Inflation in Nigeria continues its relentless ascent as it hits 24.08% in the month of July amid foreign exchange scarcity and high pump prices.
The represents a 129 basis-point increase when compared to the previous month’s 22.79%. Read more here.
Federal Government Dissolves ASP Secretariat Amidst Controversial Billboard Scandal
The Secretariat of the Advertising Standard Panel (ASP) has been dissolved by the Federal Government following its authorization of billboards that have been characterized as attempts to exert pressure on the Presidential Election Petition Tribunal. The billboards bore the caption: ‘All Eyes on The Judiciary.’
Dr. Olalekan Fadoləpo, the Director-General of the Advertising Regulatory Council of Nigeria (ARCON), conveyed the dissolution of the Panel through an official statement issued on Tuesday. Read more here.
Credit Scoring Services Set to Reach $44 Billion by 2028
Juniper Research, the definitive authority in financial technology markets, has unveiled a study forecasting an unprecedented surge of 67% in credit scoring services, propelling the industry to an astonishing $44 billion by 2028.
The study’s focal point is the monumental transformation expected in emerging markets as African and Middle Eastern regions are anticipated to spearhead a remarkable 117% expansion, culminating in a projected expenditure of $3.7 billion by 2028. Read more here.
Naira’s Slide Spurs Exchange Rate Battle as Government Vows Crackdown on Speculators
As the Nigerian naira continues its downward trajectory, sparking concerns over currency speculation and round-tripping, the acting Governor of the Central Bank of Nigeria (CBN), Mr. Folashodun Shonubi, has issued a stern warning that the government will take firm action against those involved in underhand practices within the foreign exchange market.
The naira’s value depreciated both in the official Investors and Exporters’ (I&E) window and the parallel market, driving the arbitrage gap to a staggering N206/$1. Read more here.
Foreign Exchange Crisis and VAT Surge Push Diesel Prices to N900-N950/Litre: Manufacturers Fear Job Losses
Diesel prices in Nigeria have surged to alarming levels, with oil marketers revealing that the dual impact of the foreign exchange crisis and the recent implementation of a 7.5% Value Added Tax (VAT) on Automotive Gas Oil (diesel) has led to costs ranging between N900 and N950 per litre in multiple states. This price escalation has prompted concerns about the future of local manufacturing industries, which fear potential factory closures and subsequent job losses.
At a press briefing held in Abuja, representatives of the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA) expressed their challenges in accessing US dollars for diesel imports due to the prevailing forex crisis. Read more here. Read more here.
Meme Coins Outshine Giants: Shiba Inu and Bone Shibaswap Surpass Bitcoin and Ethereum’s Performance
Meme coins are demonstrating robust performance, outshining even well-established cryptocurrencies like Bitcoin and Ethereum. Particularly noteworthy is Shiba Inu’s remarkable surge, with its price soaring by an impressive 68 percent from its July low.
An equally impressive feat has been accomplished by Bone Shibaswap, which has experienced a remarkable 115 percent surge within the same timeframe. Conversely, major players such as Bitcoin and Ethereum have largely maintained a narrow trading range while gradually losing value. Read more here.
Fidelity Bank Distributes Food Packs to Benue IDPs
The leading financial institution, Fidelity Bank Plc has distributed over 1,200 food packs to the Internally Displaced Persons (IDP) in Makurdi, Benue State in its ongoing commitment to eliminate hunger among vulnerable persons in the society.
The event, which took place on Thursday, 10 August 2023 at the IDP Camp, Federal Housing Estate in North Bank, Benue State was executed in partnership with the Hyacinth Alia Foundation and the Benue State Emergency Management Agency (BESEMA). Read more here.
