Google Glitch: One Dollar Is Not N184

Google Currency is currently showing that one dollar is going for N184, but this is just a glitch in Google’s software or Algorithm.

STOCK MARKET CRASH Fixed income market rises by 27%

THE bearish market in the Nigerian Stock Exchange, NSE, in 2018 may have resulted in unprecedented rise in activities at

Government to spend N1.149 trillion on petrol subsidy in 2019

• Integrity Of Subsidy Payment Suspect • Scheme Hits N62 Per Litre
• Stakeholders Deplore Opaque Regime, Demand Urgent Explanation

The Rate of Unemployment and Under-employment in Nigeria

Unemployment simply put as joblessness is a situation of actively searching for a job but not being employed.

Consumers see Naira appreciation, higher inflation, interest rates in 2019

Purchasing Managers Index hit all time high of 61.7% in December
CBN rattles interbank with N1tr liquidity mop up

In spite of the increasing risk to the naira exchange rate from declining crude oil prices, which dropped below $50 per barrel last week, consumers across the country expect the naira to appreciate in 2019.

CBN Spends $11bn On Forex This Year

The Central Bank of Nigeria (CBN) has spent $11.3 billion in foreign exchange interventions in the various segments of the interbank market in from January to December 2018.

Nigeria’s infrastructure deficit to hit $878 by 2040 — SEC

The Securities and Exchange Commission (SEC) on Sunday said that the country’s infrastructure deficit would hit 878 billion dollars by 2040 and called for active utilisation of green bond for infrastructural gap.

Nigerian Stock Exchange

Ms Mary Uduk, SEC Acting Director-General, said this at the 2018 annual workshop organised by the Capital Market Correspondents Association of Nigeria (CAMCAN) in Lagos.

Senate Asks Oil Marketers To Rescind Decision On Oil Depots Shutdown

The Senate has called on oil marketers to as a matter of national interest rescind their seven-day ultimatum and allow the Federal Government a little more time to look into their demands.

Naira stable at N363.54/$ in I&E window

The Naira, yesterday, was stable at N363.54 per dollar in the Investors and Exporters (I&E) window due to a 151 percent increase in the volume of dollars traded.

Mitsubishi Eclipse Cross debuts Nigerian market

Eclipse Cross

Massilia Motors, sole distributor of Mitsubishi Motors, and subsidiary of CFAO in Nigeria has unveiled its latest all-new compact sport utitlity vehicle (SUV) to the delight of the motoring public in Nigeria.

Oil Prices Drop On Rising Supply And Trade Tensions Between US & China

Petrol

Oil prices slipped on Tuesday, depressed by concerns that the U.S.-China trade dispute will dent economic growth and by signs of rising global supply in spite of upcoming sanctions against Iran.

Benchmark Brent crude oil was down 15 cents a barrel at $77.19 by 0835 GMT. U.S. light crude was unchanged at $67.04.

No Plan to Review Pump Price of Fuel Now, Says NNPC - THISDAY

The Nigerian National Petroleum Corporation (NNPC) says it has no plan to review pump prices of petroleum products, especially Premium Motor Spirit (PMS), popularly known as petrol.

China’s Yuan Drops to a Decade-Low, 7 Per Dollar Now in Sight - BLOOMBERG

• Potential trade war escalation adds to pressure on currency
• Yuan has depreciated about 9 percent over the past six months
  

More Hardship for Nigerians as Inflation Rises Again

A report by The World Poverty Clock released sometime in June 2018 showed Nigeria had overtaken India as the country with the most extreme poor people in the world.

According to the report, the 86.9 million Nigerians living in extreme poverty as at the time it was published, represented nearly 50 per cent of its estimated 180 million population.

The Pound Is Being Held Hostage by Politics Again - BLOOMBERG

•  Meeting of PM and Conservative lawmakers Wednesday in focus
•  Political risk to keep pound under pressure: Credit Agricole

SEC allays fears on market performance ahead of general election

                                            Stock Market

By Peter Egwuatu

ACTING Director General of  the Securities and Exchange Commission, SEC, Ms. Mary Uduk has assured investors in the Capital Market that there is nothing to fear on the performance of the stock market as the 2019 election approaches. Uduk spoke while responding to questions from journalists on the sidelines of the just concluded World Bank/IMF Annual Meetings in Bali, Indonesia.

Tokyo shares rise after Wall Street rally

A pedestrian walks past electronic boards showing share prices of the Tokyo Stock Exchange (L) and foreign exchange rate against the US dollar (R) in Tokyo on October 15, 2018. – Tokyo’s benchmark Nikkei index dropped more than 1.8 percent on October 15, with pessimism over Japan-US trade negotiations and an expected tax hike weighing on the Japanese market. (Photo by Kazuhiro NOGI / AFP)

Tokyo stocks ended higher on Wednesday with investor sentiment boosted by robust corporate earnings that triggered a rally on Wall Street and lifted shares in Asia.

By Elizabeth Adegbesan

The Naira, yesterday, depreciated to N361 per  dollar in the parallel market.

According to naijabdcs.com, the live exchange rate platform of the Association of Bureaux De Change Operators of Nigeria (ABCON), the parallel market exchange rose to N361 per dollar from N360 per dollar last week Friday, indicating one naira depreciation of the naira.

The next recession - THE ECONOMIST

Toxic politics and constrained central banks could make the next downturn hard to escape

 Print edition | Leaders

Oct 11th 2018

JUST a year ago the world was enjoying a synchronised economic acceleration. In 2017 growth rose in every big advanced economy except Britain, and in most emerging ones. Global trade was surging and America booming; China’s slide into deflation had been quelled; even the euro zone was thriving. In 2018 the story is very different. This week stockmarkets tumbled across the globe as investors worried, for the second time this year, about slowing growth and the effects of tighter American monetary policy. Those fears are well-founded.

Economic growth rate softens — CBN

By Elizabeth Adegbesan

The Central Bank of Nigeria’s (CBN’s) Purchasing Managers Index, PMI, for the manufacturing sector stood at 56.2 in September 2018, indicating further fluctuation against 57.1 recorded in the previous month, August .

Similarly, the non-manufacturing sector PMI, stood at 56.5, against 58.0 recorded in the previous month, also pointing to a tottering economy.

The PMI measures level of economic activities across manufacturing and non-manufacturing sectors, where the various leading companies in the sectors and sub-sectors turn in their activity levels in response to CBN’s questionnaire month-on-month.

The Central Bank of Nigeria head office in Abuja.

The manufacturing sector PMI buckled in May after the 14th consecutive month rise, and subsequently fluctuated month-on-month till September.