By Oludare Mayowa Nigeria’s interbank lending rates jumped more than 16 percentage points on Friday after the Central Bank of Nigeria (CBN) hit bank vaults with N151.4 billion in Cash Reserves Requirements (CRR), traders said. Traders said money market rates climbed after the CRR debit and payment for foreign exchange purchases by banks drained...
Read MoreTop News
Health authorities in some European countries are facing resistance to AstraZeneca’s COVID-19 vaccine after side-effects led hospital staff and other front-line workers to call in sick, putting extra strain on already-stretched services. Such symptoms, as reported in clinical trials for the AstraZeneca shot, can include a high temperature or headache and are a normal...
Read MoreThe African Union (AU) is setting up a fund to finance the construction of much-needed roads, railways and power plants on the continent, its infrastructure head said, turning to new sources of cash due to donor fatigue and higher debt levels. The continent has an estimated annual infrastructure financing deficit of $60 billion-$90 billion,...
Read MoreNigeria unexpectedly exited recession in the fourth quarter of 2020 as the economy grew 0.11 percent, said the National Bureau of Statistics (NBS), but an economist says it’s not yet Uhuru for Africa’s largest economy. “With Nigeria set to comply with its OPEC+ production quotas, there is still the likelihood that H1 2021 OIL-SECTOR...
Read MoreBy Oludare Mayowa The Debt Management Office (DMO) raised yields on local bonds at an auction on Wednesday by an average of 2.5 percentage points after investors cut back on demand and raised bids range to around 15 percent. The debt office had initially offered N150 billion at the auction while subscriptions totaled N189.51...
Read MoreBy Oludare Mayowa Nigeria’s economy shrunk by 1.92 percent in 2020 compared with 2.27 percent growth rate in the previous year, the National Bureau of Statistics (NBS) said. Though the economy of Africa’s largest economy grew 0.11 percent in the last quarter of 2020, better than the projection by the NBS and the finance...
Read MoreThe National Agency for Food and Drug Administration and Control (NAFDAC) on Thursday gave its approval the use of AstraZeneca Vaccine in Nigeria. Below are five things you need to know about the vaccine which may soon be deployed in the country to combat the pandemic. 1. Storage and distribution The Oxford/AstraZeneca vaccine, also...
Read MoreThe National Agency for Food and Drug Administration and Control (NAFDAC) has approved the use of AstraZeneca Vaccine in Nigeria, according to the Director-General of the agency, Mojisola Adeyeye. The approval means the vaccine can be used in Nigeria in the fight against the dreaded disease and ensure that Nigeria achieves herd immunity like...
Read MoreBy Oludare Mayowa The Central Bank of Nigeria (CBN) sold a total of $10.31 billion at the foreign exchange market in the first six months of 2020, compared with $8.47 billion in the corresponding period of 2019. The regulatory bank said it also bought $2.21 billion from the market in the same period. According...
Read MoreBy Oludare Mayowa Nigeria raised yields across the board on the three tenors bond issued at the domestic auction on Wednesday by an average of 2.53 percentage points in a signal to the market of the country readiness to lure offshore investors back to the local debt. Dealers said the move by the Debt...
Read More