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Average prices of foods, transportation and health care among other needs have been projected to increase for month. Investment bankers have estimated uptick in headline inflation rate for the month of May, projected to spike to 12.43%.
CBN FX Adjustment Put Banks Minimum Capital Base below $70 Million. The Central Bank of Nigeria recent foreign exchange (FX) adjustment has rub off on capital position of banks, as a result experts are expecting capital raise for operators.
Nigeria’s economy expands 1.87% despite global disruptions. The National Bureau of Statistics (NBS) says the country’s Gross Domestic Product (GDP) grew by 1.87 percent year-on-year in real terms in the first quarter of 2020.
Nigeria’s Oil Supply Quota Caps at 1.41 Million Barrels Per Day. As per efforts to reflate, stabilise global prices of oil, Nigeria is expected to slash daily oil supply to 1.41 million barrels per day (MMbpd) base on quota from the Organisation for Petroleum Exporting Countries.
The bulls tightened their grip on the Nigerian Stock Exchange, pushing it to positive territory on all trading days last week. It was a full week of bullish performance. Then, Unilever stock emerged as the best performing stock, gained 33.86% to close at ₦17.
The Economic Commission for Africa (ECA), African Development Bank (AfDB) and African Union Commission (AUC) on Friday inaugurated the second Africa Regional Integration Index (ARII 2019). The index comes with a call to action, for economies on the continent to deepen their integration.
Jaiz Bank Plc, the premier non-interest bank in Nigeria has resumed selling of foreign exchange to operators of Small and Middle Enterprises (SMEs) to open up businesses and boost the nation’s economy amidst Covid-19 pandemic.
BUA Cement bolsters revenue amidst tough operating environment. BUA Cement, Nigeria’s second largest cement company, has recorded a 47.5% increase in revenues from ₦119.01 billion to ₦175.52 billion, its audited financial statement for 2019 has shown.
NSE remains upbeat as investors fortune grows by ₦130 billion. Investors remain largely positive on the Nigerian Stock Exchange (NSE) on Wednesday, with the market capitalisation up by ₦130 billion.
The National Bureau of Statistics (NBS), says the country imported 20.89 billion litres of Premium Motor Spirit (PMS) also known as petrol in 2019. The NBS made this known in its latest report on petroleum products importations statistics for 2019 released on Wednesday.