Business

Nigeria’s inflation rate rises by 15.75%

Nigeria’s inflation rate increased by 15.75% (year-on-year) in December 2020, the highest rate recorded since 2017. This is according to the latest Consumer Price...

Nigeria’s Public debt hits N32.22tr in Q3-NBS

A recent report by the National Bureau of Statistics shows that Nigeria’s total debt as at the Third Quarter (Q3) 2020, stood at N32.22 trillion. The NBS In a report...

Nigeria imports N35.2bn solid minerals in Q3 2020 – NBS

Nigeria’s total trade in solid mineral goods stood at N40.8bn in the third quarter of 2020, comprising an import component of N35.2bn and export component of...

Oil prices fall on renewed coronavirus concerns

The crude oil market has been hit by renewed concerns about global fuel demand amid tough coronavirus lockdowns in Europe and new curbs on movement in China, the...

NERC adjusts service bands by NGN2.00 to NGN4.00 per kWhr

In what seems to be a season of price increase occasioned by Nigeria’s rising inflation rates, the Nigerian Electricity Regulatory Commission, NERC, has again...

CBN fixes N2b capital for mobile money operators

The Central Bank of Nigeria, CBN, has fixed a minimum of N2 billion capital base for Mobile Money Operators (MMOs) This was disclosed in a circular signed by its...

We will wrestle food inflation in 2021 – Presidency

President Muhammadu Buhari has issued a strong directive to the Central Bank of Nigeria (CBN) not to approve funds for food importation as the federal government vows to...

Manufacturing Sector Index Contracts in December, PMI stands at 49.6

The Manufacturing Purchasing Managers’ Index (PMI), for the month of December, witnessed a contraction, which stood at 49.6 index points, indicating a contraction from...

CBN revokes 42 microfinance banks’ operating licences

The Nigeria Deposit Insurance Corporation (NDIC) has commenced the closure of 42 microfinance banks following a directive from the Central Bank of Nigeria (CBN). The...

BREAKING: Nigeria’s inflation rate hits 14.89% in November –NBS

Nigeria’s inflation rate increased by 14.89 per cent (year-on-year) in November 2020, the highest in 31 months. The National Bureau of Statistics disclosed in its...