Several financial analysts have voiced concerns regarding the Central Bank of Nigeria’s (CBN) recent decision to raise the Monetary Policy Rate (MPR) by 50 basis points, despite emerging signs of economic improvement. In an interview, the analysts warned that this rate hike could elevate borrowing costs, create additional pressure on […]
Category: Exclusives
Exclusives
Access Bank’s Contributions in Africa’s Transition to a Low Carbon Economy
Africa is facing a growing challenge of managing its waste and natural resources in a sustainable way. The current traditional linear economic model, characterized by a “take, make, dispose” pattern that is extracting, consuming, and disposing of materials, is inefficient, wasteful, and harmful to the environment and human health. According […]
SEC Grants Two Digital Exchanges ‘Approval-in-Principle’
The Securities and Exchange Commission has granted two Digital Assets Exchanges “Approval-in-Principle” to commence operation under the Accelerated Regulatory Incubation Program, ARIP. The companies granted approval are Busha Digital Limited, Quidax Technologies Limited. Disclosing this in a statement in Abuja Thursday, the Commission said the cohort comprises of two Digital Asset Exchanges, four Digital asset Offering Platforms and […]
Heirs Holdings Reinstates Commitment to African Economic Growth
Heirs Holdings has reaffirmed its commitment to fostering economic growth in Nigeria and across Africa. Speaking at the 14th anniversary Media Parley held in Lagos, Group Chairman of Heirs Holdings, Tony Elumelu, highlighted the company’s dedication to long-term investment in Africa’s strategic sectors. “In 2010, we embarked on […]
Nigeria’s Economy Grew By 3.19% In Q2- NBS
Nigeria’s Gross Domestic Product (GDP) grew by 3.19% per cent (year-on-year) in real terms in the second quarter of 2024. This growth rate is higher than the 2.51% recorded in the second quarter of 2023 and higher than the first quarter of 2024 growth of 2.98%. The performance of […]
Nigerian banks get N21 trillion deposits in three months
Nigerian banks added about N21 trillion in new deposits in the first quarter of this year to push the sector’s total deposits to about N136 trillion, on course to surpass its 2023 business year performance. Audited reports and regulatory filings by commercial banks and their holding companies showed that individuals […]
Banks’ credits to private sector rise by N30 trillion
Nigerian banks have created about N30 trillion in new loans and supports for the private sector in a sustained efforts that have seen the banking sector emerging as the backbone of the country’s economic renewal agenda. Latest data from the Central Bank of Nigeria (CBN) indicated that credit to the […]
Executive order on pharmaceutical imports to improve healthcare access-CPPE
The Centre for the Promotion of Private Enterprise [CPPE] has said that an executive order removing duties on pharmaceutical imports will improve access to healthcare and impact positively on the well-being of citizens. Director/ CEO of CPPE, Dr. Muda Yusuf who stated this in a statement made available to Nairametrics […]
Non-monetary factors undermine MPR’s impact on Nigeria’s inflation- Financial experts
Some financial experts have indicated that the heavy reliance on the Monetary Policy Rate (MPR) to control inflation appears to be ineffective, considering the significant non-monetary factors contributing to inflation in Nigeria. The expert stated this in an exclusive chat with Business Nexus while reacting CBN’s increase of interest […]