Monthly Archives: March 2021

FCMB records profit of N19.610bn

FCMB Group Plc has released financial scorecard for the year ended December 31, 2020, posting profit of N19.610 billion.
The amount represents an.increase of N2.273 billion or 13.11 per cent compared with N17.337 billion reported in the preceding year.

Ecobank group posts N641.8bn revenue

Ecobank Group has recorded a revenue of N641.8 billion for the year ended December 31, 2020. The amount represents nine per cent increase compared with N586.9 billion posted in the corresponding period of 2019.
In its audited report submitted to the Nigeria Stock Exchange (NSE), the pan-African bank also recorded good performance in other key financial indices despite the harsh operating environment during the period.

Forex market remains calm as crude prices, foreign reserves rise

The foreign exchange (forex) market was muted last week, even as crude oil prices in the international market rose marginally and the nation’s foreign reserves inched up.
Specifically, the Central Bank of Nigeria (CBN) spot and parallel markets trade. Flat to close at N379/$ and $486/$ respectively. The situation was the same at the Investors’ and Exporters’ window as the rate closed flat at 410/$.
Activity level however dipped 20.7 per cent to $312 million from $393.6 million in the previous week.

Food inflation is major culprit of COVID-19 in Nigeria … Exacerbated by disruptions in crop production

The COVID-19 pandemic that hit the world , particularlyNigeria early last year may have dislocated the food supply chain from the farms to the home homes, causing food prices to hit the roof in the country.
While the COVID-19 made it difficult for food to be supply liberally to all parts of the country, attacks on farms caused less food production.