SECTOR INSIGHT

Cardoso Breaks Silence Over Depleting Foreign Reserves

Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN) has said the bank is not strengthening the Naira with the country’s foreign reserves. Speaking at the ongoing Spring Meetings of the International Monetary Fund (IMF) and the World Bank, Cardoso said the Naira…

18/04/2024 0Comments

CBN Reduces Banks’ Loan to Deposit Ratio to 50%

The Central Bank of Nigeria, CBN has reduced the Loan to Deposit Ratio, LDR of banks to 50 per cent from 65 percent. The reduction was announced via a circular to Deposit Money Banks titled “Re: Regulatory Measures to Improve Lending to the…

18/04/2024 0Comments

Nigerian Breweries to Temporarily Shut Down Two Plants

Following the recent announcement of its business recovery plan, Nigerian Breweries Plc, yesterday, officially announced on the Nigerian Exchange Limited (NGX) plan to temporarily shut down two of its plants as part of reorganisation. This move came after the company recorded a net…

17/04/2024 0Comments

Dangote Slashes Diesel Price To N1,000 Per Litre

In an unprecedented move, Dangote Petroleum Refinery has announced a further reduction of the price of diesel from N1,200 to N1,000 per litre. In a Tuesday release, the company said “While rolling out the products, the refinery supplied at a substantially reduced price…

17/04/2024 0Comments

NCAA Suspends Three Private Jet Owners Over Violation Of Certificate

The Nigeria Civil Aviation Authority (NCAA) said it has suspended three private jet owners for engaging in commercial operations in violation of their certificates. This is as the apex regulatory body said that it has set April 19, 2024 deadline for the re-evaluation…

17/04/2024 0Comments

Inflation Rose to 33.20% in March – NBS

The National Bureau of Statistics has disclosed that Nigeria’s headline inflation rate increased to 33.20 per cent in March 2024, up from 31.70 per cent in February 2024. This represents a month-over-month increase of 1.50 per cent points in the headline inflation rate,…

16/04/2024 0Comments

Nigeria’s Central Bank Fires 50 More Staff

The Central Bank of Nigeria (CBN) has sacked 50 more staff across 29 departments on Monday, adding to the list of ongoing disengagements in the apex bank. This brings the number to a total of 117 in the last 20 days. The dismissal cuts…

12/04/2024 0Comments

Lagos To London: Air Peace Flight Fare Sparks Price War

Foreign airlines have further slashed airfares on the Lagos-London route to compete with Air Peace, which recently commenced flight operations on the route. Air Peace started direct flights from Lagos to London on March 30, pegging its price for a round-trip economy ticket…

11/04/2024 0Comments

Falling Diesel Prices Will Bring Down Inflation — Dangote

Africa’s richest man Aliko Dangote says Nigerians should expect a drop in inflation given the reduction of diesel pump prices. He stated this on Wednesday during a chat with journalists after he paid Eid-el-Fitr homage to President Bola Tinubu at his Lagos residence. “I…

11/04/2024 0Comments

Ban Of Forex Collaterals: Collect Import Duty In Naira – NACCIMA

The Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), has insisted that the duties collected by the Nigeria Customs Service (NCS) should be charged in Naira rather than in a foreign currency. President of the association, Dele Oye, stated this…

10/04/2024 0Comments

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