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BUSINESS NEWS
Business and Economic News from Nigeria
Gold futures fell 1.70% to $1,706.06 by 4 pm local time, with global investors retreating from the pullback from gold after hopes were strengthened
Rates in the parallel market will remain under pressure and we might see it above the N460 /$ levels it is currently trading at.
The U.S dollar index that tracks the American dollar against a basket of other major currencies was down 0.67% to 99.22 by 12 noon Nigerian time on Tuesday.
FTX is a rapidly growing cryptocurrency exchange that has been proving itself worthy by gaining a larger share of the crypto trading market.
TFUEL/USD was trading about $0.0026 on May 20th. Just 5 days later, it blew the chart by gaining a whopping 630% to about $0.019
It is obvious that the CBN has come to realize that BDC operators can be the difference between naira recovery and depreciation during volatile times.
Note that crude oil prices are still down by 45% since the beginning of 2020, a situation that had forced oil-dependent Nigeria to revise/readjust her 2020 national budget, as Nairametrics reported.
Banks and other financial institutions posted a 24% GDP Growth Rate for the First Quarter of 2020.
To prepare for the storm of the COVID-19 induced economic challenge, Julius Berger slashed its dividend to be paid, amongst other cost-cutting measures.
ByteDance Ltd’s brainchild, TikTok, together with Douyin ranking tops globally on mobile apps with the highest revenue generated for the month of April.
Tony Elumelu would moderate a high-level leadership panel , to discuss Africa’s economic recovery in the 2020 edition of UBA’s Africa Conversations.
In general, digital currencies could weaken the power of U.S. sanctions and the ability of the U.S. Treasury to watch illicit financial flows.