The Nigerian Exchange (NGX) saw a significant boost on Monday, following the listing of additional shares by Fidelity Bank Plc, which increased the market capitalisation by N94 billion. This surge comes after the successful conclusion of the bank’s hybrid offer, which included both a rights issue and a public offer both of which were oversubscribed. A total of 18.2 billion ordinary shares, each valued at 50 kobo, were added to…

Traders had been expecting cartel to postpone its plan to boost output Opec+ said it will proceed with a plan to increase oil production from April, in an unexpected move by the cartel that sent crude prices tumbling. Saudi Arabia and seven other members of the Opec+ group had previously delayed a plan to unwind long-standing output cuts several times and traders had widely expected it to be postponed…

In what turns out to be a piece of positive news, Nigeria’s foreign reserves have surpassed the $40 billion mark for the first time in three years, marking a significant milestone in economic recovery efforts. The governor of Central Bank of Nigeria (CBN), Olayemi Cardoso, who disclosed during a meeting with the Assistant Governor for Monetary Affairs at the Saudi Arabian Central Bank (SAMA), Talal Al-Humond, on the sidelines of…

The UK needs to develop a pipeline of construction skills and knowledge             After months of delivering confidence-sapping messages on the British economy, the Labour party has begun to change its tune. Last week, Prime Minister Sir Keir Starmer unveiled plans to build new towns across the country; part of a broader promise to construct 1.5mn homes within the current parliament. That followed announcements last month to revive the development of…

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has decided to maintain the country’s benchmark interest rate at 27.50% following its 299th meeting in Abuja. CBN Governor, Olayemi Cardoso, made the announcement on Thursday, highlighting that the committee unanimously agreed to keep key monetary parameters unchanged as it evaluated the economic outlook for 2025. The CBN also kept the asymmetric corridor around the MPR at +500/-100…

For the past week, there have been verbal alterations between a cryptocurrency firm, Binance’s boss, Gambaryan and some members of the House of Representatives over the former’s claims that the lawmakers demanded a $150million bribe to give him a soft landing in the case of a fraud allegedly committed by the firm. However, the named lawmakers have fired back, affirming that Gambaryan’s allegation is a tale of falsehood and sheer…

Keystone Bank has announced that it is now fully owned by the Federal Government of Nigeria, following a ruling by the Lagos State High Court on Tuesday, 11 February 2025. The bank confirmed that the takeover would bolster its stability and assist in the smooth process of recapitalisation. The development comes after the court ordered the forfeiture of shares held by the bank’s former shareholders, Sigma Golf Nigeria Limited and…

With the rising cost of living in Nigeria, fueled by inflation and economic downturn, housing has become an increasing burden for tenants nationwide. The sharp rise in rent has forced some families to relocate to rural areas where housing is more affordable, while others continue to struggle to make ends meet in the cities. Urban residents face escalating rental costs, largely driven by the removal of petroleum subsidies and the…

• Valentine’s Day: Supermarkets, vendors expect high sales By Damilola Olufemi Despite the economic downturn, Nigerian couples are determined to make this Valentine’s Day a memorable one. From supermarket shopping sprees to surprise packages, event planning, and romantic getaways, lovers are finding creative ways to celebrate their relationships. For Emmanuel and his girlfriend, Ada, who live in the Kurumashi area of Kaduna State, Valentine’s Day is all about appreciation and…

The Bank of England’s predictions follow its decision on Thursday to cut its main interest rate for the third time in six months. The bank now predicts that the British economy will only grow by 0.75% this year, down from its previous forecast of 1.5% just three months ago. In a statement, the bank’s nine-member Monetary Policy Committee (MPC) lowered its main interest rate by a quarter of a percentage…

The Central Bank of Nigeria (CBN) has announced new regulations that will allow Bureau de Change (BDC) operators to purchase up to $25,000 weekly from a single Authorised Dealer Bank (ADB). This move aims to meet the retail foreign exchange demand for eligible invisible transactions, such as Business and Personal Travel Allowance (BTA/PTA), overseas school fees, and medical expenses. The guidelines were outlined in a circular issued on February 5,…

The leaders of Mexico and Canada each said they had struck agreements to pause tariffs for 30 days, but levies on products from China were still set to take effect just after midnight. Here are the latest developments. President Trump and the leaders of Mexico and Canada struck last-minute deals on Monday to postpone the imposition of hefty tariffs on goods exported to the United States, averting at least temporarily…