After 13 years of back and forth, the Supreme Court, this Friday morning, confirmed the former Managing Director of the now-defunct Bank PHB Plc, Francis Atuche’s conviction. Justice Moore Adumein, in a unanimous judgment, stated that Atuche did not challenge the trial court and the Court of Appeal’s assessment of his credibility. The court, based…
Nigeria’s external reserve reached a record high of $34.07 billion on June 26, 2024. This is according to the Central Bank of Nigeria’s latest FX data on its official website. The figure represents the highest level since March 2024. Recall that last week the external reserve reached a three-month high when it rose to $33.5…
The Governor of the Central Bank of Nigeria, CBN, Mr Olayemi Cardoso has reiterated the determination of the Bank’s Monetary Policy Committee, MPC, to tame inflation through conventional methods. A statement from the CBN’s Corporate Communications Department said Cardoso stated this in an interview with Bloomberg in London on Tuesday while sharing key insights on…
The naira depreciated further against the dollar as the foreign exchange market resumed trading. At the parallel market, the naira weakened to around N1505 against the dollar on Monday from 1490 last Friday. Similarly, FMDQ data showed that the naira dropped to N1490 against the dollar on Monday from N1485.53 last Friday. This represents a…
The National Bureau of Statistics, NBS, has revealed that Ebonyi, Jigawa and Benue states have the highest percentage of crop, livestock and poultry agricultural farming households, respectively. This was disclosed in the recently released National Agricultural Sample Census Report, 2022, by the National Bureau of Statistics. The report stated that agricultural households in Nigeria stood…
Credit facilities borrowed by Nigerians from banks rose to N3.82 trillion in January 2024 amid rising inflation and harsh economic realities. This is according to the recent Central Bank of Nigeria’s monthly Economic report posted on its official website. Accordingly, total consumer credit rose by 11.9 percent to N3.82 trillion in January 2024 from N2.648…
Introduction: In the world of business, the terms “leader” and “ruler” are often used interchangeably when referring to someone in a position of authority. However, there is a clear distinction between the two that can have a significant impact on the success of a company. In this article, I will delve into the differences between…
The naira continued its depreciation against the dollar despite a surge in foreign exchange reserves. FMDQ data showed that the naira depreciated slightly to close at N 1485.53 against the dollar on Friday from N 1485.36 traded on Thursday. This represents a marginal N0.17 loss against the dollar compared to the 1485.36 traded the previous…
Fidelity Bank Plc will today open application lists for its N127.2 billion combined rights and public offer, in the first capital raising under the banking recapitalisation exercise mandated by the Central Bank of Nigeria (CBN). Fidelity Bank is offering a rights issue of 3.2 billion ordinary shares of 50 kobo each at N9.25 per share….
The Debt Management Office, DMO, said that Nigeria’s total public debt has increased by 24.99 per cent to N121.67 trillion (approximately $91.46 billion) as of March 31, 2024. DMO disclosed this in a statement on Thursday. The figure is a significant increase compared to the N97.34 trillion recorded on December 31, 2023. According to DMO,…
