Hello Readers, Bizwatchnigeria brings you the latest business news highlights in Nigeria for the week of December 22nd–28th, 2024.
X Increases Premium+ Subscription Prices By 51% In Nigeria
X, the social media platform formerly known as Twitter, raises the price of its Premium+ subscription service, with Nigerian users seeing a 51% increase in the monthly fee.
Interbank Rates Surge As Banks Borrow N6.4 Trillion From CBN
Interbank rates surged in the money market last week, driven by a persistent liquidity deficit in the banking sector. Short-term benchmark interest rates climbed to double digits as liquidity shortages strained the system. However, expectations of liquidity inflows from the Federal Account Allocation Committee (FAAC) this week may ease the pressure.
CBN Boosts FX Market, Sells $198 Million To Banks
The Central Bank of Nigeria (CBN) increased its interventions in the foreign exchange market last week, selling $198 million to authorized dealer banks over four days. This move aimed to boost FX liquidity and stabilize the naira as the year-end approaches. Market analysts noted the crucial role of CBN’s intervention in influencing exchange rate trends.
Nigerian Treasury Bills Yields Hold Steady Ahead Of Auction
Yields on Nigerian Treasury Bills (NTBs) stabilized at around 26% in the secondary market last week, amid mixed trading activity and tight system liquidity. Banks offloaded securities to manage liquidity pressures, while fixed-income market sentiment remained cautious.
NGX Equities Investors Gain N138bn Amid Santa Claus Rally
Equities investors on the Nigerian Exchange (NGX) enjoyed a N138 billion gain, spurred by a Santa Claus rally that some stockbrokers believe arrived earlier than anticipated. The local stock market has seen strong bargain-hunting activity, pushing key performance indicators upward, with year-to-date returns now ranked among the best globally.
Economist: Nigeria Can Lower Inflation To 5% By 2025 With $50 Billion In Foreign Investment
Ayo Teriba, CEO of Economic Associates (EA), asserts that Nigeria can reduce its inflation rate to 5% by 2025 if the federal government successfully attracts $50 billion in foreign direct investment (FDI).
Nigeria And Saudi Arabia Strengthen Economic Cooperation On Export Credit And Market Access
Nigeria and Saudi Arabia are working to deepen their economic partnership, with a focus on enhancing export credit, insurance frameworks, and market access. These efforts follow a series of high-level meetings held in Riyadh, Saudi Arabia, as confirmed by the Nigerian Ministry of Finance.
