Business News

Thursday, 20 August 2020 05:06

Nigerian traders protest harassment by Ghanaian authorities in Abuja

Nigerian traders operating in Ghana, on Wednesday, visited Foreign Affairs Ministry in Abuja to protest locking up of their shops in Ghana. The protesters, who carried placards with various inscriptions of their grievances, held the protest peacefully under the watch of policemen. Leader of the group, Mr Nze Onwuka, said the traders were running out of patience because they have waited for seven years for federal government to intervene but to no avail. Onwuka said, “We have had enough. This has been going on for seven years, we are being harassed and targeted even though our documentation is up to…

Thursday, 20 August 2020 05:01

Apple's stock market value tops $2 trillion

Just two years after Apple became first publicly listed U.S. company with a $1 trillion stock market value, the iPhone maker has now topped $2 trillion(£1.51 trillion). The Cupertino, California-based company’s shares briefly rose to as high as $468.65 on Wednesday, equivalent to a market capitalization of $2.004 trillion. The stock was last up 1.2% at $467.62, giving Apple a market capitalization of $1.999 trillion. Buoyed by bets on the long-term success of the country’s biggest tech names in a post-coronavirus world, Apple’s shares have surged since blowout quarterly results in July that saw the iPhone maker eclipse Saudi Aramco…

Wednesday, 19 August 2020 05:10

Naira falls to new low on plans to reopen airports

Naira fell 1.04% on Tuesday to a low of 480 on the black market after government said it would reopen airports for international travel in two weeks’ time, a move that could increase dollar demand, traders said. The naira had been stable for over a week on the black market at 475 per dollar, where it trades at more than 20% weaker to the official over-the-counter spot market. With the price of oil, Nigeria’s main export, depressed and foreign exchange reserves dwindling, central bank is hanging on to dollars to support the naira - leaving a shortage of hard currency…

Wednesday, 19 August 2020 05:03

Banks recovered N50m bad loans within nine days – CBN

Director, Financial Policy and Regulation at Central Bank of Nigeria, Mr Kevin Amugo, says Nigerian banks recovered N50.32 million bad loans from debtors within nine days after the country commenced operations of Global Standing Instruction. Amugo disclosed this on Tuesday, at a webinar organised by Chartered Institute of Bankers of Nigeria Dialogue Series 3.0 in Lagos. The discussion had as its theme: Non-Performing Loans and Global Standing Instruction Policy: Impact and Insights for Financial Stability. GSI policy became operational from August 1, 2020, as banks struggled to keep their Non Performing Loans ratio low to curb failure and instability in…

Wednesday, 19 August 2020 04:57

How smart leaders win during recessions

A change in strategy is needed when battling the economic downturn of Covid-19. The Covid-19 pandemic has brought a record 11-year bull run of the U.S. stock market to its knees. This, coupled with an oil price crash instigated by Saudi Arabia and Russia, has all the signs of an imminent global recession. Depending on who you trust with your forecasts, most experts are predicting a global contraction that can last anywhere between six months and two years. The word ‘recession’ strikes fear in the hearts of startups and established businesses alike — and for good reason. Long-running studies from…

Tuesday, 18 August 2020 05:27

Nigerian Banks, oil companies, telcos finding it difficult to meet foreign financial obligations - Report

There are indications that the lingering foreign exchange scarcity in the country is slowing down banks’ ability to meet their payment obligations denominated in dollar. Sources said banks have been having long waits to access dollars from Central Bank of Nigeria to meet their payments needs, such as foreign payments and Global Depository Receipts. GDR is a means by which foreign investors invest in shares in other countries without trading in the stock exchange of the company’s home country. Among entities experiencing forex challenge are banks that raised capital abroad and telecommunications and international oil companies that repatriate funds to…

Tuesday, 18 August 2020 05:23

Food price drives inflation to 27 months high - NBS

Nigeria’s inflation rate rose further to 12.82 per cent in July, highest in 27 months, as food prices continued to surge. According to latest consumer price index (CPI) data released by National Bureau of Statistics (NBS) on Monday, July inflation rate rose by 0.26 per cent higher than the rate recorded in June (12.56) percent. Nigeria’s inflation, made worse by last year’s border closure and coronavirus pandemic, has continued to rise for months as prices of staple foods like rice, frozen foods, vegetable oil, processed foods remain high. In the new report, composite food index rose 15.48 per cent in…

Tuesday, 18 August 2020 05:10

3 ways automation can help companies work smarter, not harder

Making an investment in automation could be the best long-term strategy right now. Disclosure: Our goal is to feature products and services that we think you'll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners. Although efficiency has always been a central goal for businesses, I have seen companies under increased pressure during this economic crisis to deliver results while navigating significant challenges. Staffing resources are tight and budgets are being cut, but companies need to keep growing to prevent the need to tighten their…

Monday, 17 August 2020 05:16

5 ways business leaders can build up a healthy ego at work

Shaping a "good ego," aka using self-awareness for shared benefit, can help leaders inspire innovation and productivity among employees. Marketing expert Jeff Steen suggests to start by thanking your colleagues for their support in a recent personal success, using "we" and "us" phrasing. This will foster a healthy ego and avoid the trap of self-centeredness. Your employees will also feel valued if you regularly ask for their feedback on what you can do better, and push for collective effort to make company-wide achievements. For those who follow thought leader and business writer Ryan Holiday, the pitfall of ego is not…

Sunday, 16 August 2020 04:52

Nigerian traders in Ghana cry out as govt demands $1m ‘registration fee’

President of Nigerian Traders Union in Ghana, Mr Chukwuemeka Nnaji, on Saturday decried Ghanaian authorities’ closure of shops owned by Nigerians doing business in the country. Nnaji, who made this known in a telephone interview urged Federal Government to intervene in the matter. He said that shops belonging to Nigerian traders in Accra were locked up by Ghanaian authorities who demanded cash payment of one million dollars from them before the shops would be opened. According to him, an inter-ministerial Tasktask force went round on August 10 to identify shops owned by Nigerian traders and requested registration of business taxes,…

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Saturday, 15 August 2020 04:22

Bond buyers stranded in Nigeria face prospect of 100% loss - Bloomberg

Foreign investors tempted into buying Nigerian debt paying interest of 13% a year ago are unable to move their cash out of the country. Worse still, the rate that investors now earn for lending money to the government by purchasing 12-month Treasury bills has dropped to a 10-year low of 3.2%. On top of that, the local currency has twice been devalued against the dollar this year, risking losses when the capital is repatriated. With their cash stranded, funds have few choices but to park in short-term debt. They’re waiting for the central bank to resume foreign-exchange sales that were…

Saturday, 15 August 2020 04:21

Naira slides further at parallel market as forex scarcity persists

Naira on Friday exchanged to dollar at 475 at parallel market as foreign exchange scarcity persisted. Continued volatility experienced in crude oil prices and low demand had continued to take its toll on the naira as exchange rate worsened. Recently, Central Bank of Nigeria officially changed the exchange rate of naira to dollar from N361 to N379. The apex bank had earlier expressed its decision to unify the exchange rates in the country as the market defied interventions. During the last Monetary Policy Committee meeting, Deputy Governor, Financial Systems Stability Directorate, Ms Aisha Ahmad, said the exchange rate was still…

Saturday, 15 August 2020 04:19

Lagos drops 10 percent service charge for Uber, Bolt, others

Lagos State government has reversed plans to impose 10 per cent service charge on every trip through e-hailing platforms like Uber and Bolt. Commissioner for Transport, Mr Frederic Oladeinde, who announced the new measure Friday, said the implementation of the levies on operators has been shifted by a week to August 27, this year. Also, the government had reached an agreement with operators to charge N20 per trip instead of 20 per cent of the charges for each trip. The commissioner, who disclosed that the N20 per trip charges would be housed under the Road Improvement Fund, added that the…

Saturday, 15 August 2020 04:16

Hair from everywhere: Nigerians’ love of fancy wigs fuels a global trade

My outfit for the day determines what hair I will be wearing,” says Olayinka Titilope, a Nigerian wigmaker. She has a different peruke for each day of the month. The weather also influences her choice. On cooler days she might opt for long, thick locks. During the summer she tends towards lighter bob-cuts. Ms Titilope hopes her hairdos will inspire the customers who visit her wig gallery in downtown Lagos, Nigeria’s commercial capital. She sells wigs for between $60 and $800. Those at the top end are made of human hair from Cambodia, she says. Some African feminists argue that…

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