Money market

Washington, Dec. 20, 2024 – The imminent arrival of Donald Trump in the White House was already shaping global economic policy-making this week as the U.S. Federal Reserve flagged fewer rate cuts and other leading central banks signalled caution over their rate paths. The Fed cut-rates as expected on Wednesday, but accompanied the move with a message that the incoming Trump administration gave cause for caution – a sentiment echoed by its counterparts in London, Tokyo, Frankfurt and elsewhere. As Fed officials dialed back projections for future easing in the face …

Abuja, Dec. 2024 – Nigeria’s external reserves of $42bn can fund importation of goods and services into the country for nine months. Olayemi Cardoso, the Governor of Central Bank of Nigeria (CBN), disclosed this during a meeting with the Senate committee on banking, insurance, and other financial institutions on Wednesday. He said the external reserves rose from $38.35 billion on Sept. 30, 2024, to $42.01 billion as of December 12, 2024.  Cardoso said the rise in the external reserves was driven largely by receipts from crude oil-related taxes and third-party …

Abuja, Dec. 19, 2024 – Diaspora remittances through the Central Bank of Nigeria (CBN) rose to $4.22 billion between January and October 2024. Olayemi Cardoso, the Governor of the apex bank, disclosed this during an interactive session to the senate committee on banking, insurance, and other financial institutions on Wednesday. He said the money, which were remitted through the International Money Transfer Operators (IMTOs), is 61 percent or $2.62 billion higher than the amount recorded during the same period in 2023. Cardoso said, on a month-on-month basis, the remittances increased …

Abuja, Dec. 19, 2024 – The Federal Capital Territory Inland Revenue Service (FCT-IRS) has generated ₦252 billon as internal revenue for 2024. Michael Ango, it Acting Executive Chairman, disclosed this during a briefing in Abuja on Thursday. He said the amount had been generated as of the close of business on Wednesday, Dec. 18, 2024. Ango said the revenue was an increase of 19% over the ₦211billion generated in same period in 2023. He said the revenue also represented 101% of the revenue target of ₦250 billion in 2024.  Ango …

Washington, Dec. 19, 2024 – The Federal Reserve reduced interest rates by a quarter percentage point Wednesday and scaled back the number of cuts it expects to make next year. In a split vote, the central bank voted to reduce its benchmark interest rate by 25 basis points to a new range of 4.25%-4.5%, initiating its third consecutive rate cut of 2024 despite signs that inflation isn’t entirely going away. Newly appointed Cleveland Fed president Beth Hammack objected, preferring not to cut rates. Her dissent marked the second against a …

Tokyo, Dec. 19, 2024 – The Bank of Japan kept interest rates unchanged on Thursday, but one dissenting board member’s proposal to push up borrowing costs showed the central bank remains on track to tighten policy early next year. As widely expected, the nine-member of the BOJ board voted 8-1 to keep its short-term policy rate unchanged at 0.25% in a sign policymakers preferred to tread cautiously amid uncertainty over U.S. president-elect Donald Trump’s economic plans. Following are excerpts from BOJ Governor Kazuo Ueda’s comments at his post-meeting news conference, …

Abuja, Dec. 18, 2024 – Godswill Akpabio, the Senate President, on Wednesday promised that the National Assembly would do a thorough and timely evaluation of the 2025 Appropriation Bill. He said the National Assembly would ensure that the bill reflect the voices of Nigerians. Akpabio made his promise immediately President Bola Tinubu presented the 2025 Budget to a joint sitting of the national Assembly on Wednesday. He described the 2025 Appropriation Bill, as presented to the legislature by the president, as a critical blueprint for the nation’s transformation. He commended …

My Fellow Nigerians, In fulfilment of one of my constitutional duties and with an unyielding commitment to rebuilding Nigeria towards ensuring that we remain steadfast on the journey to a prosperous future, I hereby present the 2025 Budget to the Joint Session of the 10th National Assembly. On this day, before this hallowed chamber, I present to you the 2025 Budget at a time when our country is at a crucial point in its development trajectory. The 2025 Budget Proposal again reinforces our administration’s roadmap to secure peace, prosperity, and …

Abuja, Dec. 18, 2024 – The federal government is to establish a bank for the youth to offer loans, grants and other financial products to support young entrepreneurs fostering innovation and job creation. The Minister of Youth Development, Mr Ayodele Olawande, communicated this at a media parley on Tuesday in Abuja. According to the minister, efforts are underway to have a Nigerian Youth Employment Action Plan to address the country’s unemployment problem. “Establishing a youth bank has numerous benefits for young people and communities. “By supporting youth-led businesses, youth banks …