• Wednesday, February 28, 2024
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Five things to know to start your Tuesday


Approximately 1,500 Central Bank of Nigeria staff will shift to the Lagos office from headquarters, starting February 2.

Despite criticism, the plan aims to enhance safety, productivity, and decongest the main office. CBN cites aligning structure with functions, redistributing skills, and complying with building regulations.

The move follows recommendations from the Decongestion Committee and aims for a more equitable distribution of talent across regions.

The Nigerian Meteorological Agency has predicted that for today-Tuesday’s weather forecast Nigeria s should expect moderate dust haze across various regions of the country.

The northern region expects a horizontal visibility range of 2-5km due to moderate dust haze.

In the North Central, as well as the Inland and Coastal regions of the South, moderate dust haze is anticipated with a horizontal visibility range of 25km.

Some areas may experience localized visibility as low as 1000m. Residents are advised to take precautions while traveling and to stay informed about weather updates.

The Nigerian Pension Commission reports a rise in Nigeria’s Contributory Pension Scheme assets to N18.36 trillion by 2023-end, marking a 22.43 percent increase.

The net asset surged from N14.99 trillion in 2022. Monthly, assets grew by 2.39 percent to N18.36 trillion in December.

Federal Government securities constituted 64.9 percent of total assets at N11.92 trillion, with a 24 percent year-on-year growth.

Corporate debt securities accounted for 10.4 percent, while domestic ordinary shares comprised 8.6 percent of total Assets Under Management.

Edo State House of Assembly Speaker, Blessing Agbebaku, suspends Sunny Ojiezele, Esan South-East representative, for three months due to alleged disunity among members.

Ojiezele was escorted out during plenary.

This marks the first suspension in the Eighth Assembly. Additionally, the House approved Governor Obaseki’s request for a N2.2 billion agricultural palliative loan and N9.1 billion for housing unit construction in Asokoro, Abuja, sourced from First Bank.

Early Tuesday, oil prices surged due to heightened geopolitical tensions in the Middle East, triggering supply concerns.

Brent crude futures climbed 0.3 percent to $82.65 a barrel, while U.S. West Texas Intermediate rose 0.4 percent to $77.09 a barrel.

Despite a previous drop linked to Chinese demand worries over Evergrande’s liquidation, escalating tensions, including a deadly drone attack in Jordan by Iran-backed militants, keep the market uneasy.

Analysts who spoke with Reuters warn of potential oil supply disruptions if U.S.-Iran tensions escalate further.