Category: Money and Stocks

‘For Hoarding Cash During Yuletide,’ CBN Fines Zenith, First Bank, 7 Others N1.35Bn

Ganiyu Amodu

The Central Bank of Nigeria (CBN), has identified nine Deposits Money Banks (DMBs), as responsible for scarcity of cash in the country during the yuletide season. There was scarcity of cash during the yuletide season, thereby, making Nigerians go through harrowing experience before getting access to their money. Also, due to scarcity of cash, Point of Sales (POS) operators increased their charges by 100 percent. However, on Tuesday, the apex regulatory bank, identified and slammed a whooping N150million fine on each banks that hoarded cash and subjected Nigerians to suffering…

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Man Gets £5,000 In Compensation After Cutting Himself While Shaving

Abibat Babalola

Man gets 5,000 in compensation after cutting himself while shaving A man who sued a razor company after cutting himself while shaving with one of their products has been handed £5,000 in compensation. Nick Silverthorn, 48, from London, bought himself a new razor during the Christmas holidays. He said he visited his local Sainsbury’s in Richmond to buy a £2.50 Wilkinson Sword Men Advance 3 razor But when Mr Silverthorn unwrapped his purchase and began shaving on Boxing Day, he started “bleeding badly.” READ ALSO: Nigerians To Pay More For…

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Naira Appreciates To N1,740/$ In Parallel Market

Abibat Babalola

The Naira yesterday appreciated to N1,740 per dollar in the parallel market from N1,745 per dollar on Wednesday. Likewise, the Naira appreciated to N1,644.86 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,644.86 per dollar from N1,660.83 per dollar on Wednesday, indicating N15.97 appreciation for the naira. READ ALSO: After 30 Years In Prison For Murder He Didn’t Commit, Man Regains Freedom, Gets $13m Senate Passes Tax Reform Bills For Second Reading States Tackle NNPCL…

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Ecobank In $285,006 Scandal

Ganiyu Amodu

. EFCC receives petition as scandal threatens bank’s corporate ethics   Ecobank Nigeria Plc’s customer, Moriah Trust Limited and its alter ego David Nwedu have petitioned the Economic and Financial Crimes Commission (EFCC) to investigate and uncover all fraudulent/illegal transactions allegedly perpetuated by Ecobank Nigeria Plc in the domiciliary account of Moriah Trust Limited with regard to $285,006 Advance Payment Guarantee Bond (APG) and bring to book every official of the bank who aided and abated such criminal and illegal transactions. The petition titled “CRIMINAL COMPLAINT AGAINST ECOBANK NIGERIA PLC…

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Elon Musk’s Wealth Rises by $13bn After Trump’s Win

Abibat Babalola

The wealth of billionaire Tesla and X owner, Elon Musk, has soared by about $13 billion hours after his ally, Donald Trump, won the United States presidential election. Early Wednesday, investors said Trump’s win will also be a win for Musk’s major public holding, Tesla (TSLA), sending shares of his electric vehicle maker up 13% at the market open, CNN reports. The development lifted the value of the 411 million shares of Tesla that Musk owns outright by more than $13 billion, which works out to a better than a…

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Why Naira Is Worst Performing Currency, Crashes Further To N1,710/$

Abibat Babalola

Against the backdrop of the abysmal performance of Nigeria’s currency in the international market, financial analysts have indicated that the Naira is still facing more distortions that could further erode its value. Meanwhile the local currency sustained the depreciation trend yesterday hitting N1,710/$ in the parallel market, as against N1,690/$ the previous day. The Naira also faced similar fate in the official market, depreciating to N1,660/$ from N1,659/$ the previous day. READ ALSO: Thumbs-up: Don’t Reverse Fuel Subsidy, Naira Floating – World Bank Hails Tinubu ‘Very Sick’ Kenyan Deputy President…

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How FG, States, LGCs Shared N1.289 Trillion In September – FAAC

ADEOLA YUSUF

The Federation Account Allocation Committee (FAAC), at its October 2024 meeting chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, shared a total sum of N1.298 Trillion to the three tiers of government as Federation Allocation for the month of September, 2024 from a gross total of N2.298 Trillion. From the stated amount inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), Exchange Difference (ED and Augmentation of N150.000 billion, the Federal Government received N424.867 Billion, the States received…

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Naira Appreciates To N1,685 In Parallel Market

Abibat Babalola

The Naira yesterday appreciated to N1,685 per dollar in the parallel market from N1,700 per dollar on Monday. Similarly, the Naira appreciated to N1,659.26 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,659.26 per dollar from N1,669.15 per dollar on Wednesday, indicating N9.89 appreciation for the naira. READ ALSO: Crescent Varsity Lecturer, Jamiu Folarin, Bags PhD Student Dies In Tragic Campus Accident, Exams Suspended Zenera, CEO Olowola Win PR Agency, Brand Strategist Of The Decades…

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‘Third Biggest Debtor,’ Nigeria’s Debts To W’Bank’s IDA Hits $16.5bn

Ganiyu Amodu

In a significant development, Nigeria has become the third-largest debtor to the World Bank’s International Development Association (IDA), with its borrowing increasing by 14.4% to $16.5 billion in the fiscal year 2024. This surge in borrowing has pushed Nigeria ahead of India, which previously held the third position, and reflects a growing reliance on international financing to support the country’s development agenda. According to the World Bank’s financial statements, Nigeria’s exposure to the IDA rose by $2.2 billion from $14.3 billion in 2023, marking a notable shift in its borrowing…

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Domestic Air Fare Jumps By 25% In July — NBS

Abibat Babalola

Domestic travellers paid 25 per cent more for air flights in July 2024, a new report by the Nigerian Bureau of Statistics (NBS) has said. The bureau in its Transport Fare Watch Report for July said domestic air fare rose by 25 per cent year-on-year (YoY) to ₦98,561.74 in July 2024 from ₦78.775.74 in July 2023. NBS said: “In air travel, the average fare paid by air passengers for specified routes single journey was N98,561.74 in July 2024, showing an increase of 9.65 per cent compared to the previous month…

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