Also, Nigeria’s annual inflation rate rose for the first time after 18-month consecutive disinflation in August 2018, according to the Nigerian Bureau of Statistics’ CPI report last Friday.
The NBS consumer price index serves as a reference point to the Central Bank of Nigeria's monetary policy meeting and its key decisions on lending rates.
The lending rate currently stands at over 10-year record 14%.
Business Insider Sub-Saharan Africa looks at other financial and business news for the week:
1. Nigeria's Minister of Finance, Kemi Adeosun, confirmed her youth service exemption certificate was forged and resigned from federal cabinet following weeks of pressure over forgery allegations.
2. The Nigeria Labour Congress has called on the country's anti-corruption agency to investigate the operations of MTN Nigeria following allegations of illicit financial flow and tax evasion levelled against the firm.
The President, NLC, Ayuba Wabba, said in a statement issued in Abuja on Sunday.
3. The tax revenue generating agency, Federal Inland Revenue Service (FIRS) said it generated N3.5 trillion between the months of January and September 2018.
The Executive Chairman, FIRS, Tunde Fowler, said the amount generated was N1 trillion higher than the revenue is recorded in the corresponding period of 2017.
4. Nigerian stock continued the bearish moment last week, stretching into seventh consecutive trading session losses this year.
As at last weekend, the market has shed up to N1.8 trillion this year.
Specifically, the Nigerian Stock Exchange, NSE, market capitalisation which represents the total value of all investments in the Exchange, closed at N11.802 trillion down from N13.609 trillion at the close of trading in December 2017.
Analysts say downtrend may continue this week as Nigeria prepares for the 2019 general election.
5. Nigerian Communications Commission (NCC) to stay clear from CBN, AGF saga with the mobile phone firm, MTN.
Professor Umar Garba Danbatta has said the commission will not interfere with government’s decision on MTN, concerning the recent directive of the Central Bank of Nigeria (CBN) and the Attorney General of the Federation (AGF).
6. African countries has lost a whopping $42 billion to climate change annually
Paul Kagame, African Union (AU) chair and the President of Rwanda, has called on African governments to put measures in place to protect Africa’s rich marine resource and the environment, saying the continent already loses a whopping $42 billion (N15.12 trillion) annually to the devastating effect of climate change.
7. Nigeria's monetary authority, Central Bank of Nigeria (CBN) to sanction banks that failed to reverse the customer’s account within 24 hours. The bank said such default will attract a fine of N10,000
8. Africa’s premier fintech event, the Africa Fintech Summit will be held for the first time in Lagos, Nigeria, on November 8-9, 2018. This event comes on the heels of the earlier edition in Washington D.C. which featured leading policymakers, c-suite business executives, start-ups, and investors.
9. Nigeria, Angola and Kenya are among volatile economies in the world, according to a new report by McKinsey Global Institute, the research arm of McKinsey and Company.
Other volatile growers as identified by McKinsey are Algeria, Iran, Paraguay, Honduras, Guatemala, Argentina, Brazil, Jordan and Greece.
10. A global banking giant HSBC in a recent report outlined Nigeria's economic shortcomings under President Muhammadu Buhari's administration.
The report painted a sluggish economy amid record-high unemployment rate, pushing the number of poverty to 87 million in Africa's populous nation.
The report titled, Nigeria, papering over the cracks, was swiftly dismissed by the Nigerian government.
The Presidency said what killed Nigeria’s economy in the past was the unbridled looting of state resources by leaders, the type which was actively supported by HSBC.
Also from Business Insider Sub-Sahara Africa:
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