Day: April 17, 2024

Global Crude Freight Costs Spike Over Iran Attack On Israel

ADEOLA YUSUF

Global oil traders are weighing development in the Middle East after Iran launched attack on Israel. Although, while that has not immediately impacted oil supplies it has increased freight costs and boosted oil demand as the global fleet is forced to make longer voyages. Prices, which already include a risk premium of about $10 a barrel, bbl, are poised to push higher, according to Iman Nasseri, Middle East managing director at consultancy FGE. Prices could add another $2 to $5 a bbl due to concern of further Israeli reprisals or…

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Despite Persistent Increases, IMF Projects Decline In Nigeria’s Inflation To 26%

Abibat Babalola

The International Monetary Fund (IMF) expects Nigeria’s inflationary pressure to ease to 26 percent this year. The fund spoke on Nigeria’s economic growth trajectory while presenting global projections from its World Economic Outlook at a news conference in Washington DC on Tuesday. Inflation has remained a major challenge for Nigerians and continues to worsen the operations of businesses in the country. To tame the inflationary uptick, the Central Bank of Nigeria (CBN) had raised the interest rate by 400 basis points (bps) — the largest in recent years — to…

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Like Bobrisky, EFCC To Arraign Cubana Chief Priest For ‘Naira Abuse

Abibat Babalola

The Economic and Financial Crimes Commission (EFCC) has filed a three-count charge against Cubana Chief Priest, the nightlife promoter, for alleged abuse of the Nigerian currency. Cubana, born Pascal Okechukwu, is accused of spraying and tampering with the naira at a social event — contrary to the provisions of the Central Bank Act of 2007. The counts against the Instagram celebrity read: “that you, Okechukwu Pascal on 13th Feb. 2024, at Eko Hotel, within the jurisdiction of the court, while dancing during a social event, tampered with funds in the…

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Food Inflation Slowing, Revenue Up, Nigerian Minister Gives Self Pass Mark

Abibat Babalola

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says the Nigerian economy is moving in the right direction as policies of the new administration has started slowing down food inflation. The minister spoke virtually on Channels Television’s Business Incorporated programme on Tuesday from Washington DC where he is attending the IMF-World Bank Spring Meetings. Edun said himself and Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, are in Washington DC to showcase the progress made so far in the Nigerian economy. READ ALSO: PSG…

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