Author: Marketforces Africa

Foreign exchange rates move in favour of the Euro against the U.S. dollar in the market, Japanese Yen

Retail Price of Petrol Drops – NBS The National Bureau of Statistics (NBS) says the average retail price of a litre of petrol witnessed a drop from N264.29 in March to N254.06 in April 2023. This is according to the NBS Petrol Price Watch released in Abuja on Friday. It stated that the April 2023 price of N254.06 represented a 3. 87 per cent decrease over the price of N264.29 recorded in March 2023. However, the average retail price of a litre of petrol increased year-on-year basis from N172.61 recorded in April 2022 to N254.06 in April 2023. It stated…

Aliyu Dikko, the Chairman Board of Directors of the Bank of Industry (BOI) Group, said the group’s total assets

FAAC Shares N655.932bn among FG, States, LGCs for April The Federation Account Allocation Committee (FAAC) has shared N655.932 billion in revenue for April with the Federal Government, States, and Local Government Councils (LGCs). According to a statement issued by Bawa Mokwa, the Director, of Press and Public Relations, Office of the Accountant of the Federation (OAGF), this is contained in a communiqué issued at the end of the FAAC meeting for May 2023. The communique states that the N655.932 billion total distributable revenue comprised distributable statutory revenue of N364.654 billion. It said that it also contained distributable Value Added Tax…

IMF Approves $3bn Loan for Ghana The International Monetary Fund (IMF) executive board has approved a three billion U.S. dollar Extended Credit Facility for Ghana to help address its current economic crisis. In a statement, the IMF said the decision would enable an immediate disbursement of about 600 million dollars to Ghana. It added that the facility would support “a comprehensive reform programme” by the Ghanaian government to tackle the deep economic crisis brought on by a combination of large external shocks and preexisting fiscal and debt weaknesses. The statement said the Ghanaian government’s reform programme would focus on restoring…

Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, has announced a discounted loan

In the secondary market, the average yield on Nigerian Treasury bills shifted upward as the rising headline inflation

Shareholders Authorise Ecobank to Raise Capital Ecobank Transnational Incorporated (ETI), the parent of the Ecobank Group, shareholders have approved all resolutions presented at its annual meeting including the borrowings plan to boost capital position. The leading pan-African bank with a presence in 35 African countries, held its 35th Annual General Meeting (AGM) and an Extra Ordinary General Meeting, today in Lomé, Togo. At the meeting, shareholders approved the accounts and the appropriation of profits for 2022. In addition, shareholders voted for the re-election of Mr Simon Dornoo, Professor Enase Okonedo, Dr George Donkor, Mr Deepak Malik and Ms Zanele Monnakgotla…

After maintaining its cool against the dominance of the United States (U.S.) dollar at the official window

Amidst worsening foreign exchange pressures, analysts said Nigeria’s crude oil and gas import costs grew