Author: Olu Anisere

Interbank Rates Dip as FAAC Credit Boosts Liquidity The financial system closed with a liquidity deficit, which kept the short-term benchmark interest rates elevated in the money market. Banks maintained their borrowing habits as they faced pressure from weak funding profiles in the market. Interbank rates declined after inflows from the Federal Account Allocation Committee (FAAC) lifted liquidity balance in the financial system. The reduction in money market rates was short of expectations, reflecting a deficit balance in the system. In their separate notes, investment analysts said liquidity balance improved, though still in deficit for fifth consecutive days According to…

BEDC Builds New 33kv Feeder Line to Improve Power Supply in Edo The Benin Electricity Distribution Company (BEDC), says it has completed a new 33 KV feeder to improve power supply to the Federal Secretariat and some communities in Ikpoba-Hill in Benin. The Chief Technical Officer (CTO) of BEDC, Engr. Lawani Jonathan disclosed this during the inauguration of the new feeder line at Ihovbor station in Edo. Jonathan said the new line was constructed from the Ihovbor station under the Transmission Company of Nigeria (TCN). “The 33KV line will supply electricity to two injection substations, which would power the Federal…

GCR Affirms Tangerine General Insurance Financial Strength Rating of A-(NG) GCR Ratings has affirmed Tangerine General Insurance Limited’s national scale financial strength rating of A-(NG), with a stable outlook. In its latest rating note, GCR said Tangerine General Insurance Limited and its subsidiary, Total Health Trust Limited (THT), collectively referred to as the sub-group within the wider Tangerine Group (the group), accounting for approximately 33% of the group’s revenue and total assets as of 31 December 2023. In this regard, the financial strength rating of Tangerine General reflects the strengths and weaknesses of the sub-group but capped at Tangerine Group’s…

The Central Bank of Nigeria (CBN) towards what appears to be the last lap of its intermittent weekly FX intervention

LCCI Calls for Targeted Fiscal Support for manufacturers, Farmers The Lagos Chamber of Commerce and Industry (LCCI) has called for targeted fiscal interventions to support manufacturers and farmers, aiming for more inclusive Gross Domestic Product (GDP) growth. LCCI Director General, Dr. Chinyere Almona, said this in a statement on Wednesday in Lagos, in reaction to the National Bureau of Statistics (NBS) GDP growth report of 3.46 percent. She said that the recent statistics reporting growth in economic activities and the latest 25 basis point hike in interest rates by the Monetary Policy Committee of the Central Bank presented a reality.…

Abidjan-Lagos Corridor Highway, a Potent Economic and Industrial Hub – AfDB The Abidjan-Lagos corridor highway is set to become a powerful economic and industrial hub courtesy of the Spatial Development Initiative promoted by the African Development Bank (AfDB). Mr. Mike Salawou, Director of the Infrastructure and Urban Development Department at the AfDB, said this in a statement. Work on the 1,028km transnational coastal motorway is due to begin in 2026 and is earmarked for completion by 2030. The highway connects Côte d’Ivoire to Nigeria while crossing through Ghana, Togo, and Benin. “Under the AfDB’s leadership, feasibility studies, financing options for…

Cryptocurrency market capitalisation rose on Wednesday as price of Bitcoin (BTC-USD) picked up again. 

Yuan Weakens 7.1982 Pips Against Dollar The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 72 pips to 7.1982 against the dollar on Wednesday. This is according to the China Foreign Exchange Trade System. In China, the central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. The Yuan is also allowed to rise or fall by two percent from the central parity rate each trading day in the spot foreign exchange market of the…

FG Cancels Foreign Training for Nigerian Scholars The Minister of Education, Dr Mauruf Alausa, says the Federal Government has, henceforth, cancelled foreign trainings for scholars. Alausa, who said this at the opening ceremony of a three-day conference organised by the British Council on Tuesday in Abuja, said that scholars would now be trained within Nigeria. The theme of the conference is “Building Sustainable and Relevant Tertiary Institutions and Systems in Africa”. The minister said that the Federal Government would be spending substantial money on building simulation lab, as well as building and developing the country’s universities. “We have just decided…

Kaduna Seals 5 Banks, Business Premises Over N1.7bn Debt The Kaduna State Internal Revenue Service (KADIRS) on Tuesday sealed five banks and other business premises within the Kaduna metropolis for a ‘Land Use Charge (LUC) debt’ of N1.7 billion It has also sealed the prominent Hamdala Hotel for a N115 million debt on LUC. The banks and other businesses sealed were Keystone Bank Plc, Unity Bank, FCMB, Zenith Bank, Bank of Agriculture (BOA), as well as Chicken Republic, all located along Yakubu Gowon Way. Others were: Forte Oil, New Nigeria Development Company, GT Bank parking lot and A.G. Leventis building.…