Nigerian States Incur N139Billion in External Debt Servicing During First Half of 2024
The data reveals a dramatic shift in the monthly expenditure on debt servicing, with states moving from spending around N9 billion to over N20 billion.
Category: Finance
SERAP Issues 7-Day Ultimatum to Tinubu to Investigate $1.5 Billion World Bank and $3 Billion Chinese Loans to Governors
The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to take decisive action by ordering a comprehensive investigation into the use of significant loans obtained by Nigeria. Specifically, SERAP has urged the President to direct the Attorney General of the Federation and Minister of Justice, Mr. Lateef Fagbemi, SAN, along with…
Dangote Group Secures $105.33 Million in CBN’s Latest Retail Dutch Auction
Dangote Group Dominates CBN’s Retail Dutch Auction, Secures Over $105 Million in Foreign Exchange for Critical Imports The Dangote Group, a conglomerate led by Africa’s richest man, Aliko Dangote, has emerged as a leading recipient in the latest Retail Dutch Auction conducted by the Central Bank of Nigeria (CBN). The Group’s subsidiaries successfully secured a…
CBN Infuses N700 Billion to Support Unity Bank and Providus Bank Merger
The package consists of a 20-year term loan specifically designed to support the post-merger stability of the new financial institution.
Nigeria Aims for 200% Subscription with $500 Million Dollar-Denominated Bond Sale
The Federal Government of Nigeria has initiated its Series I Domestic USD Bond, aiming to generate at least $500 million from both local and international investors. According to Nairametrics, the government aspires to exceed this initial target, seeking up to $1 billion in subscriptions through this bond auction. This effort is part of a broader…
Crypto Market Sees Over $1 Billion in Liquidations Amid Market Crash
The cryptocurrency market is experiencing significant turmoil, with a strong bearish sentiment sweeping across the industry. Over the past 24 hours, the market has seen a massive liquidation, crossing the $1 billion mark. According to data from CoinGlass, a highly trusted source for crypto liquidation information, total liquidations have reached $1.12 billion. Of this amount,…
Central Bank to Reintroduce Retail Dutch Auction System (rDAS) to Address Forex Shortage
The Central Bank of Nigeria (CBN) has announced its plan to implement a Retail Dutch Auction System (DAS) in an effort to address the increasing unmet foreign exchange (FX) demand from end users. This strategic initiative, as reported by Nairametrics, is set to commence next Wednesday and aims to alleviate the mounting pressure in the…
Nigeria’s Exchange Rate Drops 6.43% in July Despite CBN’s Foreign Exchange Interventions
This decline marks the naira’s weakest performance in four months, with exchange rates fluctuating between a low of N1,500.32 and a high of N1,621.12
World’s Richest Suffer $134 Billion Loss Amid Market Turmoil
Jeff Bezos’s net worth plummeted by $15.2 billion on Friday, contributing to a broader market downturn that collectively wiped out $134 billion from the fortunes of the world’s 500 wealthiest individuals. Amazon.com Inc. shares fell by 8.8% during a widespread market selloff, reducing Bezos’s net worth to $191.5 billion, according to the Bloomberg Billionaires Index….
CBN Pledges Support for $1 Trillion Economy Target Through Recapitalisation
These initiatives include addressing institutional deficiencies, restoring corporate governance, strengthening regulations, and enforcing prudential guidelines and policies.
