Called PND for short, Post No Deposit is a restriction on an account which stops an account holder from carrying out debit card transactions, money transfers out of the account, and check transactions. When your account is placed on Post No Debit, it means you cannot conduct any banking transactions in the country of jurisdiction. … Read more
Nigeria is still the economic leader in Africa with a GDP of $511 billion, throwing Egypt and South Africa to the second and third position at $436 billion and $426 billion respectively. In the latest 50 largest economies in the World which recently surpassed the $100 trillion mark, only three African countries – Nigeria, Egypt, … Read more
The investing world is a very broad and versatile one where investors employ different techniques and methods to maximize their investments as much as possible. However, while risks are always part of the game, investors are usually interested in minimizing risks to the barest level. This is one pathway that birthed mutual funds – the … Read more
There are 41 central banks in Africa. While each of the independent countries has an apex bank of its own, two currency unions are associated with multinational central banks. The multinational apex banks are: West African Banque Centrale des États de l’Afrique de l’Ouest (BCEAO) and the Central African Banque des États de l’Afrique Centrale (BEAC). The members of BCEAO and … Read more
Having a small business is such an accomplishment to have. But, unfortunately, it is not all fun and games. It also entails a lot of responsibility. It is a lot to handle for any business owner, big or small. It is where accounting comes in. You might think that a small business won’t need accounting. You … Read more
There are basic economic problems every economy faces. Definitely, there will be the availability of limited resources. Human wants are insatiable that’s one of the reasons scarcity arises. Let’s assume that there are more than enough resources, the economic problem would not probably arise. But the study of economics makes us understand that there will always be … Read more
What is inflation? The most popular definition of inflation is, “an increase in the average level of prices”. Specifically, inflation is a condition whereby supply persistently fails to keep pace with the expansion of demand. Simply put, inflation is a state of disequilibrium in which too much money is chasing a few goods. The opposite … Read more
What is scale preference? A scale of preference is a list of human wants arranged in order of priority. It is a priority rating of all individual wants according to their importance. Everyone has a form of a scale of preference even in some situations when one has enough cash to purchase books, the latest … Read more
What is scarcity? Scarcity is the inability of human beings to provide themselves with all the things they want or desire at a specific time. It is one of the most important elements in economics. It forms the core of the economic problems. It creates a “problem” and the ability of humans to effectively manage … Read more
Definitions of Economics Economics is the act of creating wealth and the management of such wealth in the long term. To some people, economics is the study of scarcity. Men will have to manage the available resources within their reach or choose between the competing alternatives. It is the study of wealth for human satisfaction i.e how money … Read more