As Nigeria grapples with a challenging economic environment, the recent Economic Report for the Second Quarter of 2023 by the Central Bank of Nigeria (CBN) reveals a concerning trend—Nigerians have borrowed approximately N290 billion from banks in just three months. Consumer Credit Surge According to the report, consumer credit, encompassing personal and retail loans, surged … Read more
In a surprising twist, Bolt Food, the food delivery service, is set to make its exit from the Nigerian market on December 7, 2023. The decision, citing “business reasons,” marks the end of an era for Bolt Food enthusiasts in the region. Let’s unpack the details behind this unexpected departure. The Bolt Food Farewell: A … Read more
In a week that left investors buzzing with excitement, Airtel’s share price witnessed an impressive surge of 27.84%, solidifying its position as one of the week’s top-performing stocks. The positive sentiment surrounding the telecom giant translated into substantial gains, with investors reaping the rewards to the tune of N1.465 trillion by the week’s close. The … Read more
In the dynamic world of foreign exchange, the Nigerian Naira embarked on a fluctuating journey against the US Dollar on November 6, 2023. Closing at N809.02/$1 in the official market, the Naira experienced a 4.06% increase compared to the previous Friday’s rate of N776.14/$1. The day’s trading witnessed remarkable highs and lows, with an intraday … Read more
In a remarkable financial stride, Fidson Healthcare Plc has announced a profit before tax of N1.18 billion in Q3 2023, showcasing a notable year-on-year growth of 8.5% compared to the corresponding quarter in 2022. Revenue Surge and Stellar Growth The group’s Q3 2023 revenue stood impressively at N14.79 billion, reflecting an exceptional 33.9% year-on-year growth … Read more
Airtel Africa plc has made an official announcement regarding the renewal of existing service agreements with Bharti Airtel Limited (BAL) and its subsidiary Bharti Airtel International (Netherlands) B.V, (BAIN). This renewal signifies a strategic move by Airtel Africa to uphold and strengthen its operational framework and financial functions. The services encompass financial, operational, and corporate … Read more
The US dollar maintained a steady position, hovering close to a two-week low following the release of minutes from the Federal Reserve’s recent meeting. The minutes revealed a cautious stance among policymakers, contributing to uncertainty in the market. Key Highlights: Market Outlook: The market remains cautious, awaiting key economic indicators to gauge the trajectory of … Read more
In a strategic move aimed at enhancing the efficiency of the Lagos Rail Mass Transit (LRMT) Blue Line, the Lagos State Government has announced a temporary shutdown of train services. This brief interruption is scheduled for Saturday, October 14, and Sunday, October 15, facilitating the transition from locomotive to electricity. Purpose of the Temporary Closure … Read more
An early assessment of oil prices on Friday, October 6, indicated Brent crude at $84.21 per barrel around 6:17 AM (GMT+1). Despite a slight increase on Friday, Reuters reports that oil prices are on track for their most significant weekly drop since March. The surge in prices was accompanied by concerns stemming from a sell-off … Read more
In a strategic move to further bolster its position in Nigeria’s thriving fintech landscape, Paystack has introduced virtual terminals as a groundbreaking solution for merchants. This innovative product empowers businesses to seamlessly accept payments through bank transfers, eliminating the constraints associated with traditional point-of-sale (POS) devices. Details of the Virtual Terminals Paystack’s virtual terminals emerge … Read more