Business

Tanzania buys Tanzanite gemstones from tribesman for $3.34m

  A 51-year-old Tanzanian Maasai tribesman has discovered two large Tanzanite gemstones with a total weight of about 14 kilograms, authorities said on Wednesday. Doto Biteko, the Minister of Minerals, collected the gemstones from the small-scale miner and handed him a cheque of 7.74 billion Tanzanian shillings (about 3.34 million U.S. dollars) on behalf of […]

Business

World Bank approves $750m for Nigeria’s power sector recovery

  The World Bank has approved a 750 million dollar International Development Association (IDA) credit for Nigeria’s Power Sector Recovery Operation (PSRO) to improve electricity supply. The Bank made this known in a statement in Abuja on Wednesday, adding the target was to also achieve financial and fiscal sustainability and enhance accountability in Nigeria’s power […]

Business

Domestic investors outperform foreign counterparts by 40%

In May 2020, the total value of transactions executed by domestic investors outperformed transactions executed by foreign investors by circa 40 per cent. According to a report obtained from the Nigerian Stock Exchange (NSE), as at May 31, 2020, total transactions at the nation’s bourse decreased by 7.40 per cent from N128.67billion (about $332.22 million) […]

Business

Rising COVID-19 cases trigger concern for banks

The recent surge in the number of COVID-19 cases in the country is particularly causing anxiety in banking circles, findings by New Telegraph show. According to figures released by the Nigeria Centre for Disease Control (NCDC), the country’s COVID-19 cases crossed the 20,000 mark on Sunday as 436 new infections brought the total number of […]

Business

Nigeria, U.S. trade in used vehicles hit N179bn

Importers of used vehicles and spare parts have shifted to the United States as import hit N179.4 billion between 2018 and 2019. The import was 42.6 per cent of the total vehicles and parts brought into the country during the period. The United States Census Bureau (USCB) report revealed that most of the vehicles imported […]

Business

Non-interest window: CBN’s allure for substantial economic growth

The recent announcement by the Central Bank of Nigeria (CBN) that it would soon release a framework for the integration of non-interest window in all its intervention programmes, particularly the Anchor Borrowers’ Programme (ABP) and the Targeted Credit Facility (TCF) to support households and micro, small and medium enterprises (MSMEs) affected by the COVID-19 outbreak […]

Business

Analysts: Nigeria, others to sustain expansionary monetary policy

Nigeria’s inflation rate may be on an upward trajectory, but according to analysts at United Capital Research, the country’s monetary authorities, like their counterparts on the continent are likely to sustain expansionary monetary policy stance until the end of 2020. In a note obtained by New Telegraph last weekend, the analysts said the need for […]

Business

Lender supports financial inclusion via Xpress Points

Ecobank Nigeria has said that its agency banking scheme, also known as Xpress Points, is building entrepreneurs and pushing financial inclusion to the large unbanked and under-banked population in Nigeria. In a press statement, the lender said its Xpress Points enabled eligible agents to carry out financial transactions on behalf of the bank and earn […]

Business

BIS: U.S. dollar still dominates international funding markets

The U.S. dollar remains the pre-eminent international funding currency, even amid significant shifts in market structure, according to a new report by the Bank for International Settlements (BIS). The report stated that while US dollar funding is below its peak of a decade ago relative to the size of the global economy, the currency’s share […]

Business

Why retail investors should leverage market data

Investors should be encouraged to return to equities’ market with adequate understanding of market data for investment decisions. CHRIS UGWU writes Most retailed investors are impeded by a number of factors from investing in equities’ market. One of the factors is relatively weak confidence in the market as a result of the 2008 market crash, […]

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