Economy

CBN Reduces Lending Rate

By Adaku Onoja The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has cut down the benchmark lending rate from 14 per cent to 13.5 per cent to further promote economic growth. The Central Bank Governor, Mr Godwin Emefiele said this when he briefed newsmen in Abuja on Tuesday on the outcome of the 266th Monetary Policy ...

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Oil Prices Rise As OPEC Cut Supply

By Biola Adebayo Oil prices rose on Monday, buoyed by output cuts by OPEC and reports that the United States and China are close to a deal to end a year-long tariff row. International Brent futures were at 65.25 dollars a barrel at 07:13 GMT, up 18 cents, or 0.3 per cent, from their last close. U.S. West Texas Intermediate ...

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Nigeria Records 2.38% GDP Growth In Q4

By Yakubu Bala The National Bureau of Statistics(NBS) in its latest report said Nigeria’s Gross Domestic Product(GDP) in the fourth quarter grew by 2.38 per cent, a boost for President Muhammadu Buhari’s re-election campaign. The Nigerian economy slipped into recession in 2016, but has posted consistent growth since then. According to the NBS, the performance of the economy represents an ...

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Central Bank Cuts Interest Rate To Boost Economy

By Emma Peters India’s central bank on Thursday unexpectedly lowered interest rates and, as anticipated, shifted its stance to “neutral” from “calibrated tightening” to boost a slowing economy after a sharp fall in the inflation rate. The monetary policy committee (MPC) of the Reserve Bank of India cut the repo rate by 25 basis points to 6.25 per cent, as ...

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SEC Closes Dantata Ponzi Scheme In Kano

By Abubakar Tijjani Rabiu The Securities and Exchange Commission, SEC on Wednesday sealed off the premises of Dantata Success and Profitable Company, Kano for engaging in illegal capital market activities. According to a statement from the Commission, the company was shut down for carrying out investment operations that fall within fund management without registration with the apex regulatory body. According ...

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Bauchi, Gombe To Join Oil Producing States

By Yakubu Lawal There are indications that Bauchi and Gombe would sooner or later become an oil producing states following the inauguration of drilling site at the Kolmani River-II well, located at Barambu, a border village between both states by President Muhammadu Buhari. Buhari while inaugurating the project on Saturday reiterated his administration’s commitment to intensify oil explorations in the ...

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