Author: Ogochukwu Ndubuisi

China Files Complaint With World Trade Organisation Against U.S. Tariffs China has lodged a complaint with the World Trade Organisation (WTO) over the new tariffs imposed by the United States on goods from China, the WTO said on Wednesday. “China has requested WTO dispute consultations with the U.S. in regard to new tariff measures applied by the U.S. on goods originating in China,’’ the organisation said in a statement. New 10 per cent tariffs imposed by the administration of U.S. President Donald Trump on all Chinese imports took effect on Tuesday. China responded by announcing tariffs of 15 per cent…

Google Drops Pledge Not to Use AI for Weapons Google on Wednesday said it has removed a pledge from its artificial intelligence (AI) principles that had said the company would not use the technology to develop weapons. The technology giant had rewritten the principles that guide its development and use of AI which is published online, but a section pledging not to develop tech that causes or is likely to cause harm has now been removed. That section said the firm would not pursue applications in the areas of weapons or “that gather or use information for surveillance violating internationally…

CBN Sets New FX Rules for Bureau de Change Operators The Central Bank of Nigeria (CBN) has issued new guidelines restricting Bureau de Change (BDC) operators to purchasing foreign exchange from a single authorised dealer per week. The bank also directed the BDCs to comply with Know Your Customer (KYC) measures. The apex bank, in a circular signed by W. J. Kanya, Acting Director, Trade and Exchange Department, mandated a weekly purchase cap of $25,000 per BDC from authorised dealers. “A BDC shall approach its preferred Authorised Dealer Bank (ADB) and can only procure the said amount from only that…

World Food Program Earmarks $2.5b to Fight Hunger, Malnutrition in Nigeria The United Nations World Food Programme (WFP) says it has budgeted 2.5 billion dollars in the 2023 to-2027 Nigeria Country Strategy Plans (CSP) geared towards achieving zero hunger and improved nutrition across the country. Mr Seriene Loum, Head of Programme, WFP said this at the Co-creation workshop organised by the organisation in collaboration with National Social Investment Programme Agency (N-SIPA) on Wednesday in Abuja, Loum who represented WFP Country Director, said WFP strategic goal was to ensure a word without hunger in line with the Sustainable Development Goals (1…

Yield Slides as Investors Appetite for Bonds Rises The average yield retreated in the secondary market as investors showed interest in Nigerian government bonds. The fixed income market turned bullish ahead of the midweek Treasury bills auction. Nigeria’s bond yield remains elevated, and it has continued to act as a catalyst for increased demand and sustained portfolio adjustments via secondary market trading. Activities in the bond market have always been driven by wealth managers and institutional and retail investors, including local banks. Pension Fund Administrators (PFAs) have pumped significant amounts from the pension fund into Nigeria’s securities. Despite elevated yield…

Treasury Bills Yield Falls Ahead of N670bn Auction In the secondary market, the average yield on Nigerian Treasury bills (NTB) fell to 23.27% ahead of the Central Bank’s primary market auction (PMA) offer worth N670 billion. The secondary market traded on a relatively quiet note, with a mild bullish bias as market players positioned ahead of the midweek auction. Ahead of the auction, the Treasury bills market attracted buying interest, supported by enhanced market liquidity. LThe liquiditybalance in the money market switched to a surplus of more than N200 billion from a deficit position in the prior day. Analysts at…

FG Moves to Revamp Bank of Agriculture for Economic Stability The Federal Government has reaffirmed its commitment to restructuring and recapitalizing the Bank of Agriculture (BoA) as part of efforts to strengthen the economy and enhance food security. Presiding over a progress report meeting on Friday, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, highlighted the BoA’s crucial role in boosting agricultural production and stabilising prices. While monetary measures are being implemented, he stressed the need for fiscal and real-sector strategies to increase output, support economic growth, and dampen inflation. The National Council on…

FG Takes Leap Towards Fiscal Excellence With Revised Cash Management Policy The Honourable Minister of State for Finance, Dr. Doris Uzoka-Anite has reaffirmed the Federal Government’s commitment to ensuring sound fiscal management and sustainable economic development through the revised policy on Cash Management and Bottom-Up Cash Planning. The Minister gave the assurance at the Stakeholders Review Meeting on the Implementation of the Revised Policy on Cash Management and Bottom-Up Cash Planning Protocols, held in Abuja She stated that the revised policy on Cash Management and Bottom-Up Cash Planning represents a pivotal step in our journey toward ensuring sound fiscal management…

FG Launches $124 Million Cholera Control Initiative The Federal Government, FG, has launched the National Strategic Plan of Action on Cholera Control (NSPACC) 2025-2029, a 124 million dollars initiative aimed at eradicating cholera in Nigeria through a multi-sectoral approach. The plan was unveiled on Tuesday in Abuja by Prof. Muhammad Pate, the Coordinating Minister of Health and Social Welfare, who emphasised the government’s commitment to cholera prevention, preparedness, and response. The launch event, hosted in partnership with the Nigeria Centre for Disease Control and Prevention (NCDC), the National Primary Health Care Development Agency (NPHCDA), and international health partners, marked a…

Presco, MTN Nigeria, Access Holdings, and FCMB are currently trending positively in the equities segment of the Nigerian Exchange (NGX), according to stockbrokers. Data obtained from the NGX trading platform confirmed the bargain hunting across key segments.