Author: Julius Alagbe

The naira exchange rates mixed as Nigeria’s $2.2 billion Eurobonds raised boosted market confidence.

Banks Release Updates on Unused Savings Accounts Nigerian deposit money banks (DMBs) have started to inform their customers that unused savings accounts for periods of 12 months will be classified as dormant, as ordered by the regulator – the Central Bank. In their separate notices, banks said, in line with the directive from the Central Bank of Nigeria (CBN), savings accounts that have not been used for a specified period will now be classified as inactive or dormant. Bankers said this means that accounts with no transactions for 6 months will be marked as inactive. However, if inactivity continues, such…

A strong demand for Lafarge Africa, FBN Holdings, and other banking names has nudged the equities market index

Enugu, Austrian Firm Sign $100m Infrastructure Deal The Enugu State Government and Austrian firm WANDE NEXUS signed a $100 million deal to implement Sustainable Last Mile Connectivity and Advanced Metering Infrastructure (AMI) Project in Enugu. With the signing, which took place at the Government House, Enugu, in the presence of the Austrian Ambassador to Nigeria, Thomas Schlesinger, the firm will be injecting the fund as Foreign Direct Investment (FDI) to modernise water infrastructure. In a speech, Gov. Peter Mbah described the signing as an example of the relationship that could exist between a sub-sovereign and a sovereign, as well as…

Developing countries spent a record $1.4 trillion to service their foreign debt as their interest costs climbed to a 20-year high in 2023, the World Bank’s latest International Debt Report shows.

Interbank Rates Dip as FAAC, Remita Inflows Boost Liquidity In the money market, the short-term benchmark interest rates dipped significantly on the back of additional inflows, which boosted liquidity balance in the financial system. Data showed that interbank rates retreated sharply as a flood of inflows lifted liquidity balance from the deficit position that it had sustained for weeks. Amidst liquidity struggles, banks borrowed a total of N8.3 trillion from the Central Bank of Nigeria’s (CBN) Standing Lending Facility (SLF) to fund their operations and close deficits. Analysts said borrowing activities from the CBN window would reduce drastically as the…

Port Harcourt Refinery Resumes Full Operations after Brief Scale Down The Port Harcourt refinery has resumed full operations after a brief “scaling down”, Mr Ibrahim Onoja, the company’s Managing Director has said. Addressing newsmen after a facility tour of the refinery on Sunday night, Onoja said the facility had resued distribution of products, including Premium Motor Spirit, kerosene, and diesel. ”The refining plant has undergone extensive upgrades to enhance efficiency and reliability which had also impacted on production capacity. ”We replaced most of the equipment including pumps installation and cables. “The plant is running and we are trucking out our…

Moody’s Ratings has changed the outlook on the Government of Angola to stable from positive and affirmed the country’s foreign and local currency….

Employment in Euro Area Worsened as Services, Manufacturing Deteriorate The Euro Area’s manufacturing sector deteriorated further in November, with the Hamburg Commercial Bank (HCOB) Eurozone Manufacturing PMI dropping to 45.2, indicating sharper contractions in production, new orders, purchasing, and inventories. Employment saw its steepest decline since August 2020, led by Germany and Austria. Weak demand drove aggressive price discounts, while operating costs fell slightly for the third month. Key economies, including Germany, France, and Italy, faced significant downturns, while Spain and Greece showed slower improvements. Backlogs fell sharply, reflecting persistent overcapacity. Despite subdued historical levels, business confidence ticked up to…

The global cryptocurrency market opened with mixed sentiment on Monday after the top 10 crypto assets overnight rallied