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The Naira and Economic Prospects thisdaylive.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thisdaylive.com Daily Mail and Mail on Sunday newspapers.
LAGOS Nigeria’s equity rally is yet to catch the attention of foreign investors wounded by failed attempts to repatriate gains made on earlier investments. The stock market rose 50% last year driven by pension funds avoiding negative real yields in fixed-income debts after they were locked out of buying high-yielding central bank papers. Offshore investors largely stayed out of the market after the central bank failed to supply enough dollars to enable them to repatriate gains made from buying short-term instruments. This was after the plunge in oil prices led to a shortfall in the greenback in Africa’s largest economy. ....
BUSINESS/Economy As the deadlier variant of the coronavirus signals the emergence of the second wave of the COVID-19 pandemic, the world’s oil markets brace for a harsh year 2021; with Europe slipping into another COVID-19-driven lockdown.From all indication, this dreadful wave is already showing signs of causing another shutdown of the global economy, which brought oil prices to its knees early last year. Consequently, a prolonged reign of this pandemic could lead to the worst fears of the Organisation of the Petroleum Exporting Countries (OPEC) – oil glut, in 2021. With an over 70per cent of its forex dependency on oil, this does not look good for liquidity in the foreign exchange market in Nigeria, especially as the country is losing its European oil market share to the US. Happening so early in the year, it has become imperative; to nervously take a peep into a crystal glass, to examine the level of the pressure the naira will be subjected to, in 2021. Chris Paul repor ....
The dithering by the Central Bank of Nigeria (CBN) to tackle foreign exchange (FX) rate unification, a programme it pledged to pursue aggressively last year, has become a major disincentive to attracting capital inflows needed to drag the economy out of recession. ....