Business Explorer

African, Caribbean businesses to form strategic partnerships

African and Caribbean businesses have agreed to implement an action plan that will lead to strategic partnerships between the two business communities. At the end of the AfriCaribbean Trade and Investment Forum 2022 (ACTIF2022) in Bridgetown, Barbados, business and political leaders affirmed their commitment to remove the scars of the past and build a commercial bridge towards forging a prosperous…
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Insecurity, FX crisis cut capital inflows by 23%

Insecurity and lingering foreign exchange crisis have forced the capital importation into Nigeria to decline further by 23 per cent, findings by The PUNCH have shown Capital Importation measures the aggregate of foreign investments into an economic entity within a given…

Currency in circulation devalues to N3.24tn

Currency in circulation fell by N107.08bn from N3.35tn in April to N3.24tn in July, latest figures on currency from the Central Bank of Nigeria has revealed. According to the CBN, the CIC which stood at N3.33tn in May fell to N3.25tn in June. The CBN recently warned Deposit Money Banks against accepting mutilated naira notes, explaining that they were not the real currencies in…
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Chelsea sack Coach Thomas Tuchel

Chelsea have sacked Manager Thomas Tuchel after a shock loss to Dynamo Zagreb on Tuesday in the opening Champion League group game. A statement by the coach on its website on Wednesday morning reads: “On behalf of everyone at Chelsea FC, the Club would like to place…

Nigeria’s Pension Fund assets hit N14.36tr in July’

Nigeria’s Pension fund assets rose to N14.36 trillion in July, this year, from N14.267 trillion the previous month. This represent N100 billion or 0.7 percentage growth in one month. This was made by in the National Pension Commission (PenCom) Pension Funds Industry Portfolio for the Period Ended July 31, 2022. The report showed that a total number of Retirement Savings Account (RSA) holders…
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Banks lend N3.38tn to firms at single-digit rate

Customers accessed loans worth N3.38tn at single-digit interest rates under the Central Bank of Nigeria’s intervention funds as of the end of June. A member of the Monetary Policy Committee meeting, Aliyu Sanusi, disclosed this in his personal statement at the last MPC meeting. According to reports released by the CBN, “Analysis of the interest rate band reveals that 65.9 per cent of customers…
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