admin

Following the suspension of Mr Abdulrasheed Bawa by President Bola Tinubu, the Economic and Financial Crimes Commission has announced Mr Abdulkarim Chukkol as the Acting Chairman of the commission. Chukkol is an alumnus of the Federal Bureau of Investigations National Academy, Quantico, the European Center of Security Studies, Germany, and also a Fellow of the […]

NGX Gains N992bn as Nigeria Floats Rate The equities segment of the Nigerian Exchange (NGX) extended its bullish momentum following positive reactions to ongoing currency reforms by the new administration. The uptrend recorded was spurred by positive investor sentiment following reports of the Central Bank of Nigeria allowing the Naira to float at the I&E […]

Zenith Bank Market Valuation Crossed N1trn Breaking the ceiling, Zenith Bank Plc has accelerated above N1 trillion market valuation following the ongoing share buying festival on the floor of the Nigerian Exchange. This is the first financial service group to achieve the feat over the years, according to data from the local bourse screened by […]

Fed Halts Rate Hike After ten consecutive rate increases over the past 15 months, the United States Federal Reserve has left the Fed Funds target rate unchanged at 5-5.25%. Though, Fed left US interest rates unchanged but signals more hikes are on the cards with some hawkish projections for the economy. July is a ‘live’ […]

CBN Permits Banks to Sell Forex at Any Rates In what appears as a subtle devaluation, the Central Bank of Nigeria (CBN) has authorised deposit money banks and dealers to freely sell foreign exchange at a rate set by the market. The decision to float the exchange rate came just after the suspension of Godwin […]

Naira Tumbles by 40.78% as Nigeria Floats Rate The naira depreciated significantly by 40.78% to N664.04 versus the United States (US) dollar at the Investors, and Exporters foreign exchange window as Nigeria seeks to converge rates.  The significant depreciation follows the decision to float rate, allowing banks to determine appropriate rates for conditions and processing […]

Fitch Affirms Fidelity Bank Ratings With Stable Outlook Fitch Ratings has affirmed Fidelity Bank Plc’s credit rating at ‘B-‘ with a stable outlook, according to its recent report.  The global rating agency also upgraded the bank’s National Short-Term Rating to ‘F1+(nga)’ from ‘F1(nga)’. It said the upgrade reflects the improvement in the bank’s local-currency funding […]Read More

Ghana’s Inflation Rate Climbs to 42.2% Ghana’s headline inflation rate accelerated to 42.2% year on year in May, a 100 basis point increase from 41.2% in April, the statistics said in a statement on Wednesday. The government faces the worst economic crisis, a development that was triggered in part by covid-19 pressures and the Ukraine-Russia […]Read More

EU Regulator Moves to Breakup of Google’s Ad-Tech Business Europe’s top antitrust regulator said it may seek the breakup of Google’s ad-tech business as it charged the tech giant with abusing its online advertising technology industry dominance. The move Wednesday means Europe is joining the U.S.’s antitrust assault on Google’s ad-tech business, potentially setting up […]Read More

UK Returns to Growth on Increase Consumer Spending The United Kingdom (UK )economy returned to growth in April, helped by consumer spending on bars and pubs, alongside higher car sales, offsetting the impact of strike actions initiated by junior doctors, teachers, and civil servants. Britain’s monthly gross domestic product grew 0.2% in April, reversing a […]

Nigeria’s Bonds Mixed Amidst Inflation Concern Nigeria’s bond market opened trading activity for the week on a quiet note, albeit with moderate buy-side bias. Fund/Asset managers were in solo mood as prices were essentially flat across most maturities. Despite a thin trading session, the average yield in the secondary market contracted marginally to 13.46% ahead […]

*As Yakasai, Other Indigenes Accuse NNPP’s Govt Of Vendetta Some indigenes and residents of Kano State have condemned the demolition of the historic Kano government roundabout by Governor Abba Yusuf. Governor Abba Yusuf reportedly ordered the demolition in the early hours of Wednesday where he personally supervised the demolition which took less than three hours. […]