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Could Crypto Trading Be Nigeria’s Economic Messiah?
Data sources from Google Trends shows that Lagos, Nigeria ranks as the number one city based on the volume of online searches for Bitcoin (BTC). While this data might alarm you if you still think crypto trading is scam, this data most definitely shows a high level of interest among the city’s approximately 21 million people. What…
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Bitcoin/NGN Daily Trading Is Four Times The Value Of Trade Done On The Nigeria Stock Exchange
Nigeria is Africa’s largest economy and with a population of over 200 million people, it has the highest interest in Bitcoin globally. According to a recent report released by Google, Nigeria emerged the first amongst other countries around the world in Bitcoin searches on Google. In the last five years, the number of bitcoin traded…
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CBN Bans Crypto Trading In Nigeria
The Central Bank of Nigeria, CBN, has instructed Deposit Money Banks (DMBs), Other Financial Institutions (OFIs), Non-Bank Financial Institutions (NBFIs) and local financial institutions to stop transactions in crypto or facilitate payments for crypto exchanges. The directive was given in a letter addressed to all DMBs, OFIs and NBFIs dated February 5, 2020. The circular…
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UK Fashion Industry Struggles For Survival Following Prolonged Travel Ban
Over 400 figures have signed an open letter to the prime minister warning that the post-Brexit red tape and travel restrictions threaten the survival of the UK fashion industry, insisting that most firms are now looking to relocate to the EU. The sector worth £35bn to the UK and employs one million people, majorly depends…
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Nigeria’s Oil Output Drops By 15%
According to the Organisation of Petroleum Exporting Countries, OPEC, the average Nigeria’s oil output dropped Year-on-Year, by to 1.5 million barrels per day, mb/d (excluding condensate), in 2020. This, when compared, is a15 percent drop from 1.7mb/d recorded in the corresponding period of 2019. On Quarter-on-Quarter, QoQ, the nation’s oil output stood at an average…
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NNPC Spent N49.68bn On Pipeline Vandalism In 10 Months
The Nigerian National Petroleum Corporation spent the total sum of N49.68 billion to repair and manage pipelines from January to October 2020. In its latest monthly report, NNPC published that a total of 363 vandalised points were recorded from January to October 2020. The corporation said it spent N5.48bn on pipeline repairs and management cost…
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Economic Consequence of Hike in Nigeria’s Unemployment Rates
In 2019, Nigeria’s unemployment rate stood at 23.1 percent of the workforce in the third quarter, up from 18.1 percent of the previous year. In 2020, Nigeria’s unemployment rate came in at 27.1 percent, the highest on record which the government blamed on the coronavirus pandemic and the fall in global oil price. Facts however still remain that restive…
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Gold Price Drops Below Mark Again This Week
Today the gold trade market gave back almost all of December’s advance in early January, retracing some of that sell-off. Gold is currently trading below $1,850 price mark again while other precious metals like Silver gained 9.30% on Monday and today dropped 6.1% lower. Platinum gained 5.52% and today dropped 2.6% lower. Palladium gained 1.51% and today it’s 0.9% higher. …
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Nigeria’s Mobile Internet Subscription Drops By Over 500,000 Subscribers
Figures released by the Nigerian Communications Commission have shown that Nigeria’s mobile internet subscribers decreased by 563,837 in December 2020. The total number of Internet users dropped to153.87 million from 154.43 million in November 2020. The report also showed that broadband subscription fell by 0.12 per cent, from 86 million in November to 85.9 million…
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$1.3 Trillion Tourism Revenue Lost During Pandemic
The United Nations agency has said that global tourism has suffered its worst across continents in the world with international arrivals dropping by 74 percent in 2020. The latest data from the World Tourism Organisation reported that the destinations worldwide welcomed one billion fewer international arrivals in 2020 than in the previous following the restriction…