Business News

Banks are adjusting the value and volume of transactions customers can do with their debit cards abroad as Nigeria’s dollar earnings dip over the Coronavirus pandemic, The Nation has learnt. The lenders, which two years ago, raised their card spending limits on Point of Sale (PoS) and online card transactions abroad, are currently placing limits on amounts customers can withdraw with their debit cards in offshore transactions. This became exigent as foreign reserves dipped by $3.02 billion from $38.53 billion on January 2, 2020, to $35.51 billion as of March 27, 2020, latest statistics from Central Bank of Nigeria (CBN)…
During the current pandemic, a quick exercise in assessing emotional intelligence is in order. Forrest Gump is known for the famous line, "Mama always said life was like a box of chocolates. You never know what you're gonna get." The same is true for bosses. Anytime anyone accepts a position, they never really know what they're going to get.  To really find out whether you have a good boss or not, a quick exercise in assessing your boss's current emotional competencies against bosses with high emotional intelligence (EQ) is in order. During the stress and anxiety…
OPEC and Russia have postponed a Monday meeting to discuss oil output cuts until April 9, OPEC sources said on Saturday, as a dispute between Moscow and Saudi Arabia over who is to blame for plunging crude prices intensified. The delay came amid pressure from U.S. President Donald Trump for the Organization of the Petroleum Exporting Countries led by Saudi Arabia and its allies, a group collectively known as OPEC+, to urgently stabilise global oil markets. Oil prices hit an 18-year low on March 30 due to a slump in demand caused by lockdowns to contain the coronavirus outbreak and…
Saturday, 04 April 2020 05:59

Hope rises for Nigeria as oil prices climb

International prices of crude oil spiked yesterday, raising hopes in the country that Nigeria could meet its financial obligations to its citizens and fulfil its global commitments in the short term as the Brent sold for $34.42 per barrel. With dwindling prices of the country’s major revenue earner in the last few weeks, the federal government had had to realign its 2020 budget in the face of current economic realities which have seen the price fall from close to $60 per barrel to just about $20. But yesterday, the price of crude oil spiked, gaining as much as 15 per…
Nonperforming loans (NPL) in the banking sector fell by 41 percent, year-on-year (YoY) to N1.05 trillion in 2019 from N1.79 trillion in 2018. National Bureau of Statistics (NBS) disclosed this yesterday in its Selected Banking Sector Data for the fourth quarter 2019 (Q4’19). The bureau also disclosed that banks’ credit to private sector rose in 2019 by four percent to N17.19 trillion from N15.13 trillion in 2018. NBS data showed that credit allocated to Oil and Gas sector dropped by four percent, YoY, to N3.42 trillion in 2019 from N3.55 trillion in 2018 while credit allocated to manufacturing sector rose…
The Nigerian currency depreciated to its weakest level since February 2017 in the unofficial black market after the country’s central bank cut supply to dealers. The local unit traded at 415 naira per dollar according to abokiFX.com, which collates rates from street-traders in Lagos. In the official spot market, naira traded 386.51 per dollar as of 4:15pm in Lagos, the highest it has traded in 24 years. The central bank in Africa’s most populous country announced last week that it was suspending foreign exchange sales to money changers until further notice. A move it said was in line with curtailing…
Thursday, 02 April 2020 05:46

Global markets reel under coronavirus woes

World markets fell on Wednesday as the coronavirus threat ensured an ugly start to April and the second quarter for equities and commodities. Traders headed for the safety of government bonds, the dollar [USD] and gold [GOL] as evidence continued to mount that the virus was sending the global economy into a deep recession. Tokyo's Nikkei (.N225) slumped 4.5% after the worst plunge in factory activity in almost a decade. The pan-European STOXX (.STOXX) 600 sank 2.7% [.EU] and Wall Street futures (.ESc1) dived 3% [.N] after a dire forecast of likely U.S. coronavirus deaths. “US president, Mr Donald Trump's…
International Monetary Fund has on Tuesday said its board approved a new, three-year framework for bilateral borrowing agreements, ensuring that its full $1 trillion lending capacity will be maintained as member countries battle pressures from the coronavirus outbreak. The new framewor is broadly the same as that enacted in 2016 for agreements that allow wealthier IMF member countries to lend directly to countries in need, the IMF said. It extends the Fund’s bilateral borrowing arrangements from December 2020 through the end of 2023, with a one-year extension possible through the end of 2024. The bilateral borrowing agreements are the IMF’s…
The dollar exchanged for N412 on Monday at the Bureau De Change segment of the market. This followed a temporary suspension of sale of forex to Bureau De Change operators in the industry by Central Bank of Nigeria. Association of Bureaux De Change Operators of Nigeria had made a request to the CBN to grant it market holidays, given the ongoing challenges faced in the local and global economies due to the impact of the coronavirus pandemic. CBN granted the BDCs two weeks market holiday as requested. According to BDCs, there had been drastic decline in demand for forex due…
Oil took another stomach-churning 8% dive on Monday and world shares buckled again as fears mounted that the global coronavirus shutdown could last for months. There were some bright spots, with Australian equities posting a standout jump as the government launched a super-sized support programme and Wall Street futures were fractionally positive, but that was about it. Japan’s Nikkei had led the rest of Asia lower and Europe’s main markets skidded another 1%, adding to what has already been the region’s worst quarter since 1987. The rout in oil took crude to its lowest since 2002. Brent slumped to $22.5…
December 20, 2024

Naira expected to weaken further, says CBN business survey

Nigerian businesses anticipate further depreciation of the naira through early 2025, despite maintaining overall optimism…
December 20, 2024

Atiku questions alleged hack of NBS website, says timing suspicious

Former Vice President Atiku Abubakar has raised concerns over the recent claim that the website…
December 22, 2024

How to know if your memory lapses are serious or not

The older I get, the more panicked I become when something slips my mind. Is…
December 21, 2024

‘Professional Back-Scratchers’ charge up to $130 per hour

The Scratcher Girls is an unconventional relaxation therapy studio that charges clients up to $130…
December 21, 2024

NAFDAC busts illegal rice repackaging operations in Nasarawa, Abuja

The National Agency for Food and Drug Administration and Control (NAFDAC) has cracked down on…
December 22, 2024

Here’s the latest as Israel-Hamas war enters Day 443

Israel and Hamas appear close to a ceasefire deal. These are the sticking points Israel…
December 20, 2024

OpenAI launches voice and text access to ChatGPT through new phone service

OpenAI has introduced a novel way to interact with its popular ChatGPT artificial intelligence system…
December 17, 2024

Ademola Lookman named 2024 CAF Men’s Player of the year. These players won in other…

Ademola Lookman, the Super Eagles winger, was crowned the 2024 CAF Men’s Player of the…

NEWSSCROLL TEAM: 'Sina Kawonise: Publisher/Editor-in-Chief; Prof Wale Are Olaitan: Editorial Consultant; Femi Kawonise: Head, Production & Administration; Afolabi Ajibola: IT Manager;
Contact Us: [email protected] Tel/WhatsApp: +234 811 395 4049

Copyright © 2015 - 2024 NewsScroll. All rights reserved.