Business

Banks’ total assets rise 11.2% to N42tn

Banks’ total assets rise 11.2% to N42tn

The total assets of banks rose to N42.2tn as of the end of February 2020. A member of the Monetary Policy Committee, Dr Rafindadi Sanusi, disclosed this in his presentation during the last MPC meeting of the Central Bank of Nigeria. He said, “Total assets of the industry have grown from N38.57tn in November 2019…

Lagos bakers threaten 60% price hike

Lagos bakers threaten 60% price hike

Bakers in Lagos State have called on the Federal Government to intervene in the prices of baking materials, saying the current situation may lead to an increase in the prices of bread. In a statement jointly issued by the chairmen of the Association of Master Bakers and Caterers of Nigeria, Kosofe and Surulere, Lagos, Taiwo…

COVID-19: Sanwo-Olu mulls full re-opening of Lagos economy

COVID-19: Sanwo-Olu mulls full re-opening of Lagos economy

By Olasunkanmi Akoni GOVERNOR Babajide Sanwo-Olu of Lagos State, yesterday, expressed satisfaction with the level of compliance to safety guidelines against the spread of COVID-19 pandemic in the state, saying the state was considering full re-opening of critical sectors of its economy but was not in a hurry to do so. The governor said in…

CBN naira defence depletes foreign reserves by $3.17bn

CBN naira defence depletes foreign reserves by $3.17bn

Forex scarcity due to falling crude oil price forced the Central Bank of Nigeria to access the country’s foreign reserves to make forex available in the economy; NIKE POPOOLA reports that this gulped $3.17bn in the first quarter. The country’s foreign reserves which stood at $38.07bn at the end of 2019 fell to $34.9bn at the…

FG’ll offer small oil fields for licensing –NNPC

FG’ll offer small oil fields for licensing –NNPC

The Federal Government will offer marginal oil fields for auction this year despite the crash in crude oil prices, the Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, has said. The country has not conducted any licensing round since 2007, while a marginal fields round was last held in 2003. Kyari said…

Oil prices rise as countries ease lockdown

Oil prices rise as countries ease lockdown

Oil extended gains in Asia Tuesday on signs of improving demand as coronavirus-hit major economies begin to ease strict curbs and as top producers slash output. US benchmark West Texas Intermediate for June delivery was up 7.26 per cent at $21.87 a barrel in morning trade. The contract ended about three per cent higher in…