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CBN and SEC Approve FCMB Group’s N147 Billion Rights Offer, Oversubscribed by 33%
The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) have approved FCMB Group’s ₦147 billion rights issue, which has been oversubscribed by 33%. In a statement released to the Nigerian Exchange Limited (NGX) and signed by FCMB’s Company Secretary, Olufunmilayo Adedibu, it was revealed that the offer attracted 42,800 investors, with […] More
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Nigeria’s Money Supply Soars by 51% YoY to ₦108.96 Trillion
Nigeria’s Broad Money Supply (M2) experienced a significant Year-on-Year (YoY) increase of 51%, rising to ₦108.96 trillion in November 2024 from ₦72.03 trillion in the same period of 2023. Broad Money Supply (M2) encompasses cash, demand deposits, savings deposits, money market deposits, and time deposits. This substantial growth reflects high levels of government domestic borrowing […] More
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Nigeria’s Subsidy Removal Plan Gets $1.5 Billion Boost from World Bank
Nigeria Receives $1.5 Billion World Bank Loan Following Key Reforms The World Bank has fully disbursed a $1.5 billion loan to Nigeria after the Federal Government implemented significant reforms, including the removal of fuel subsidies and the introduction of comprehensive tax policies. This loan, part of the Reforms for Economic Stabilisation to Enable Transformation Development […] More
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UK Manufacturing Output Sees Fastest Decline Since 2020
UK Manufacturing Output Plunges Amid Weak Demand The Confederation of British Industry (CBI) reports a sharp decline in UK manufacturing output during the final quarter of 2024, marking the fastest pace of contraction since mid-2020. This downturn is attributed to a combination of weak domestic and international demand. Key findings from the CBI’s Industrial Trends […] More
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China Manufacturing Competitiveness Increases in 2024
China’s Manufacturing Competitiveness Strengthens in 2024 According to CCTV News, China’s manufacturing sector witnessed a boost in competitiveness in 2024. The national manufacturing quality competitiveness index rose to 85.6 this year, surpassing the 85.21 recorded in 2023. This consistent upward trajectory signifies a steady improvement in the quality and competitiveness of China’s manufacturing sector. The […] More
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CBN Approves Sterling HoldCo’s N75bn Capital Boost to Meet New Requirements
The Central Bank of Nigeria (CBN) has officially approved the additional N75 billion capital raised by Sterling Financial HoldCo to meet its new capital threshold. This approval follows a successful private placement in September 2024, marking the final step of the capital injection process. Sterling HoldCo also launched a Rights Issue in October 2024, offering […] More
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China and Nigeria Renew $2 Billion Currency-Swap Agreement
China and Nigeria have renewed their $2 billion currency-swap deal to enhance trade and investment between the two countries. The agreement, valued at 15 billion yuan, is set to strengthen financial cooperation and encourage the use of the yuan and naira in bilateral transactions, according to the People’s Bank of China, as reported by Bloomberg […] More
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FG Seeking $20bn to Achieve 7% GDP Growth — Edun
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, announced that Nigeria requires $20 billion in investments to achieve a 7% growth rate by 2027. He made this statement while discussing the implementation of the Presidential Interventions projects in Abuja. Edun highlighted that part of the required funds would come from […] More
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Petrol Pump Price Stays at N1,025 per Litre Despite Dangote Refinery Price Cut
Despite a recent price reduction at the Dangote Petroleum Refinery, the minimum pump price of petrol remains unchanged at N1,025 per litre. The refinery had slashed its ex-depot price of Premium Motor Spirit (PMS), also known as petrol, from N970 to N899.50 per litre. However, many petrol stations in Lagos have continued to sell at […] More
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Debt Servicing and Salaries to Consume N24.8tn in 2025 Budget
The Federal Government has allocated N8.52 trillion for personnel and pension costs for federal workers in the 2025 budget, which includes government enterprises. This amount represents an increase of N3.17 trillion, or 59.16%, compared to the 2024 allocation of N5.35 trillion. The budget analysis also reveals that the government will spend N7.54 trillion on salaries […] More
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Yen Dips as Bank of Japan Holds Interest Rates Steady Amid Uncertainty Over Trump’s Economic Plans
The yen took a hit against the dollar on Thursday as the Bank of Japan (BoJ) kept interest rates unchanged, expressing concerns about the uncertain economic policies under US president-elect Donald Trump. The yen weakened beyond 156 yen per dollar, extending the decline that began the day before when the Federal Reserve signaled fewer rate […] More
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Central Bank of Nigeria has set a daily withdrawal limit of ₦100,000 per customer on POS
The Central Bank of Nigeria (CBN) has set a daily withdrawal limit of ₦100,000 per customer on Point of Sale (POS) terminals as part of its push towards a cashless economy. In a circular titled ‘Cash-out limits for agent banking transactions’ addressed to deposit money banks (DMBs), microfinance banks, mobile money operators, and super-agents, the […] More