₦airaland Forum

According to the latest quarterly economic report released by the Central Bank of Nigeria (CBN), consumer credit in Nigeria experienced a notable increase of 1.3 percent, reaching a total of N2.35 trillion in the first quarter of 2023, up from N2.32 trillion in the previous quarter. This growth represents a 20.9 percent surge from N1.94 trillion recorded in the final quarter of 2021.

The report attributed this expansion in ..............



https://ratecaptain.com/consumer-loans-hit-n2-4trn-in-q1-2023/

President Bola Tinubu of Nigeria has reaffirmed his commitment to revitalizing Nigeria’s oil and gas industry during a meeting with ExxonMobil’s global leadership on the sidelines of the United Nations General Assembly in New York. The meeting resulted in pledges of increased investment and production from ExxonMobil, signaling a new era of ..............




https://ratecaptain.com/tinubu-and-exxonmobil-forge-new-investment-path-for-nigerias-oil-gas-sector/

Cryptocurrency adoption in Nigeria is on the rise, driven by a weakening national currency and skyrocketing inflation, according to a report published by the New York-based blockchain research firm Chainalysis on Tuesday.

The report reveals that Nigeria, Africa’s largest economy, experienced a significant uptick in cryptocurrency transactions, with a year-over-year growth of 9% to reach a staggering $56.7 billion between July 2022 and...........



https://ratecaptain.com/cryptocurrency-usage-surges-in-nigeria-amid-economic-challenges/

Bitcoin, the leading cryptocurrency by market value, experienced a significant rally on Monday, reaching $27,220, its highest point since August 31. The surge comes as U.S. rates traders increasingly expect the Federal Reserve to maintain current borrowing costs in its upcoming decision this week and for the remainder of.............






https://ratecaptain.com/bitcoin-surges-to-27200-as-traders-anticipate-feds-interest-rate-decision/

Nigeria’s inflation rate has soared to alarming levels, with annual inflation reaching 24.08% in July, marking its highest point in 18 years. Despite concerted efforts by the current administration to combat inflation, the challenge remains formidable. There are growing concerns that the Dollar exchange rate may surpass ₦1,000 before the year’s end, exacerbating economic hardships for...........







https://ratecaptain.com/quidax-advocates-stablecoins-as-shield-against-soaring-nigerian-inflation/

Oando PLC, a leading indigenous energy group listed on both the Nigerian Exchange Limited (NGX) and Johannesburg Stock Exchange, has announced its audited financial results for the twelve-month period ending December 31, 2021. The company reported a significant turnaround, with...........






https://ratecaptain.com/oando-plc-announces-audited-fye-2021-results-posts-n32-9-billion-profit-after-tax/

Wally Adeyemo, the Nigerian-born Deputy Treasury Secretary of the United States, expressed a commitment to enhancing investment ties between the United States and Nigeria during his recent address to business leaders in Nigeria. He highlighted the potential for substantial growth in bilateral relations and emphasized the importance of addressing key reforms to..........







https://ratecaptain.com/us-deputy-treasury-secretary-highlights-strong-bilateral-investment-opportunities-with-nigeria/

The highly anticipated Dangote Refinery is gearing up to commence its diesel and jet fuel refining operations in October 2023, followed closely by petrol refining in November 2023. This exciting development was revealed by Devakumar Edwin, the Executive Director of the Dangote Group, during an interview with S&P Global Commodity Insights on September 18.

Edwin announced that the Dangote Refinery is on ....................................





https://ratecaptain.com/24730-2/

In a recent development, President Bola Tinubu nominated Dr. Olayemi Michael Cardoso to serve as the new Governor of the Central Bank of Nigeria (CBN), signaling a shift in the apex bank’s leadership. This move aligns with President Tinubu’s “Renewed Hope Agenda,” focusing on critical reforms to restructure the Nigerian economy towards sustainable growth and prosperity. Dr. Cardoso, along with appointed deputy governors, faces the crucial task of restoring..................



https://ratecaptain.com/market-alight-with-optimism-new-cbn-governor-nomination-ignites-investor-frenzy-and-stock-surge/

President Bola Tinubu has given his approval for Dr. Olayemi Michael Cardoso to assume the role of Governor of the Central Bank of Nigeria (CBN) for an initial term of five (5) years, subject to confirmation by the Nigerian Senate. The appointment of Dr. Cardoso, a distinguished professional with a diverse background, has stirred considerable..............................




https://ratecaptain.com/meet-dr-olayemi-cardoso-the-proposed-cbn-governor-impact-on-financial-markets/

In a recent statement, renowned Human rights lawyer and Senior Advocate of Nigeria (SAN), Femi Falana, has raised serious allegations against the Central Bank of Nigeria (CBN) and its suspended Governor, Godwin Emefiele. Falana accused them of deceiving the Nigerian public regarding the availability of cash during the implementation of the naira redesign policy.

Falana has called upon the Federal Government to take legal action against Emefiele and the CBN’s management.....

https://ratecaptain.com/allegations-of-deception-femi-falana-accuses-cbn-and-emefiele-calls-for-accountability/

Guaranty Trust Holding Company is currently seeking a Head Finance to join its dynamic team. The role, based in Lagos, Nigeria, is offered on a full-time basis within the Financial Services industry.

A Glimpse into the Role

As the Head of Finance, the selected candidate will shoulder the weight of comprehensive financial management. This encompasses corporate...

https://ratecaptain.com/gtco-job-recruitment-head-finance/

Nigeria’s growth rate has decelerated to 2.51 percent in the second quarter of 2023, a drop compared to last year. The sluggish performance of sectors responsible for job creation has amplified pressure on President Bola Tinubu to instigate economic reforms.

Marking the 11th consecutive quarter of growth, this economic data release is significant, coinciding with Tinubu’s endeavors to......

https://ratecaptain.com/job-generating-sectors-struggling-puts-pressure-on-tinubu/

Prominent human rights activist and senior lawyer, Mr. Femi Falana, has taken the Central Bank of Nigeria (CBN) to court, alleging the dollarization of Nigeria’s economy and seeking to address the negative consequences of this trend. The Senior Advocate of Nigeria (SAN) filed a lawsuit marked FHC/L/CS/476/23, before the Federal High Court in Lagos, with the aim of addressing what he sees as the CBN’s non-performance of its statutory obligations, which has led to the dollarization of the country’s economy.

In his lawsuit, Falana questions whether the exchange rate of the naira, as dictated by Section 16 of the Central Bank Act, should.....

https://ratecaptain.com/femi-falana-takes-cbn-to-court-over-dollarization-of-economy/

As Nigeria navigates the intricate web of economic challenges, the Federation Account Allocation Committee (FAAC) has played a pivotal role in ensuring the equitable distribution of resources. In July, out of a total gross revenue of N1.74 trillion, FAAC disbursed N966.110 billion to the Federal, State, and local governments. While this marked a 10.8 percent decline from the N1.95 trillion recorded in June 2023, the disbursed amount itself represented a slight increase compared to the N907.054 billion disbursed in the previous month.

The allocation breakdown sheds light on the financial flow within the nation. The disbursed sum comprised distributable statutory revenue of N397.419 billion, distributable Value Added Tax (VAT)............

https://ratecaptain.com/federation-account-revenue-declines-to-%e2%82%a61-74-trillion/

In a recent revelation that has sent shockwaves through Nigeria’s financial landscape, JP Morgan, a prominent American multinational financial services firm, has estimated that Nigeria’s net foreign exchange (FX) reserves dwindled to $3.7 billion by the end of 2022. This startling figure, significantly lower than previous estimates, has been attributed to larger-than-expected currency swaps and borrowing against existing reserves, as stated in JP Morgan’s latest report titled ‘Nigeria:.................

https://ratecaptain.com/hidden-truths-of-nigerias-fx-reserves-unveiled-by-jp-morgan-report/

In a recent report released by the African Development Bank (AfDB) in collaboration with the African Union (AU) and the United Nations Industrial Development Organization (UNIDO), Nigeria has emerged as the 8th most industrialized country in Africa. This distinction places Nigeria as one of the two West African nations featured in the top 10 rankings, highlighting its progress in industrial development despite missing out on the list of the continent’s top richest countries.

The Africa Industrialization Index (AII) report aims to provide a comprehensive assessment of the industrial advancement landscape across Africa. This assessment serves as a crucial foundation for strategies to....

https://ratecaptain.com/nigeria-joins-africas-top-10-industrialized-nations/

China’s ongoing efforts to address economic challenges have led to its central bank making a strategic move – the reduction of the main benchmark interest rate used by commercial banks in issuing one-year loans. While this action aims to support credit growth and boost economic activity, its modest nature and the government’s utilization of conventional tools have sparked discussions about their effectiveness. This blog delves into the recent interest....

https://ratecaptain.com/chinas-central-bank-implements-modest-interest-rate-cut-amid-economic-challenges/

TotalEnergies, a global multi-energy company dedicated to producing and providing diverse energy solutions, is seeking a highly skilled individual to fill the role of Head of Business Development. With a commitment to affordable, clean, and reliable energy, TotalEnergies operates in over 130 countries with a workforce of more than 100,000 employees. This position, based in Abuja, falls under the Economics Business Strategy department and offers an excellent opportunity for career growth and impactful contributions.

Key Responsibilities:......

https://ratecaptain.com/total-energies-job-recruitment-business-development-officer/

FBN Holdings successfully conducted its 11th annual general meeting (AGM) virtually on Tuesday, defying a court injunction aimed at halting the meeting. Despite claiming not to have received any court order preventing the AGM, the financial institution admitted to being served with an interim injunction via an ex parte order on August 11, 2023. This injunction, served under Suit No. FHC/L/CS/1575/23 titled “In the Matter of Olojede Solomon, Adebayo Abayomi, and.......

https://ratecaptain.com/fbn-holdings-holds-11th-virtual-agm-despite-court-order/