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 Politics › Tinubu Implements Executive Orders For Oil And Gas Reforms by Mateco556(op): 10:17am On Mar 07, 2024 |
The power sector in Nigeria continues to face challenges, despite recent policy directives aimed at addressing key issues. The struggles plaguing the sector persist, raising concerns about the stability and reliability of electricity supply in the country. Despite efforts by various stakeholders, including government agencies and regulatory bodies, to improve the power sector’s performance, significant challenges remain... https://ratecaptain.com/tinubu-implements-executive-orders-for-oil-and-gas-reforms/ |
| Politics › CBN Sells N1.3 Trillion In Treasury Bills With High Interest Rates by Mateco556(op): 10:00am On Mar 07, 2024 |
The Central Bank of Nigeria (CBN) has concluded another round of Treasury Bills (T-Bills) auction, selling approximately N1.3 trillion worth of bills. The auction, held on March 6, 2024, featured bills offered across three different tenors. The Summary of Auction Result revealed that the 364-day tenor attracted the highest interest rate, or stop rate, at an impressive 21.490%. With a maturity date set for March 6, 2025, this tenor garnered over N312 billion in offers, with subscriptions soaring to... https://ratecaptain.com/cbn-sells-n1-3-trillion-in-treasury-bills-with-high-interest-rates/ |
| Business › Dangote Cement: Aliko Dangote To Pocket $284.5 Million In Dividends by Mateco556(op): 2:23pm On Mar 06, 2024 |
Africa’s wealthiest individual, Aliko Dangote, is poised to pocket a substantial dividend of $284.5 million from his ownership stake in Dangote Cement, solidifying his status as the region’s richest man. This windfall is part of the recommended total dividend for the fiscal year 2023, signifying the company’s robust financial performance. The dividends, set at N30 per share for the 2023 fiscal year, are scheduled to be disbursed electronically on Monday, April 29, 2024. With an indirect ownership of...... https://ratecaptain.com/dangote-cement-aliko-dangote-to-pocket-284-5-million-in-dividends/ |
| Politics › Naira Continues To Appreciate For Third Consecutive Day On Official Market by Mateco556(op): 3:35pm On Mar 05, 2024 |
The exchange rate between the Nigerian naira and the US dollar has continued its upward trajectory for the third consecutive day, reaching N1,534.9/$1 on the official market. This marks a significant strengthening of the naira, hitting its highest level in seven days. The official NAFEX rate, serving as the average and benchmark rate used by the Central Bank of Nigeria (CBN), stood at N1,567.65 on March 1st, 2024... https://ratecaptain.com/naira-continues-to-appreciate-for-third-consecutive-day-on-official-market/ |
| Business › Ghana’s Central Bank Suspends FX Licenses Of GT Bank And First Bank by Mateco556(op): 1:13pm On Mar 05, 2024 |
Ghana’s Central Bank Suspends Forex Licences Of GT Bank, First Bank Over Alleged Fraudulent Documentshttps://saharareporters.com/2024/03/05/ghanas-central-bank-suspends-forex-licences-gt-bank-first-bank-over-alleged-fraudulent 10 Likes 1 Share
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| Business › CBN Issues Warning On New Debt Risks For Nigeria And West Africa by Mateco556(op): 11:33am On Mar 05, 2024 |
The Central Bank of Nigeria (CBN) has sounded an alarm regarding a concerning trend in borrowing practices, cautioning Nigeria and other West African nations about the potential risks associated with their debt strategies. Traditionally, countries have relied on loans from the Paris Club, a consortium of creditor nations. However, the CBN has noted a significant shift towards borrowing.... https://ratecaptain.com/cbn-issues-warning-on-new-debt-risks-for-nigeria-and-west-africa/ |
| Politics › Senate To Investigate N30 Trillion Loans: CBN Officials Summoned by Mateco556(op): 10:10am On Mar 04, 2024 |
he Senate of Nigeria has announced plans to summon officials from the Central Bank of Nigeria (CBN) to provide clarification on the utilization of N30 trillion loans obtained by the Federal Government during the administration of President Muhammadu Buhari. In an exclusive interview with The PUNCH, Senator Isah Jibrin, Chairman of the Senate Ad-hoc Committee tasked with the investigation, disclosed that the probe would commence this week. The probe was prompted by concerns over the alleged reckless spending of the N30 trillion “Ways and Means” loan released by the former CBN Governor, Godwin Emefiele, to the Buhari administration. “Ways and Means” loans are overdrafts obtained from the central bank to finance budget deficits or... https://ratecaptain.com/senate-to-investigate-n30-trillion-loans-cbn-officials-summoned/ |
| Politics › NNPC Sets Timeline To End Petrol Imports As Dangote, Another Refinery Commences by Mateco556(op): 11:24am On Feb 29, 2024 |
The Nigerian National Petroleum Company Limited (NNPCL) has unveiled ambitious plans to eradicate Nigeria’s energy scarcity within the next decade. This revelation coincides with significant progress made by two major refineries in the country, Dangote and the Port Harcourt refinery, in commencing the production of Premium Motor Spirit (PMS), commonly known as petrol. Mele Kyari, the group chief executive officer of NNPCL, outlined the timeline for ending... https://ratecaptain.com/nnpc-sets-timeline-to-end-petrol-imports-as-dangote-another-refinery-commences-production/ |
| Politics › National Assembly Proposes N1 Trillion Capital Base Bill To Strengthen CBN by Mateco556(op): 9:38pm On Feb 28, 2024 |
The National Assembly is advancing a significant proposal aimed at fortifying the Central Bank of Nigeria (CBN), potentially elevating its capital base to a staggering N1 trillion. Spearheaded by Senator Adetokunbo Abiru (APC, Lagos East), the bill, titled “Bill for an Act to Amend the Central Bank of Nigeria Act, 2007,” has garnered substantial support and recently progressed to its second reading in the Senate. If passed, the bill will introduce sweeping amendments to the existing CBN Act, 2007, with the primary objective of... https://ratecaptain.com/national-assembly-proposes-n1-trillion-capital-base-bill-to-strengthen-cbn/ |
| Politics › Dollar Crashes Against Naira On Binance Trading At N1,415/$ Amid CBN Directives by Mateco556(op): 1:19pm On Feb 28, 2024 |
The US dollar has experienced a significant decline against the Nigerian naira on the cryptocurrency exchange platform Binance, sparking considerable market activity. Data reveals that on Wednesday, February 28, 2024, the dollar plummeted to as low as N1,415 per dollar, marking a substantial drop from its previous trading value of N1,606 per dollar within the last 24 hours... https://ratecaptain.com/dollar-crashes-against-naira-on-binance-trading-at-n1415-amid-cbn-directives-to-bdcs/ |
| Politics › NLC Suspends Street Protests, Extends Ultimatum Amid Successful Nationwide Actio by Mateco556(op): 12:48pm On Feb 28, 2024 |
The Nigeria Labour Congress (NLC) has opted to suspend street protests following a successful two-day demonstration and extended its ultimatum to the federal government by an additional seven days. Joe Ajaero, the President of the NLC, announced the decision after a meeting of the National Executive Committee (NEC), stating that the street action scheduled for the second day of the protest has been suspended, having achieved its key objectives on the first day.... https://ratecaptain.com/nlc-suspends-street-protests-extends-ultimatum-amid-successful-nationwide-action/ |
| Politics › BDC Should Not To Be An All Comers Affairs - CBN by Mateco556(op): 9:43am On Feb 28, 2024 |
In a pivotal Monetary Policy Committee (MPC) press conference, Central Bank of Nigeria (CBN) Governor Cardoso delivered a resolute message regarding the Bureau De Change (BDC) sector, emphasizing that it should not be treated as an “all commerce affairs.” Instead, he stressed the importance of maintaining transparency and integrity within the market to bolster the value of the naira and uphold market stability. Governor Cardoso underscored the detrimental effects of market distortions and manipulations, which have contributed to fluctuations in exchange rates. He highlighted the presence of sufficient liquidity in the market that could... https://ratecaptain.com/bdc-should-not-to-be-an-all-commerce-affairs-cbn/ |
| Politics › $26 Billion For Unidentified Source Passed Through Binance-cardoso by Mateco556(op): 3:36pm On Feb 27, 2024 |
In a recent Monetary Policy Committee (MPC) press conference, Central Bank of Nigeria (CBN) Governor, Yemi S, emphasized the need for strict regulation in the cryptocurrency market, citing concerns over the flow of large sums of money through platforms like Binance Nigeria. The governor revealed that approximately $26 billion had passed through Binance Nigeria, prompting the need for measures to monitor and regulate such transactions. The announcement comes amidst escalating concerns over the surge in foreign exchange rates, exacerbated by various economic challenges faced by Nigeria. The..... https://ratecaptain.com/26-billion-for-unidentified-source-passed-through-binance-cardoso/ |
| Politics › NLC Nationwide Protest Against Hardship Begins Despite Government Intervention by Mateco556(op): 11:54am On Feb 27, 2024 |
Despite efforts by the Federal Government to prevent it, the Nigeria Labour Congress (NLC) has commenced its nationwide protest against the prevailing hardship across the country. The Secretary to the Government of the Federation (SGF), Senator George Akume, took steps to intervene by inviting Labour leaders to his office for discussions. However, following the meeting, NLC President, Comrade Joe Ajaero, announced that... https://ratecaptain.com/nlc-nationwide-protest-against-hardship-begins-despite-government-intervention/ |
| Foreign Affairs › Japan’s Inflation Slows To 2% In January by Mateco556(op): 10:52am On Feb 27, 2024 |
In January, Japanese consumer inflation eased for the third consecutive month, with prices rising just 2.0 percent, according to government data released on Tuesday. This deceleration in inflation is likely to fuel speculation about the Bank of Japan (BoJ) reconsidering its negative interest rate policy and tight control over bond yields. The year-on-year increase in prices, excluding volatile fresh food items, followed a 2.3 percent rise recorded in December. While economists surveyed by Bloomberg had......... https://ratecaptain.com/japans-inflation-slows-to-2-in-january/ |
| Business › CBN Injects Over $300 Million Into Banks As Naira Sees Uptick by Mateco556(op): 9:25am On Feb 27, 2024 |
Amidst concerted efforts to stabilize the naira-dollar exchange rate, the Central Bank of Nigeria (CBN) has injected over $300 million into Deposit Money Banks (DMBs) over the past two weeks. This move aims to address the recent volatility in the foreign exchange market. The Association of Corporate Treasurers of Nigeria (ACTN) revealed this development in an advisory memo disseminated to its members. According to the memo obtained by... https://ratecaptain.com/cbn-injects-over-300-million-into-banks-as-naira-sees-uptick/ |
| Business › CBN Proposes $10,000/year Limit On Foreign School Fees Via Bdcs by Mateco556(op): 4:00pm On Feb 26, 2024 |
The Central Bank of Nigeria (CBN) is set to implement stringent measures concerning the purchase of foreign currencies through Bureau De Change (BDC) operators, particularly focusing on transactions related to overseas education and medical expenses. Under the proposed revised regulatory guidelines for BDCs in Nigeria, the CBN plans to enforce a cap on foreign currency purchases for school fees at $10,000 per customer annually... https://ratecaptain.com/cbn-proposes-10000-year-limit-on-foreign-school-fees-via-bdcs/ |
| Business › CBN Removes Over N1 Trillion Excess Cash From Access Bank, Zenith, And Others by Mateco556(op): 1:45pm On Feb 26, 2024 |
In a bid to address the persistent challenges facing the Nigerian economy, the Central Bank of Nigeria (CBN) has taken decisive action by mopping up over N1 trillion through Open Market Operations (OMO) auctions. This move comes as part of the CBN’s ongoing efforts to combat inflation, reduce excess liquidity, and stabilize the value of the naira in the foreign exchange market. According to reports, the CBN conducted a series of OMO auctions between October 2023 and January 2024, resulting in the removal of approximately N1.5 trillion from the financial system. These auctions were strategically aimed at tightening monetary policy and curbing the inflationary pressures fueled by excess liquidity.... https://ratecaptain.com/cbn-removes-over-n1-trillion-excess-cash-from-access-bank-zenith-and-others/ 1 Like |
| Politics › FDI Sector Surge To $1.5 Billion In 2023 by Mateco556(op): 11:34am On Feb 23, 2024 |
Foreign investments in Nigeria’s manufacturing industry experienced a significant uptick in 2023, reaching $1.5 billion compared to $948 million in the previous year, according to data released by the National Bureau of Statistics (NBS). The NBS’s capital importation report highlighted that the manufacturing sector emerged as the top investment destination, surpassing other sectors by a considerable margin. Banking and finance sectors followed, albeit at a distance, ranking second and third respectively among the top investment magnets. https://ratecaptain.com/fdi-sector-surge-to-1-5-billion-in-2023/ |
| Politics › Remittances, Trade With Nigeria Threatened As UK Economy Slows by Mateco556(op): 11:24am On Feb 23, 2024 |
Analysts have raised concerns over Nigeria’s remittances inflow and exports to the United Kingdom, attributing the threats to the recession experienced by the UK in the second half of last year. A recession, defined as two consecutive quarters of economic contraction, has impacted the UK’s economic landscape, posing risks to Nigeria’s foreign exchange liquidity and trade relations with one of its key partners. https://ratecaptain.com/remittances-trade-with-nigeria-threatened-as-uk-economy-slows/ |
| Politics › National Protest: NLC To Shut Down Nation Over High Cost Of Living Crises by Mateco556(op): 2:26pm On Feb 20, 2024 |
Nigeria has witnessed a steady increase in food prices, exacerbating the economic challenges faced by many citizens. The situation has reached a critical point, prompting the Nigerian Labour Congress (NLC) to announce a nationwide protest scheduled for February 27th and 28th, 2024. The NLC President, Joe Ajaero, revealed this decision during a press conference held at the Labour House in Abuja. He emphasized that the protest comes after the...... https://ratecaptain.com/national-protest-nlc-to-shut-down-nation-over-high-cost-of-living-crises/ |
| Business › Olam Group Cleared Of Alleged $50 Billion Fraud Charges In Nigeria by Mateco556(op): 10:11am On Feb 19, 2024 |
Singapore-based Olam Group has announced that its Nigeria unit has been cleared of any wrongdoing in an alleged multi-billion-dollar foreign exchange fraud case. The company stated that no charges were brought against it after a thorough investigation conducted by its audit committee and external advisors. In a statement released recently, Olam Group emphasized that its internal investigation, sanctioned by the Audit and Risk Committee (ARC) and the Board, found....... https://ratecaptain.com/olam-group-cleared-of-alleged-50-billion-fraud-charges-in-nigeria/ |
| Politics › Fitch Ratings Warns Cbn’s FX Gateway Bank May Impact Banks’ Liquidity by Mateco556(op): 9:48am On Feb 19, 2024 |
In a recent commentary on Nigerian banks, credit rating agency Fitch Ratings has cautioned that the proposed foreign currency gateway bank introduced by the Central Bank of Nigeria (CBN) may potentially have adverse effects on the liquidity of Nigerian banks. The revelation surfaced in Fitch Ratings’ latest commentary on Nigerian banks, shedding light on concerns surrounding the CBN’s plan to introduce a new foreign currency gateway bank to alleviate the country’s foreign exchange crisis. https://ratecaptain.com/fitch-ratings-warns-cbns-fx-gateway-bank-may-impact-banks-liquidity/ |
| Politics › Senate Approves N5.079trn 2024 Budget For Customs by Mateco556(op): 3:29pm On Feb 16, 2024 |
In a bid to boost revenue generation, the Nigeria Customs Service (NCS) has announced the implementation of several measures aimed at improving efficiency and curbing revenue leakages. According to the spokesperson of the NCS, Mr. Isah, the service will embark on an intensive revenue recovery drive, employing various mechanisms such as system audits, real-time auditing, post-clearance auditing, and the institution of revenue recovery committees. Additionally, the revised penalties and charges outlined in the....... https://ratecaptain.com/senate-approves-n5-079trn-2024-budget-for-customs/ |
| Politics › Food Inflation Hits 35.4%, Sparks Protest In Northern Nigeria by Mateco556(op): 9:23am On Feb 16, 2024 |
Nigeria’s food inflation has surged to a staggering 35.4%, marking a dire situation that has triggered protests across several cities in the northern region. The National Bureau of Statistics reported that the country’s overall inflation rate soared to a three-decade high above 28% in January, exacerbating economic hardships for many Nigerians. Protests have erupted in various northern cities, including Niger state and the economic hub of Kano, as citizens express their frustration over the soaring cost of............... https://ratecaptain.com/food-inflation-hits-35-4-sparks-protest-in-northern-nigeria/ |
| Politics › Inflation Rate Surges To 29.90% In January 2024- NBS by Mateco556(op): 9:01am On Feb 16, 2024 |
According to the latest report from the National Bureau of Statistics (NBS), Nigeria’s inflation rate for January 2024 has risen to 29.90%, up from 28.92% recorded in the previous month. This increase indicates that inflationary pressures in the country have yet to abate. The NBS report highlights that the headline inflation rate increased by 0.98 percentage points compared to December 2023. Similarly, on a year-on-year basis, the inflation........ https://ratecaptain.com/inflation-rate-surges-to-29-90-in-january-2024-nbs/ |
| Politics › Will The Naira Hit N2000/$ In 2024? by Mateco556(op): 8:28am On Feb 16, 2024 |
The Central Bank of Nigeria (CBN) was enveloped in tension as the Naira plummeted to an unprecedented low of N1,548.63 per dollar, marking a significant milestone in the currency’s downward spiral. This latest development has sparked widespread concern about the future trajectory of the Naira and its implications for Nigeria’s economy. With the Naira’s value depreciating by a staggering 33.87%, dropping to N456.73 weaker than the previous closing rate, the severity of Nigeria’s economic challenges has come into sharp focus. The implications of this dramatic decline extend beyond......... https://ratecaptain.com/will-the-naira-hit-n2000-in-2024/ |
| Politics › Petrol Landing Cost Hits N1,000/litre Amid FX Crisis by Mateco556(op): 4:50pm On Feb 14, 2024 |
The landing cost of imported petrol has skyrocketed to over N1,000 per litre as Nigeria’s foreign exchange crisis worsens, according to investigations conducted by BusinessDay. At the prevailing black-market exchange rate of N1,500 per dollar, data indicates that the landing cost of petrol, encompassing the product’s international price, shipping, insurance, and associated expenses, surged to N1,009 per litre from N720 per litre recorded in October 2023.... https://ratecaptain.com/petrol-landing-cost-hits-n1000-litre-amid-fx-crisis/ |
| Politics › Nigeria And UK Set To Sign Enhanced Trade Investment Partnership Agreement by Mateco556(op): 3:48pm On Feb 13, 2024 |
On Tuesday, the governments of Nigeria and the United Kingdom are poised to ink a significant agreement aimed at bolstering trade volume and dismantling market access barriers. The Enhanced Trade Investment Partnership (ETIP) Agreement represents a pivotal step towards fostering stronger economic ties between the two nations, with a focus on facilitating investments and reducing regulatory hurdles. The landmark agreement, which falls just shy of a Free Trade Agreement, will be formally signed by Nigerian Minister for Trade and Investment, Dr. Doris Uzoka-Anite, and............. https://ratecaptain.com/nigeria-and-uk-set-to-sign-enhanced-trade-investment-partnership-agreement/ |
| Politics › Naira Plunges To N1,534 Against Dollar On Official Market by Mateco556(op): 10:59am On Feb 13, 2024 |
In a disheartening development for Nigeria’s economy, the national currency, the naira, hit an unprecedented low against the dollar on the official Nigerian Autonomous Foreign Exchange Market. Reports from FMDQ Exchange revealed that the naira plummeted to a historic low of N1,534 against the dollar on Monday, marking a significant 3.93% decrease compared to the previous week’s closing rate of N1,476.13/$. This latest drop signifies the deepest decline recorded since the Central Bank of Nigeria initiated the floatation of the national currency in June 2023, sending............ https://ratecaptain.com/naira-plunges-to-n1534-against-dollar-on-official-market/ |
| Travel › Airlines To Hike Airfares As Aviation Fuel Surpases N1300 Per Litre by Mateco556(op): 7:09pm On Feb 11, 2024 |
Airline operators in Nigeria are contemplating raising ticket prices as the cost of aviation fuel surpasses N1,300 per litre, causing significant financial strain within the aviation sector. According to a statement released on Friday by Obiora Okonkwo, the spokesman for local airlines, urgent government intervention is needed to prevent the collapse of domestic carriers. The sharp increase in aviation fuel prices, coupled with volatility in foreign exchange rates, has disrupted operational planning and stability within the aviation industry.......... https://ratecaptain.com/airlines-to-hike-airfares-as-aviation-fuel-surpases-n1300-per-litre/ |
| Politics › CBN Directs Banks To Notify Customers Before Debt Recovery Moves by Mateco556(op): 3:43pm On Feb 09, 2024 |
In a bid to enhance transparency and fairness in the debt recovery process, the Central Bank of Nigeria (CBN) has instructed regulated entities, particularly banks, to notify customers of outstanding obligations before commencing debt collection. This directive was issued by CBN Governor, Dr. Olayemi Cardoso, and is outlined in the revised Consumer Protection Regulations released by the apex bank on Thursday............ https://ratecaptain.com/cbn-directs-banks-to-notify-customers-before-debt-recovery-moves/ |
