Category: Finance and Economy

Guinness, Other Nigerian FMCGCs Lost N472bn To Naira Depreciation – Report

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Guinness, Other Nigerian FMCGCs Lost N472bn To Naira Depreciation – Report

Some major fast-moving consumer goods companies, including Cadbury, Guinness Nigeria and Nestle lost not less than N472.3bn to naira depreciation during the first nine months of 2023, according to a new report by Meristem. The report stated that the high inflation rate put significant pressure on production costs within the consumer goods sector, particularly affecting…

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Exchange and Forex, Finance and Economy

Commercial Banks’ Borrowing from CBN Hits N19.8tn In 2023 – Reports

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Commercial Banks’ Borrowing from CBN Hits N19.8tn In 2023 – Reports

Commercial and merchant banks increasingly depended on liquidity from the Central Bank of Nigeria in 2023 as their borrowing from the apex bank grew by 32.07 per cent to N19.81tn in the year. From January to December 2023, the banks’ borrowings from the CBN outgrew the N15tn they borrowed in 2022, according to a CBN…

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Finance and Economy

Naira Depreciates To N1,035/$ At Official Market

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Naira Depreciates To N1,035/$ At Official Market

The Nigerian currency, Naira, experienced a significant depreciation, reaching N1035.12 against the US dollar at the official Nigerian Autonomous Foreign Exchange Market (NAFEM) window on Wednesday. This decline represents a 4.72 percent decrease from the N988.46/$ rate recorded on Tuesday, the first trading day of 2024. The FMDQ Securities Exchange reported fluctuations in the official…

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Exchange and Forex

Naira Crashes To All-Time Low, Hits N1043.09/$1 At Official Market

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Naira Crashes To All-Time Low, Hits N1043.09/$1 At Official Market

Naira depreciated to the worst low in recent times exchanging at N1,043.09 to the dollar at the official foreign exchange market on Thursday. This is against N872.59 /$ recorded on Wednesday at the Nigerian Autonomous Foreign Exchange Market (NAFEM). According to dealers, the rate was stronger than N885.88/$ quoted on Friday before the Christmas holidays….

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Exchange and Forex

Our Cement Will Cost N3500 Starting January

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Our Cement Will Cost N3500 Starting January

BUA Chairman Chairman of the BUA Group, Alhaji Abdul-Samad Rabiu, has disclosed that the company would maintain its promise of selling cement at the price of N3,500 from January 2024. He made this disclosure while speaking with State House Correspondents after a visit to President Bola Tinubu on Thursday in Lagos. He stated that the…

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Trade and Commerce

Forex: Naira Drops To N1,230/$ In Parallel Market

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Forex: Naira Drops To N1,230/$ In Parallel Market

Yesterday Wednesday, the naira depreciated to N1,230 per dollar in the parallel market from N1, 225 per dollar last week Friday. However, the naira appreciated to N872.59 per dollar in the official Nigerian Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N872.59 per dollar from N885.88…

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Exchange and Forex

Nigeria’s Debts, Domestic And External Hits N87tr

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Nigeria’s Debts, Domestic And External Hits N87tr

The National Bureau of Statistics (NBS) has disclosed that Nigeria’s external and domestic debt profile stood at N87.91 trillion in the third quarter (Q3) of this year. In its document titled: “Nigerian Domestic and Foreign Debt Q3 2023),” it was noted that this was an indication of a growth rate of 0.61per cent quarterly. “Public…

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Finance and Economy

Our Acquisition Of Union Bank Was Legal And Transparent – Titan Trust Bank

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Our Acquisition Of Union Bank Was Legal And Transparent – Titan Trust Bank

Titan Trust Bank has debunked the allegation of illegally acquiring Union Bank. A report by a special investigator had alleged that former Central Bank of Nigeria (CBN), Governor Godwin Emefiele, used proxies to acquire Union Bank of Nigeria. The report also indicted a late ally of former President Buhari, Ismaila Isa Funtua, in the acquisitions…

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Finance and Economy

Naira Depreciates To N885.88/$ In Official Market

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Naira Depreciates To N885.88/$ In Official Market

The naira depreciated to N885.88 per dollar in the official Nigerian Foreign Exchange Market . Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N885.88 per dollar from N861.91 per dollar on Thursday, indicating a N23.97 depreciation for the naira. The intraday high stood at N1248 per dollar while the intraday…

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Exchange and Forex

CBN Ends Ban On Cryptocurrency Transactions In Banks

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CBN Ends Ban On Cryptocurrency Transactions In Banks

The Central Bank of Nigeria has put an end to the ban on cryptocurrency transactions in Nigeria. The apex bank said on Friday that it had changed its stance on crypto assets in the country and asked banks to disregard its earlier ban on crypto transactions. This is contained in a circular dated December 22,…

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Cryptocurrencies