Author: Ogochukwu Ndubuisi

Sell Pressure Stops Bitcoin from $100K Price Flirting The market price of bitcoin retreated strong after days of flirting around $100,000 as retail investors took profit from orange coin.  Some analysts revealed that Bitcoin’s recent price drop is being attributed to long-term holders rather than institutional investors, despite initial speculation to the contrary. Bitcoin BTCUSD price fell over 5.6% in the past 24 hours to trade at $92,774, according to data from CoinMarketCap.com.  The price correction on the world’s largest crypto asset dragged down the entire market value of all cryptos at the same time. Reacting to negative price movement,…

Port Harcourt Refinery Begins Operation The Port Harcourt Refinery, managed by the Nigerian National Petroleum Company Limited (NNPC Ltd.) through the Port Harcourt Refining Company Limited (PHRC) has commenced operations after undergoing rehabilitation and modernisation. The refinery with 210,000 bpd refining capacity located at Alesa, Eleme, in Port Harcourt, comprises two operational units which were established in 1965 and 1989. The old plant refines a capacity of 60,000 barrels per day (bpd), while the new plant refines 150,000 bpd. It would be recalled that the Federal Government, under former President, Muhammadu Buhari, had in March 2021 secured a 1.5 billion…

Israel Poised to Approve Ceasefire with Hezbollah, Israeli Official Says Israel looks set to approve a U.S. plan for a ceasefire with the Iran-backed Hezbollah on Tuesday, a senior Israeli official said, clearing the way for an end to the war, which has killed thousands of people since it was ignited by the Gaza conflict 14 months ago. Israel’s security cabinet is expected to convene later on Tuesday to discuss and likely approve the text at a meeting chaired by Prime Minister Benjamin Netanyahu, the official said. This would pave the way for a ceasefire declaration by U.S. President Joe…

The naira depreciated to N1,675.62 per US dollar at the Nigerian autonomous foreign exchange market on Monday

Nigeria Ranks 6th on Africa Visa Openness Index- Report Nigeria ranked sixth among 54 countries in the African Development Bank (AfDB) and African Union’s 2024 African Visa Openness Index (AVOI) report. “Visa openness refers to the ease with which travellers can obtain authorisation to travel to and enter a country, pending final determination by the destination immigration officials. “The more visa-open a country, the easier it is for a traveller to visit that country. “There are different degrees of visa openness. “A more visa-open country has a generally more liberal or relaxed visa policy for visitors, meaning that visitors either…

Lagos N3trn Budget for 2025 Scales 2nd Reading The 2025 Appropriation Bill of N3.005 trillion presented by Gov. Babajide Sanwo-Olu of Lagos State has scaled the second reading at the state’s House of Assembly. The House made this known on Monday at a plenary presided by the Speaker, Mr Mudashiru Obasa, at the assembly’s complex in Ikeja. Sanwo-Olu told the lawmakers at the budget presentation on Thursday that the budget aims to achieve a 59 per cent capital expenditure and 41 per cent recurrent expenditure ratio. The governor added that this is with deficit financing to be sourced through external…

40% of African Nations in Debt Crisis – ECA The United Nations Economic Commission for Africa (ECA) says 40 per cent of African nations are in debt distress or at high risk, with most spending more on debt interest payments than on critical sectors. Hanan Morsy, Deputy Executive Secretary and Chief Economist at the ECA, said this at the ongoing 2024 African Economic Conference (AEC). The conference is themed: “Securing Africa’s Economic Future Amidst Rising Uncertainty.” She spoke during the conference’s Fireside Chat on Global Financial Architecture Reform Agenda: A Focus on Debt and Tax. The conference is co-hosted by…

After the spot rate on one-year bills was raised by 50 basis points to 23.50% at the primary market auction last week,

As liquidity conditions continued to be severely strained, money market rates rose and trended above 32% each. 

Investors on the Nigerian Exchange (NGX) platform lost about N134 billion due to last minute selloffs in the equities market on Friday.