Wednesday, August 19 , 2020
Nigeria’s exchange rate crisis pushes business demand for bitcoin upward
Nigeria’s exchange rate crisis is pushing many business owners towards bitcoin (BTC) as a preferred means of buying goods from manufacturers outside the country. The pressure on naira is projected to be heading towards N480 per dollar later this week. On Monday the dollar was trading at N477, representing an N2.00k depreciation compared to…Read more
Nigeria to wait till October for feedback on $1.5bn World Bank loan request
A World Bank’s budget support loan of $1.5bn which Nigeria is seeking may not be approved before October, a huge blow to hopes of the country’s small businesses that are struggling under the weight of a severe dollar shortage. BusinessDay reported on August 6 that the World Bank is unlikely to grant the approval in…Read more
Unilever Overseas Holdings raises equity stake in Unilever Nigeria
Unilever Overseas Holdings B.V, the majority shareholder of Unilever Nigeria Plc has increased its stake in the company. In the latest translations, Unilever Overseas Holdings B.V purchased 67.09million ordinary shares of the company’s shares valued at about N838.69million, details of the insider share dealing at the Nigerian Stock Exchange (NSE) show. The transaction done last…Read more
Oil, gas stocks record N56bn loss in one month
Oil and gas firms listed on the main and premium boards of the nation’s equity market reported a loss of about N56.19bn last month as spending in transportation declined considerably over coronavirus pandemic. Checks by our correspondent revealed that the oil and gas sub-sector lost N56.19bn or 14.17 per cent to close at N340.48bn in market capitalisation on July 31, in contrast to N393.67bn at the beginning of trading on July 1. Read more
Oil exploration suffers setback as Nigeria’s rigs fall 33%
With many oil and gas companies struggling to stay afloat amid the current market situation, exploration activity in the country has suffered a decline as the number of active rigs fell by 33.33 per cent in July. Data obtained by our correspondent from the Organisation of Petroleum Exporting Countries showed that Nigeria’s rig count fell to six in July from nine in June. Read more
FG recorded N488bn fiscal deficit in April – CBN
The Central Bank of Nigeria disclosed this on Tuesday in its monthly economic report for the month of April. Part of the report read, “The fiscal operations of the Federal government in April 2020 resulted in a deficit of N488.24bn compared with the N181.27bn benchmark and its levels of N854.12bn and N690.54bn in March 2020 and April 2019 respectively. Read more
GTBank delays dividend payment to GDR holders
Payment of dividends to holders of Guaranty Trust Bank’s global depository receipts has been delayed due to difficulties in sourcing dollars, the lender said on Tuesday. The bank said in a note to GDR holders that its registrar – the company which maintains lists of bond and shareholders – was in a queue with the Central Bank of Nigeria for dollars to make the payout. Read more
Infinity Bank to access N2.7bn DBN facility for customers
As part of strategies to deepen mortgage penetration and inclusion in the wake of the COVID-19 pandemic, the Infinity Trust Mortgage Bank Plc has been granted access to N2.7bn facility by the Development Bank of Nigeria for lending to its customers. The mortgage bank said the development followed its new partnership with the DBN as part of its key strategic drive to expand its product offerings to those in the Micro, Small and Medium Enterprises sector, particularly, as they constituted over 90 per cent of enterprises in the country. Read more
Pandemic may push trade costs higher, says WTO
The World Trade Organisation (WTO), has issued a new note warning of possible increases to trade costs due to COVID-19 disruptions. The note examines the pandemic’s impact on key components of trade costs, particularly those relating to travel and transport, trade policy, uncertainty, and identifies areas where higher costs may persist even after the pandemic is contained. Read more
‘How commodities exchanges can boost forex, export’
Top securities dealers in Nigeria have urged the Federal government to expand agriculture, to create job opportunities for youths, and leverage commodities exchanges to grow the country’s foreign exchange (forex) earnings amid dwindling income from the international oil market. Read more
Insurance Firms Adopt ‘Work from Home’ as Cost-saving Strategy
The COVID -19 pandemic has compelled insurance operators to adopt ‘work from home’ as a cost-saving strategy. Under this arrangement, insurers have adopted earn as you work payment model. Findings by THISDAY shows that in most insurance firms, less than 30 per cent of the workforce work in offices while greater number of them work from their respective homes. Read more
