The maximum lending rate for Nigerian banks rose to 29.13% in December 2022 from 28.14% recorded in the previous month and 27.58% in the corresponding period of 2021. Lending rates increased on the back of the multiple rate hikes by the Central Bank of Nigeria in 2022. Specifically, the CBN raised the benchmark interest rate by a collective 500 basis points to 16.5%, representing its highest rate in 21 years. According to the money and credit statistics from the Central Bank of Nigeria, the maximum lending rate averaged 28.09% in 2022 compared to 28.06% recorded in the previous year. Meanwhile, the prime…
Author: Oladi Samuel
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Online payment company, Paypal, has announced plans to cut its global workforce by 2,000 or 7% as part of cost-cutting measures. The company said this decision becomes inevitable in the face of the “challenging macro-economic environment.” Paypal’s announcement came as the latest in the series of layoffs by big tech companies, which have affected thousands of tech workers globally. Message to the employees: The Chief Executive Officer of Paypal, Dan Schulman, in a message to the company’s employees noted that while the company had made some progress in right-sizing its cost structure, it realized that has to do more to remain in…
The presidential candidate of the ruling All Progressive Congress (APC) has criticized the management of Nigeria’s foreign exchange market which has led to the depreciation of the naira, in what appears to be an attack on President Muhammadu Buhari’s administration. The recent attack is coming some days after he criticized the Central Bank of Nigeria (CBN)’s naira redesign policy and the current fuel scarcity in major cities across the country, alleging that they are part of the plots to sabotage his victory at the forthcoming presidential election. This was made known on Tuesday evening, January 31, 2023, by Tinubu, while…
As audited accounts start to trickle in, companies will propose dividend payments to their shareholders as recommended by their respective boards of directors. It is also important to track these announcements to know who is eligible to collect the dividend, when it will be approved, and when it will be paid. Dividend payment also affects share prices. This page will be updated from time to time. Legend Date announced – The date the company announced dividends, evidenced by a corporate action published on the website of the Stock Exchange. Dividend during the year – This represents all the dividend announcements…
Equity trading on the Nigerian Exchange Limited (NGX) finished the first month of the year (January) in the green territory as the NGX All-Share Index appreciated by 3.88% to close the final trading day with 53,238.67 index points. Despite the rising inflation, interest rate hike, and naira redesign, equity investors increased their buying pressures on an expected impressive full-year 2022 corporate earnings results. Market performance: Available statistics seen by Nairametrics showed that the All-Share Index opened the trading year at 51,251.06 indexes on January 4, 2023. It then closed the month at 53.238.67 points, gaining 1,987.61 basis points or 3.88%. Further…
The London School of Economics and Political Science (LSE) in collaboration with Channels TV via the Firoz Lalji Institute for Africa, has initiated a podcast focused on telling the inspiring stories of young individuals. Nairametrics gathered that the podcast is called “The Climb Podcast” and is intended to engage with Africa through research, teaching, public events, and reinforcing LSE’s long-standing dedication to making Africa a central aspect of global issue discussions. Recall that the Programme for African Leadership was established at LSE to empower a new generation of African leaders and promote the best practices of economic and social development…
Flutterwave, Africa’s leading fintech firm, has unveiled its plans to overhaul its signature retail product, Barter. This product offers money transfer and virtual card services to customers. On January 31st, customers received an email from Flutterwave stating that the company aims to make the platform more efficient and user-friendly by rebuilding it. The product team is working on a completely new version with improved features. The new design will tackle customer concerns by separating its services and addressing specific issues. During maintenance, some features such as new user sign-up and barter-to-barter transfers will be affected, but customers will still be…
President Muhammadu Buhari said Nigeria has become one of the first African countries to hit 100% broadband penetration. The President disclosed this on Tuesday at the Digital Economy Conference tagged ‘Promoting a Vibrant Digital Economy, A Catalyst for Economic Growth in Nigeria’, where he was represented by the Minister of Communications and Digital Economy, Prof. Isah Patami. He noted that the earlier figure of 43% broadband penetration is now obsolete, citing investments made into the sector. Outstanding connection: The President noted that broadband penetration in Nigeria is 100 percent as investors have acknowledged the growth in the space. He said: “One of…
Nigeria’s public debt stock, which includes external and domestic debt, stood at N44.06 trillion (US$101.91 billion) in Q3 2022, having risen by N1.22 trillion from N42.84 trillion (US$ 103.31 billion) in Q2 2022. This was disclosed Tuesday by the National Bureau of Statistics in its Nigerian Domestic & Foreign Debt Q3 2022 report. The NBS report said that Nigeria’s external debt stood at N17.14 trillion ($39.66 billion) in Q3 2022, while domestic debt was N26.91 trillion ($62.25 billion) Rising public debt: The NBS noted that public debt (in national currency) grew by 2.84% in Q3 2022, they added: “Nigeria’s public…
Unity Bank Plc has released its financial statement for the 12 months ended 31 December 2022. The bank reported a profit of N1.35 billion for the period, representing a 58% decline when compared to the N3.17 billion reported during the same period of the previous year. See the key summaries below. Gross Income 2022 FY: N56.959 billion 2021 FY: N48.977 billion Change: +16% Net Interest Income 2022 FY: N19.392 billion 2021 FY: N20.054 billion Change: -3% Operating Income 2022 FY: N885 million 2021 FY: N958 million Change: -10% Operating Expenses 2022 FY: N13.364 billion 2021 FY: N12.560 million Change:…