Welcome at the All the news overview of the 5 latest business news items that did the rounds last week.
Naira continues to crumble to N540/$, inequality now N130
Nigeria’s currency fell to a new low of N540 per dollar in the parallel market on Thursday as demand pressure mounted.
This shows a 0.93 percent depreciation compared to N535/$ traded on the same market the previous day and further widens the gap between the black market rate and the official rate. Read more here.
Nigeria ranked among countries least prepared for rising global inflation
Nigeria is one of the countries most unprepared to face the pressures of rising global inflation and rising interest rates in the United States.
Africa’s largest economy currently has negative real interest rates of -5.9 percent, making it among the countries with the lowest real interest rates in emerging and frontier markets (real interest rates are obtained by subtracting the last reported annual inflation rate from the current policy rate). Read more here.
Nigeria records worst biannual trade deficit as imports soar
Nigeria expanded its negative trade balance in the first half of 2021, when the trade deficit rose to N5.81 trillion over the period.
That’s according to data from the recently released report on foreign trade from the National Bureau of Statistics (NBS). Read more here.
Ecobank Gets Additional $75 Million Tier-1 Capital Investment From Arise BV
Arise BV, a leading African investment company, has made an additional Tier 1 (AT1) investment of approximately $75 million in Ecobank Transnational Incorporated (ETI) – the parent company of the Ecobank Group.
This was seen in a disclosure sent to Allnews Monday by ETI’s Head of Corporate Communications, Adenike Laoye, and sent to the Nigerian Exchange Limited (NGX). Read more here.
NGX turns trading patterns into securities
Securities trading patterns on the floor of the Nigerian Exchange (NGX) Limited by investors are set to undergo changes in the coming months.
This was revealed during the Business morning show on ChannelsTV, by NGX Chief Executive Officer, Temi Popoola, who said the exchange will implement these changes through technology. Read more here.
Here are the latest business news that set trends in the past week. Visit our website https://allnews.ng for more business news around the world.