Bitcoin plunged below $20,000 on Saturday, shedding nine percent from the previous day to fall to $18,740, its lowest level since December 13, 2020. With investors increasingly wary of risk, the world’s most popular crypto asset has lost more than 72 percent of its value since reaching a high of $68,991 on November 10, […]
In a bid to clear the persistent fuel queues by motorists in parts of the country, the President, Major General Muhammadu Buhari (retd.), has approved an increase in the freight rate being paid to transporters of petroleum products. Oil marketers had repeatedly complained that the lingering fuel queues in Abuja and neighbouring Nasarawa and […]
About 75 per cent of filling stations across the country are currently out of business due to their inability to purchase diesel required to power their tankers and transport Premium Motor Spirit, popularly called petrol, to their various outlets, oil marketers stated on Tuesday. Marketers also stated that the cost of diesel would keep […]
Bitcoin tumbled Monday to an 18-month low under $23,000 in a broad cryptocurrency crash, as investors shunned risky assets in the face of a vicious global markets selloff, just seven months after the virtual unit surged to a record high. The world’s most popular crypto asset also took a heavy knock from news that […]
Access Bank Plc says it has entered into an agreement to acquire the entire 83.4 percent equity stake held by Centum Investment Plc, a Kenyan-based investment company, in Sidian Bank Ltd, for the sum of about N15 billion ($37 million). The financial institution announced the acquisition in a statement on Wednesday. Access Bank said […]
Zainab Ahmed, minister of finance, budget and national planning, says the country’s low oil production cannot cover the cost of imported petrol from its oil and gas revenue. Ahmed said this on Thursday in an interview with Reuters on the sideline of the World Economic Forum (WEF) in Davos. She said the federal government […]
The policy-setting committee of the Central Bank of Nigeria (CBN) has voted to raise the monetary policy rate (MPR), which measures interest rate, to 13 per cent to tame rising inflation. The monetary policy rate (MPR) is the baseline interest rate in an economy, every other interest rate used within an economy is built […]
The African Development Bank (AfDB) has approved a $1.5 billion emergency programme to alleviate the impact of worsening food insecurity due to the Ukraine war, its director said on Monday. About 20 million farmers on the continent will benefit from the fund as Africa faces a shortage of at least 30 million metric tonnes […]
The Central Bank of Nigeria (CBN) has disowned reports that it was planning to replace the Naira notes in circulation with digital currency, the eNaira. The Director, Corporate Communications Department of the CBN, Mr Osita Nwanisobi, said in Abuja, at the weekend, that the statement purportedly made during a stakeholders’ engagement on eNaira adoption […]
The Central Bank of Nigeria CBN has said that paper currency will soon be out of circulation, urging market men and women to sign into the e-Naira. The Delta State Branch Controller of CBN, Mr Godwin Okafor, stated this on Friday at the popular Ogbogonogo market during the market sensitisation on e-Naira. He urged […]
