Business

Apple Chief Executive Tim Cook gets $750m worth of shares
Apple Chief Executive Tim Cook gets $750m worth of shares

Apple Chief Executive, Tim Cook has received more than five million shares in the technology giant, as he marks ten years in the job. A company filing with the US Securities and Exchange Commission shows that he sold most of the shares for more than seven hundred million dollars. It is part of a deal he struck…

Nigeria Consumer Price Index drops to 17.38 %
Nigeria Consumer Price Index drops to 17.38 %

The Consumer Price Index, which measures inflation dropped further to 17.38 % in July 2021. This is 1.37 points lower than the rate recorded in June 2021. The National Bureau of Statistics disclosed this in its Consumer Price Index report for June. Meanwhile, food inflation dropped to 21.0 from 21.8 recorded in the previous month.

IMF allocates $3.35b special drawing rights to Nigeria
IMF allocates $3.35b special drawing rights to Nigeria

The International Monetary Fund has allocated the sum of three point three-five billion dollars to Nigeria under its Special Drawing Rights. The allocation is part of about six hundred and fifty- billion dollars approval of a general allocation by the IMF Board of Governors. The IMF allocation announced by the Managing Director, Kristalina Georgieva, is meant to…

World Bank reports 7 million Nigerians forced into poverty due to inflation
World Bank reports 7 million Nigerians forced into poverty due to inflation

The World Bank says about seven million Nigerians may have been pushed into poverty due to current high cost of living. The World Bank made the revelation in its latest report titled: “Nigeria Development Update: Resilience through Reforms.” The international financial institution noted that the high inflation rate is worsening poverty and causing businesses to suffer in…

MPC Retains monetary policy rate at 11.5 percent
MPC Retains monetary policy rate at 11.5 percent

The Monetary Policy Committee of the Central Bank of Nigeria has again retained the monetary policy rate at eleven-point five percent. CBN Governor, Godwin Emefiele, made the announcement at a news conference at the bank’s headquarters in Abuja. The Central Bank Governor also complained about the negative effect of insecurity in Nigeria on the nation’s economy. Godwin…

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