Witty Global blog

 Cardoso Vows To Boost GDP to $1trn in 8 Years' As A CBN Governor. The newly confirmed Central Bank of Nigeria, CBN, Governor, Dr. Olayemi Cardoso, has disclosed plans to shore up the country's Gross Domestic Product, GDP, to $1 trillion in eight years. Cardoso spoke while answering questions from senators during his screening and confirmation as the apex bank governor.  He assured the ratified board would adopt several strategies to repair the economy, including short-term and medium-term goals. According to him, to achieve stability in Nigeria's exchange rate, measures must be put in place to ensure a healthy balance of payment and diversification of the economy. "When you look at the dimension of inflation, we will be doing evidence-based monetary policy. We shall not be making decisions based on a whim. "We will significantly rebound the infrastructural demand concerning ensuring that our data gathering capacity is enhanced so we can make decisions based on pr

  The Nigerian Exchange Limited rebounded on Tuesday, recording an N2bn gain for investors. The All-Share Index also appreciated by 11.54 base points to 51, 138.92, pushing the year-to-date returns marginally to 0.22 per cent at the end of trading. Market activities showed trade turnover strengthened relative to the previous session, as the volume and value of transactions surged by 703.18 per cent and 220.17 per cent, respectively. Similarly, investors’ sentiment as measured by market breadth improved, leading to 21 gainers against 21 decliners. A total of 1.82bn units of shares valued at N5.02bn were exchanged in 4,669 deals on the NGX. Indigenous conglomerate Transcorp led the volume and value chart with 1.60bn units traded in deals worth N3.09bn. Buying interests were also recorded in the shares of Nigerian Breweries (+1.10 per cent) and GTCO (+0.60 per cent). Performance across indices was largely bearish as the insurance, banking and industrial goods indices declined by 1.43 per

  Policemen have arrested a Point of Sale operator who reportedly went on a spending spree after N280m was erroneously transferred to his account by a commercial bank. The POS operator, identified as Alfa Rafiu, was arrested by the police on Monday in Ilorin, Kwara State capital. PUNCH Metro  gathered that the suspect is a resident of the Akuji compound, the Abayawo area in the Ilorin West Local Government Area of the state. According to sources in the area familiar with the issue, Rafiu went on a spending spree after he received the alerts in batches some weeks back. But instead of him to draw the attention of the bank that mistakenly transferred the huge fund, he went on a spending spree.“Rafiu bought houses and cars and sponsored people to lesser Hajj. Although he was generous to several people in the community, some residents were surprised about his sudden wealth as a POS operator,” one of the sources said. It was further gathered that the bank auditors later discovered the error

  The global banking turmoil over the past two weeks following a series of lovely bank collapses in Europe and America, has proven that Nigerian banks need to be more vigilant and shield towards screw ups, a new report through Agora Policy, an Abuja-primarily based think tank, has said Despite a series of rescue programs for troubled lenders and the assurances of governments and economic regulators, worries about the fitness of the global economic gadget persist in the aftermath of the March 10 crumble of Silicon Valley Bank (SVB). Financial experts stated what came about to SVB is in a extensive sense very much like what's happening with Credit Suisse. According to the report, the worries inside the worldwide banking device aren't confined to SVB and Credit Suisse as many traders are asking comparable questions on many different banks. As a signal of those nerves, the Nasdaq bank index, an index which tracks the inventory costs of a number of the biggest banks, turned into dow