Deposit Money Banks (DMBs) have received fresh guidelines from the Central Bank of Nigeria (CBN) on the deposit of foreign…
Browsing: ECONOMY
The NGX gained 0.67% today, as the ASI closed at 100,057.49, marking a 661.26-point increase from yesterday’s 99,396.23 points. Equities gained N372 billion as the market capitalization closed at N56.602 trillion, up from the previous N56.228 trillion.
According to the auction result by the Debt Management Office (DMO), the auction attracted significant investor interest, with the total subscription amounting to N773.98 billion, far surpassing the total offer of N228.72 billion.
The first project, “Strengthening Zambezi River Basin Management towards Climate Resilience and Ecosystem Health,” has been allocated $10.57 million.
He highlighted the need for Africa to identify areas of competitive advantage in producing goods and services efficiently to unlock its full potential.
According to him, the bank is known to the market as a good investment, with evident records of impressive returns and corporate responsibility.
The domestic bourse continued its downward trend on Tuesday as investors sold off banking, consumer and industrial stocks.
“Tighter monetary conditions are pushing government interest rates for local currency borrowing to higher levels, from an average of 12.8% in 2023 to 19.7% between January and May 2024. As the government is predominantly borrowing in domestic markets, this will have a significant impact on interest spending, which we expect will increase by 1 percentage of GDP in 2024 and consume 36% of government revenue.”
Organizations in Nigeria allocate substantial budgets to professional fees, and several key factors, including the need for specialized expertise, regulatory compliance, strategic advisory, risk management, and the evolving business environment drive this trend.
“There is no evidence that the downward trend in month-on-month inflation rate is sustainable and would eventually manifest in a downward trend in headline inflation. More so, considering the various upside risks to price development from both the global and domestic economies, there is sufficient reason to be concerned about the continued uptick in inflation if we rest on our oars at this critical point.”