Markets
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Nigeria’s Battle Against Petroleum Smuggling: A Complex Struggle for National Stability
Nigeria, a nation blessed with abundant natural resources, has long faced the daunting challenge of securing its borders from the illicit smuggling of petroleum products. With borders stretching over 4,000 kilometers and numerous porous entry points, the country remains vulnerable to economic sabotage, criminal syndicates, and insurgent activities. The smuggling of crude oil and refined products siphons off enormous sums…
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Nigeria Excluded from Top 11 African Growth Projections for 2024: AfDB Report
Addis Ababa, Ethiopia, February 19, 2024: Nigeria, Africa’s most populous nation and largest economy, is conspicuously absent from the list of 11 African countries expected to experience robust economic growth in 2024, according to the latest report from the African Development Bank Group (AfDB). Released during the 37th Ordinary Session of the Assembly of the African Union in Addis Ababa,…
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Equities: Investors gain N2.11trn to end week’s session
Lagos, Feb. 16, 2024 (NAN) The equity market of the Nigerian Exchange Ltd. (NGX) ended the week on a positive note, with a gain of N2.11 trillion week-on-week. Specifically, the market capitalization gained N2.11 trillion week-on-week and on Friday closed at N57.849 trillion with a gain of N888 billion, or 1.56 percent, as against N56.961 trillion recorded on Thursday. Similarly,…
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UK Economy Enters Recession Amidst Rising Inflation and Political Turmoil
London, February 15, 2024: Official data released on Thursday confirms that the United Kingdom’s economy has slipped into recession after experiencing two consecutive quarters of negative economic growth in the latter half of the previous year. According to Reuters reports, the UK’s Gross Domestic Product (GDP) contracted by 0.3 percent in the fourth quarter of 2023, following a 0.1 percent…
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Duegi publishing house opens in Abano Terme old railways station
Abano Terme, Italy On Saturday, January 27th, 2024, a momentous occasion unfolded as the new offices of the Duegi Editrice publishing house were inaugurated within the historic confines of the old railway station in Abano Terme, located in the province of Padua, Italy. Founded in 1987 by Gianfranco Berto, Duegi Editrice has established itself as a leader in rail transport-related…
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Chinese Yuan Weakens Against the Dollar in Central Parity Rate Adjustment
Beijing, January 12, 2024:Â The central parity rate of the Chinese currency, the renminbi, commonly known as the yuan, exhibited a 32-pip weakening against the dollar on Thursday, reaching 7.1087, as reported by the China Foreign Exchange Trade System. In China’s spot foreign exchange market, the yuan is permitted to fluctuate within a two percent range, either appreciating or depreciating from…
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CBN dissolves boards, management of Union, Keystone, Polaris banks
Abuja, Jan. 10, 2024 (NAN) The Central Bank of Nigeria (CBN) has dissolved the boards and management of Union Bank, Keystone Bank, and Polaris Bank. Mrs. Hakama Sidi-Ali, Acting Director, Corporate Communications Department of the CBN, disclosed this in a statement on Wednesday in Abuja. According to Sidi-Ali, this action became necessary due to the non-compliance of the three banks…
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United Bank for Africa (UBA) Achieves N1 Trillion Market Capitalization Milestone
LAGOS, Jan 8 – The United Bank for Africa (UBA) PLC has crossed the N1 trillion market capitalization threshold, reaching N1,022,562,698,843, solidifying its position as the third most capitalized financial institution in Nigeria. This achievement follows a remarkable surge from N283.8 billion at the beginning of 2023. With 34,199,421,366 shares in issue, UBA’s ascent to the N1 trillion market capitalization…
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Dangote Group Ready to Cooperate with EFCC Investigation
Lagos, Nigeria – January 7, 2024: Dangote Group has addressed concerns from stakeholders following a visit by officials from the Economic and Financial Crimes Commission (EFCC) to its Lagos Head office. The management assured its readiness to assist the EFCC in its ongoing investigations. In a statement, Dangote Group revealed that it received a letter from the EFCC on December…
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Record-Breaking Bullish Streak on Nigerian Bourse
Nigeria's domestic equities market has set a new record with an overall capitalization of N40 trillion, according to the Nigerian Exchange Limited All Share Index (ASI). The increase was driven by gains in medium and large capitalized stocks, including Airtel Africa, Presco, Stanbic IBTC Holding, Transcorp Hotels, and Northern Nigeria Flour Mills. Market sentiment was positive, with 37 stocks recording…
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Naira: Persistence of Cash Scarcity Raises Concerns
Lagos, December 5, 2023: Despite the CBN’s directives allowing the use of both old and redesigned naira banknotes, some banks rationed the supply of cash to customers, causing dissatisfaction among those seeking withdrawals. The banking regulator’s recent Supreme Court-backed order affirmed the legal tender status of old versions of N200, N500, and N1,000 banknotes, easing concerns about potential bans on…
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Rwandan Govt woos Nigerian investors, promises security of investments
Enugu, DEC. 1, 2023 (NAN) The Rwandan Government says the country is safe for Nigerian investors willing to do business in the country saying that the environment is also conducive for businesses to thrive. The Ambassador designate to Nigeria, Niger, Burkina Faso and Chad, Mr Christophe Bazivamo stated this during a visit to the Enugu Chamber of Commerce, Industry, Mines…
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President Tinubu Unveils N27.5trn ”Budget of Renewed Hope”
In his inaugural annual budgetary presentation to the 10th National Assembly, President Bola Ahmed Tinubu outlined the Federal Republic of Nigeria’s economic vision for the upcoming fiscal year. The 2024 Budget, aptly named the “Budget of Renewed Hope,” reflects the President’s commitment to bolstering economic stability, reducing deficits, and addressing crucial national priorities. Prevailing Economic Environment Against a backdrop of…
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Saudi Arabia to invest in Nigeria’s refineries, support CBN
Abuja, Nov. 10, 2023 (NAN) The Government of Saudi Arabia has pledged to invest in the revamp of Nigeria’s refineries, as well as provide financial support to sustain President Bola Tinubu’s government on its foreign exchange reforms. Saudi Crown Prince, Mohammed bin Salman made the pledge at a bilateral meeting with President Tinubu on the sidelines of the Saudi-Africa Summit…
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Afrinvest highlights investment outlook, opportunities for 2023
Afrinvest West Africa, a wealth advisory firm, has outlined investment outlook for 2023 and how investors can explore opportunities and guard against threats expected in the new year. Speaking during the investor parley held on Wednesday in Lagos with theme: ‘Soft or Hard Landing’, Group Managing Director, Afrinvest West Africa, Mr Ike Chioke, said the event was to engage with…
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Association lauds Gov. Lalong over plan to rebuild burnt terminus market
The Plateau State Traders and Marketing Association, has expressed joy over plans by Plateau Government to reconstruct the Jos Main Market, which was gutted by fire in 2002. The state’s president of the association, Mr. Uthman Dafaan, gave the commendation in an interview with the News Agency of Nigeria (NAN), on Thursday in Jos. Dafaan said by reconstructing the market,…
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Aging tree major challenge to cashew nut business – Expert
A cashew nut processing expert, Mr Pankaj Chawla, says aging trees remain the major challenge to cashew nut business, both for local consumption and export purposes in Nigeria. Chawla, who is the Country Representative of Valency International Agro Limited, said this on Wednesday at a training for Wild Organic Cashew Nuts Farmers/Producers and Marketers for Export Intentions, in Enugu State.…
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