaired by the vice president Yemi Osinbajo. The new EAC Buhari named on Monday has Doyin Salami, a professor, as the chairman. Other members are Mohammed Sagagi (vice-chairman); Ode Ojowu; Shehu […]