CBN bows to the Supreme Court’s order After six long weeks of naira swap tussle, the Central Bank of Nigeria (CBN) finally bows to the Supreme Court’s order to extend the deadline for the use of old naira notes to December 31, 2023. Nigerian residents can now do business with the old banknotes of N1,000, …
Cheap smartphones crowd out used ones in Nigerian market
Nnamdi Acholonu, a 38-year-old internet marketer, lost his smartphone and was in need of immediate replacement to continue his digital work. He rushed down to Ikotun market to get a fairly-used Android phone with a budget of over N50,000 but was surprised to see well-functioning smartphones as low as N35,000. “I was surprised with the …
Avetium Consult enlists Zoho users for optimisation
Adeyinka Adedokun managing director of Avetium Consult Avetium Consult, a Business Technology Solution and Business Process Outsourcing (BPO) company has reiterated its commitment to make users of Zoho software, optimise its use. This was made known by Adeyinka Adedokun, managing director of Avetium Consult, at an event tagged ‘More with Avetium,’ which was held last …
What Opay-Guinness partnership means for FMCG market in Nigeria
Opay, a fintech company with a primary presence in Nigeria recently partnered with Guinness Nigeria to make payments and distributions seamless. The fintech company disclosed that the partnership which has opened great opportunities that it envisioned was designed to address the cash constraints in the value chain and also scale up its revenue, especially when …
Naira falls to N762 on strong demand amid dollar shortage
Naira on Thursday depreciated against the dollar following strong demand from importers and travellers amid scarcity of the greenback at the parallel market, traders said. Dollar was being traded at the rate of N762 on Thursday, this represents 0.26 percent lower than N760/$ traded on Tuesday at the unofficial market. At the Investors and Exporters …
Q1’23: Big banks grow loan books by 18% amid rising interest rate
Nigeria’s largest lenders banks have seen steady growth in customer loans in the first quarter of 2023, BusinessDay’s findings have shown. The latest earnings report shows all the largest lenders grew their risk-weighted assets, as non-interest sources of income also bolstered revenue. The combined loans and advances of ten banks rose by 18 percent to …
Nigeria’s low productivity fuels poverty
How do you get a young, tech-savvy population that is among the largest in the world productive and how do you ensure they contribute to a more diversified economy, boost growth rates, and reduce poverty are some of the questions that Nigeria’s next president must answer and quick. Nigeria has a demographic advantage that some …
Weekly Economic Index: CBN yields to court orders, Emirates is done with Nigeria, Gaddafi’s missing uranium
CBN bows to the Supreme Court’s order After six long weeks of naira swap tussle, the Central Bank of Nigeria (CBN) finally bows to the Supreme Court’s order to extend the deadline for the use of old naira notes to December 31, 2023. Nigerian residents can now do business with the old banknotes of N1,000, …
Households struggle to feed on accelerating inflation
Mary Adeniyi is a 48-year-old widow and a mother of four. She works as a storekeeper at a factory in Ikeja. Since the demise of her husband five years ago, Adeniyi has been taking care of the children all by herself. The accelerating inflation in Africa’s biggest economy has made it a daily struggle for …
Harder times for businesses as CBN raises rate again
Businesses operating in Africa’s largest economy are in for harder times after the Central Bank of Nigeria (CBN), on Wednesday, raised interest rates for the seventh straight time to a record 18.5 percent. Credit to the private sector has been slowing since the CBN started aggressive rate hikes in May 2022 in a bid to …