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Moody’s gloom rating hits Nigeria’s bonds
The downgrade of Nigeria’s economy by international rating agency, Moody’s, has started taking immediate tolls on the country’s debt instruments in the international money market as the report highlights increasing risks associated with the nation’s gloomy financial system. Moody’s Investors…
Naira redesign: FG to withdraw N2 trn from circulation
The Central Bank of Nigeria (CBN) has declared that the expected volume of cash that would return to the vaults under the ongoing dumping of old N1000, N500 and N200 notes would breach N2.0 trillion. However, experts say that withdrawal…
Multiple windows: Investors adopt equity templates for forex rate
Sopuruchi Onwuka With inability of businesses to secure adequate foreign exchange at official rates to drive transactions that transcend the country’s borders, business proposals involving international transactions have become source of confusing calculations. Whereas the official rates for the exchange…
CBN’s rate for Naira sends false economic signals
Sopuruchi Onwuka, with agency reports Between the N460 official rate for the dollar and the over N850 in the informal foreign exchange market, market pundits that generate data to simulate the direction of the economy are having hectic time. Whereas…
Naira redesign: Politicians dump Naira at forex market
Sopuruchi Onwuka Huge volumes of apparently stashed away for election purposes are finding their way to the parallel foreign exchange market on fears of being tracked if they make their ways to the banks. The rush to mop up foreign…
Moody’s places Nigeria’s biggest banks on downgrade review
Moody’s Investors Service has placed on review for downgrade the long-term deposit ratings, as well as the long-term issuer and senior unsecured debt ratings of the nine largest banks in Nigeria under it coverage. In a statement, Moody’s said the…
Buhari piles up more debt via restructuring
Sopuruchi Onwuka The outgoing government of President Muhammadu Buhari is working to have more access to cash in the immediate term, pushing forward the obligation of debt servicing to the incoming administrations. In an interview she granted agency sources on…
Galloping inflation: CBN shoots lending rate to 15.5%
Nigeria’s central bank on Tuesday hiked its main lending rate by 150 basis points to 15.50%, its highest level yet and more than forecast, forging ahead with efforts to rein in inflation and ease pressure on the currency. Analysts had…
AGM: Oando shareholders task govt on oil theft, insecurity
Sopuruchi Onwuka Owners of indigenous energy independent firm, Oando Plc, have required the government to explore workable partnerships in addressing the rising incidents of oil theft and facility vandalism in the petroleum industry. Representatives of shareholder blocs who spoke at…
Buhari’s govt owes $47 Billion to the Nation’s Central Bank
Nigeria said it owes 20 trillion naira ($47 billion) to its central bank and the obligations are yet to be added to the African nation’s outstanding public debt, according to a report by the budget office. The debt figure is…
