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  • Updated: 5 months ago

Latest Business News August 15 - August 22, 2021: Top 5 Business News Roundup For Last Week

Welcome to the AllNews roundup of the 5 Latest Business News that made the round last week.

Nigeria's Foreign Liabilities Hit $187.36 billion

Nigeria's foreign liabilities have jumped 42.41 percent from $131.56 billion in 2016 to $187.36 billion as of December 2020, according to the International Monetary Fund (IMF).

The IMF also stated that Nigeria's foreign assets rose by 13.67 percent from $89.87bn to $102.15 billion in the same period. Consequently, the country's Net International Investment Position (NIIP) stood negative at -$85.21bn as of December 2020. Read more here.

Cardano Flies To New All-Time High On Smart Contracts Anticipation

Cardano (ADA), has hit a new all-time high as investors await a September release for the planned “Alonzo” upgrade – a move that would usher in smart-contract functionality.

ADA jumped 17 percent to reach a new record high of $2.55 on Friday, causing it to overtake Binance's native token to become the third-largest cryptocurrency with a market capitalisation of $80 billion. Read more here.

Nigeria Records Highest Financial Deficit In 21 Years

Nigeria's fiscal deficit reached its highest level in 21 years as the Federal Government spent N6.17 trillion more than it earned in 2020.

Data from the Central bank of Nigeria showed that Nigeria's financial deficit, which is the difference between expenditure and revenue, widened to 6.1 percent of GDP in the first quarter of 2021. Read more here.

TY Danjuma's TY Holdings Acquires 72% Stake In BOC Gases

TY Holdings Limited on Tuesday announced to the investing public that it now owns a 72 percent stake in BOC Gases Nigeria Plc.

TY Holdings, owned by a retired army general, Theophilus Yakubu Danjuma, recently acquired an additional 60 per cent of the organisation’s stocks amounting to 249,746,823 units from BOC Holdings UK. The company previously owned a 12 percent stake in BOC Gases but has now become the major shareholder after the lump acquisition. Read more here.

CBN Freezes Accounts Of Risevest, Bamboo, Trove And Chaka

The Central Bank of Nigeria has just frozen the bank accounts of Nigerian investment platforms Risevest, Bamboo, Trove and Chaka for the next six months.

A federal high court in Abuja granted the request of the apex bank to freeze accounts of these fintech companies where Nigerians are making investment and trading transactions. Read more here.

These are the latest Business news that made trends during the week. Visit our website https://allnews.ng for more Business news around the world.

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Lawrence Agbo
Lawrence Agbo

Lawrence is a young journalist based in Nigeria and loves creating SEO-focused content that drives b...

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