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Business
Naira Devaluation: Pension funds decline by $18.9 billion in one year
The devaluation of the Naira has exerted a substantial influence on the net asset value of pension fund assets in Nigeria over the past year. According to PENCOM data reviewed by Nairametrics, the net asset value of…
Power Distribution Companies borrow N273.24 billion from CBN to purchase meters, others
The eleven Electricity Distribution Companies (DisCos) in Nigeria obtained a credit facility totalling N273.34 billion from the Central Bank of Nigeria which was allocated to purchase 414,000 meters and enhance their…
Nigerian payment startup, Zone raises $8.5 million in Seed funding
Payment infrastructure company, Zone, has raised $8.5 million in an oversubscribed seed funding round led by VC firms Flourish Ventures and TLcom Capital. According to a statement from the company, the new funding…
Nigeria oil margins hit $37 a barrel as Brent Crude sell for $85 a barrel
Nigerian oil margins per barrel increased slightly in London trade on Monday, continuing the upward trend that began last week when prices surged by almost 4% on the belief that supply was contracting and the possibility…
Court orders Binance to release names, transaction details of Nigerian users
The Abuja Division of the Federal High Court has ordered Binance Holdings Limited to provide the Economic and Financial Crimes Commission with comprehensive information on all persons from Nigeria trading on its…
Naira to stabilise further this week as demand pressure eases
The naira is expected to stabilise further this week, following moderation in demand pressure, amid dollar supply decline. The foreign exchange (FX) market ended last week on a positive note as the naira…
Customs exchange rate for cargo clearance drops to N1593/$
The exchange rate for cargo clearance has dropped to N1593.41/$ from N1612.28/$ recorded last week representing a drop of about N18.87. Last week, the CBN through the customs service increased the exchange rate for cargo…
Nigeria Eurobond plans predated nomination of Wale Edun as minister – Report
Preparations for Nigeria’s planned Eurobond issuance and the consideration of the partners to the deal including Chapel Hill Denham, began early last year when it was thought the market could open for African countries…
Tinubu seeks Fresh Court order to extend detention of Binance Executives
The Federal Government of Nigeria has sought an extension of the detention of two Binance officials, Tigran Gambaryan, a U.S. citizen, and British-Kenyan Nadeem Anjarwalla, as part of its ongoing crackdown on cryptocurrency…
Cable cut: Telcos, banks reroute traffic as network partially restored
Telecommunication companies, banks, and other financial institutions have rerouted their traffic to alternative service providers following cuts to the undersea cable supplying broadband Internet connectivity to…
BVN registration hits 61.16m
The Nigeria Inter-Bank Settlement System has said the registration for the Bank Verification Number (BVN) has now increased to 61.16 million. NIBSS disclosed this on its website on Saturday, adding that the BVN is…
Fertilisers donation: CBN clarifies stance on real sector interventions
…Says fertilisers for free distribution The Central Bank of Nigeria (CBN) has clarified that its fertilisers donation to the Federal Ministry of Agriculture and Food Security , last week, does not represent a resumption…
Nigerian SEC Raises Crypto Exchange Registration Fee from N30 million to N150million
Nigeria’s Securities and Exchange Commission (SEC) has proposed an amendment to the registration fee of platforms offering Crypto Exchange services, raising it from 30 million naira ($18,620) to 150 million naira ($93,000).…
Undersea cable cut: Banks scale down operations
The service disruption caused by Thursday’s cuts to the undersea cable supplying broadband Internet connectivity to Nigeria and countries in the West African sub-region, on Friday, forced many banks and other…
DMO denies appointment of Eurobond transaction advisers
The Debt Management Office has faulted recent news reports suggesting the appointment of transaction advisers for a potential Eurobond issuance. The DMO made its position known in statement made available to PUNCH…
Submarine cable repairs may last five weeks – MainOne
MainOne, a leading provider of submarine cable systems, has revealed that the repair process for its damaged submarine cable may take up to five weeks. The company disclosed this in a statement on Friday following a…
Bank Recapitalisation: 17 out of 24 banks might not meet CBN capital requirements- Report
A new report from Ernst and Young estimates that 17 out of 24 banks might not meet the capital requirement from the CBN if it is increased 15-fold from its current N25 billion. The report discusses the options available…
BREAKING: Nigeria’s inflation rate soars to 31.7% as food prices surge
In February 2024, Nigeria’s headline inflation rate rose to 31.70%, up from 29.90% in January 2024, marking an increase of 1.80%. Comparatively, on an annual basis, February 2024’s inflation rate was 9.79% higher than the…
Price of iron rods outpaces cement in test for homebuilders
Almost on a daily basis, the hope of owning affordable homes dims as the prices of major building materials, notably cement and iron rods, are rising persistently as if markets are shutting down. Matters seem to be coming…
Dangote’s strong pan-African gains soothe pain points in Nigeria
The pan-African performance of Dangote Cement, the flagship subsidiary of Dangote Industries Limited, helped cushion the…
CBN insists banks can’t pay dividends from FX revaluation gains
The Central Bank of Nigeria has reiterated that banks operating in the country cannot use their foreign exchange revaluation gains to pay dividends or meet their operational expenses. In a circular from the apex bank on…
Nigeria recorded N1.20 trillion VAT in Q4 2023 – NBS
The National Bureau of Statistics (NBS) said the aggregate value-added tax (VAT) stood at N1.20 trillion in Q4 2023. This is according to the VAT Q4 2023 report released on Thursday. The report shows a growth rate of…
Nigeria spends $3bn yearly on paper imports – Operator
The Managing Director of paper manufacturing firm, FAE Limited, Funlayo Okeowo, has said that Nigeria spends about $3bn on paper importation annually. She stated this at a press conference held recently in Lagos to mark…
Lekki port phase two needs naira stability to be achieved
India’s Tata International has given a vote of confidence to Tolaram’s Lagos Free Zone. The timing of the second phase of…