Nigeria’s Central Bank Chief Lists Benefits of ‘Naira 4 Dollar Scheme’ For Diaspora Remittances
Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, on Saturday highlighted the benefits of the newly introduced “CBN Naira 4 Dollar Scheme,” an initiative aimed at incentivising senders and recipients of international money transfers. Emefiele spoke at a webinar organised by Fidelity Bank Plc, entitled, “The New FX Policy, Implications and Positive Impact on […]
Stocks Tumble As Powell Signals Inflation Is Ahead
US stocks tumbled Thursday after Federal Reserve Chairman Jerome Powell predicted an increase in consumer prices this summer — something investors fear will force interest rates up sooner than expected. Powell, speaking at a conference Thursday, predicted strong job growth and increases in consumer prices as the vaccine rollout allows the economy to reopen fully. […]
Dangote: Nigeria To Save $2.5bn Annually From Petrochemical, Fertiliser Plants
The President of Dangote Group, Alhaji Aliko Dangote, has said that the Nigerian economy will be boosted by over $2.5 billion annually through foreign exchange savings and exports from the group’s petrochemical and fertiliser plants. The figure is a fraction of the over $9 billion estimated to be saved for Nigeria annually from the Dangote […]
Germany Manufacturing PMI Revised Slightly Higher
The IHS Markit/BME Germany Manufacturing PMI was revised slightly higher to 60.7 in February of 2021 from a preliminary reading of 60.6 and compared to 57.1 in January. It remains the highest reading since January of 2018 amid robust demand from abroad. Order book growth reaccelerated to the quickest since last October due to higher […]
New WTO Director-General, Ngozi Okonjo-Iweala Resumes Work, Says ‘Ready To Go’
Dr Ngozi Okonjo-Iweala has officially resumed as Director-General of the World Trade Organisation (WTO). As she took up the new role on Monday, the former Nigerian finance and foreign minister said she was eager to get straight to work as the first woman and first African to lead the beleaguered World Trade Organization. “I am […]
NNPC Denies Increasing Fuel Price In March 2021
The Nigerian National Petroleum Corporation (NNPC) has denied reports of any increment in the price of Premium Motor Spirit (petrol) in the country in March 2021. The NNPC disclosed this in a statement signed on Sunday by the Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru. Obateru stated that the Corporation was not […]
Self-Made South Korean Billionaires Promise To Give Half Away
Two self-made South Korean billionaires have pledged in as many weeks to give away half their fortunes –- a rarity in a country where the business is dominated by family-controlled conglomerates and charity often begins and ends at home. Kim Beom-su, the founder of South Korea’s biggest messaging app KakaoTalk, announced this month he will […]
China’s Huawei Plans Foray Into Electric Vehicles
China’s Huawei plans to make electric vehicles under its own brand and could launch some models this year, four sources said, as the world’s largest telecommunications equipment maker, battered by US sanctions, explores a strategic shift. Huawei Technologies Co Ltd is in talks with state-owned Changan Automobile and other automakers to use their car plants […]
CBN Governor: Restricting Cryptocurrency Trading In Nigerians’ Best Interest
Central Bank of Nigeria Governor, Mr. Godwin Emefiele, has said that the CBN acted in the nation’s best interest by ordering banks, non-banking and other financial institutions not to facilitate trading and dealings in cryptocurrencies. Emefiele, while briefing a joint Senate Committee on Banking, Insurance and Other Financial Institutions, ICT and Cybercrimes, and Capital Market, […]
With Rising Poverty And Unemployment, Nigeria Sitting On Time Bomb, Report Says
The Financial Derivatives Company Limited (FDC) has stressed that Nigeria’s high unemployment (27.1%), its large youth population, as well as its poverty rates, mean that the country is effectively seating on a massive keg of gun powder. The Lagos-based research and investment company stated this in its latest economic bulletin. Nigeria now has an estimated […]
