Category: Business News
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Despite rising inflation, CBN increases interest rate 18.5 per cent
The Central Bank of Nigeria’s Monetary Policy Committee (MPC) has increased the interest rate by 18.5 per cent to 20.5 per cent from the initial 18 per cent in March despite rising inflation in the country. The increment in interest rate was announced on Wednesday by Governor of the Central Bank of Nigeria, Godwin Emefiele,…
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President Buhari to commission largest biggest single refinery in Lagos today
President Muhammadu Buhari alongside five other African leaders will today commission the Dangote refinery in Lekki Lagos. Dangote Refinery 650,000 barrels per day (bpd) facility expected to be the biggest single refinery in the world, will according to Nigerian Economic Summit Group (NESG) add about $21 billion (N9.7 trillion at the current exchange rate) yearly…
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Falling nature of Naira, other African currencies the cause of inflation, public debts
The International Monetary Fund (IMF) has revealed that the falling nature of the Naira and other currencies in Nigeria and other is responsible Sub-Saharan African countrie is responsible for the push up in public debts across Africa.
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Oil Markets Rebound as Traders Seek Cover, but US Debt Concerns Limit Gains
In early Asian trade on Friday, oil markets made a partial recovery as traders engaged in short-covering activities before the weekend. However, the gains were limited by uncertainties surrounding the U.S. debt ceiling and renewed fears of a regional banking crisis in the United States. Interestingly, the oil market largely disregarded the global oil demand…
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Title: 5 reasons why a crypto company should get a license in Dubai
Why should a crypto organization get a permit in Dubai? The UAE has been chosen by a vast number of crypto organizations from around the world to obtain a crypto license in Dubai. The UAE has been known for its financial stability and loyalty to the blockchain. Dubai is one of the main epicenters of…
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CBN jerks up interest rate to 18%
The Central Bank of Nigeria Monetary Policy Committee (MPC) has agreed to jerk up the benchmark interest rate by 50 basis points to 18. per cent. This was made known by the CBN Governor, Godwin Emefiele through a communique of the second MPC meeting of the year on Tuesday.
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Currency in circulation has dropped to N1.38tn – CBN
Following the naira redesign, introduced by the Central Bank of Nigeria, the total amount of currency-in-circulation in the country has dropped from N3.29tn as of the end of October 2022 to N1.38tn as of the end of January 2023.
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CASH SWAP: CBN stops Abuja, Lagos PoS operators
The Central Bank of Nigeria, CBN, has stopped mobile money/Point of Sales agents in Abuja and Lagos from its newly launched cash swap programme. The development came as the January 31 deadline for the phasing out of the old N1,000, N500 and N200 notes approaches. In a Frequently Asked Questions document released to selected agents…
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New Naira: No Extended deadline, January 31 remains – Emefiele
The Central Bank of Nigeria, CBN, Governor, Godwin Emefiele, on Tuesday insisted that the deadline for the new naira notes would not be extended. Emefiele stressed that the January 21, 2023 deadline is sacrosanct. “No, we will not shift any deadline, what we have done is not against the law; it’s in tandem with…
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Exxon Mobil leads oil giants in raking huge profits amid high energy prices
ExxonMobil Corporation, commonly known as Exxon, has led oil giants in raking excessive profits amid high energy prices, as it broke records with its turnover in the third quarter, raking in $19.66 billion in net income. The Irving, Texas company said Friday that it booked $112.07 billion in quarterly revenue, more than double the revenue…