Exchange rate gap widens as naira falls to N1,060/$
The exchange rate gap between the official and parallel market segments of the foreign exchange (FX) market has widened by over 100 percent as naira depreciated across markets on Tuesday. Yesterday, Tuesday, the spread between the official and unofficial FX markets closed at N212 per dollar compared to N1.83 on June 22, 2023, after FX […]
NGX rebounds with N158bn gain for investors
After starting the week in the reds, the Nigerian Exchange Limited rebounded and returned a profit for investors on Tuesday. The market capitalisation had lost N89bn on Monday just as the National Bureau of Statistics announced that inflation rose to 26.72 per cent in September, mostly driven by food inflation. At the close of trading […]
FG’s Subsidy on Electricity Returns, Now N135bn in Q2
The federal government’s subsidy in the power sector hit N135.2 billion in the second quarter of 2023, from the N36 billion it paid in the first quarter, contradicting the last administration of Muhammadu Buhari that it ‘quietly’ removed the monthly payments. The development emerges, just as the Minister of Power, Chief Adebayo Adelabu, has stated […]