Business

Prices of paddy are beginning to come down in many grain markets in the country as the dry season harvest begins, a Daily Trust survey has shown. Paddy is rice in its husk before threshing, and is the major ingredient…

The Central Bank of Nigeria (CBN) has described as false, reports that it is selling foreign exchange (FX) to bureau de change (BDC) operators at the rate of N1,001/$1. The apex bank in a post on X on Thursday, said a…

“Since the naira redesign policy, I can now pay the person that helps with my shoe with transfers,” Kaliba Bilala, founder of Tanabit, a financial data analytics company, said while discussing the impact of the Central…

Wale Edun, Nigeria’s minister of finance and coordinating minister of the economy, on Thursday said the fiscal authority is complementing the efforts of the Central Bank towards ensuring the stability of the economy…

A foreign investor at TLG Capitals, Isaac Marshall, has attributed the naira gain to the decision of the Central Bank of Nigeria (CBN) to clear the FX backlog. Nigeria’s foreign exchange (FX) reserves have fallen to a…

Google fired 28 employees following a disruptive sit-down protest over the tech giant’s contract with the Israeli government, a Google spokesperson said Thursday. The Tuesday demonstration was organised by the group…

Like the proverbial cat with nine lives, the story of the moribund Ajaokuta Steel Company Limited is the story of abandonment and neglect of Nigeria’s greatest investment. This is an expository on how the monument…

Nigeria’s fight against financial crimes might be taking a significant leap in the right direction with the implementation of beneficial ownership information. This is according to stakeholders who maintained that…

The number of dollar millionaires in Nigeria dropped by 16.3 percent last year, a new report has shown, with analysts attributing the decline in private wealth to naira devaluation and other economic headwinds. The…

Data showing the Central Bank of Nigeria (CBN)’s rare interventions in the foreign exchange market prove that it is not defending the naira with its foreign reserves. Data from FMDQ Securities Exchange shows the CBN has…

Debt servicing may have been responsible for the dipping of Nigeria’s foreign reserves from $34.45 billion to $32.61 billion within one month. Specifically, about $1.8 billion was spent from the foreign reserve within the…

The naira has appreciated by N75.4 against the US dollar in a single day to bounce back in the foreign exchange market. FMDQ data showed that the naira appreciated to N1,072.74 per dollar on Wednesday, compared to…

The Central Bank of Nigeria, CBN has reduced the Loan to Deposit Ratio, LDR of banks to 50 per cent from 65 percent. The reduction was announced via a circular to Deposit Money Banks titled “Re: Regulatory Measures to…

The federal government says it is on the verge of approving the acquisition of Mobil Producing Nigeria Unlimited (MPNU) assets by Seplat Energy. Seplat announced an agreement toExxonMobil’s 40 percent stake in MPNU on…

President Bola Tinubu has commended the he enterprising feat of Dangote Oil and Gas Limited in reducing the gantry price of Automotive Gas Oil (AGO), also known as…

Aminu Gwadabe, president, Association of Bureaux De Change Operators of Nigeria has said BDC operators now sell US dollars at N1,020/$ while they…

Fidelity Bank Plc. has released its 2023 full year Audited Financial Statements, reporting a profit after tax of N99.5 billion representing a 112.9% annual growth.… Fidelity Bank Plc. has released its 2023 full year…

Electronic payment transactions in Nigeria rose to N234.4 trillion in the first quarter (Q1) of 2024 as more Nigerians went cashless over the period. According to data released by the Nigeria Inter-Bank Settlement…

In an  unprecedented move, Dangote Petroleum Refinery has announced a further reduction of the price of diesel from 1200 to 1,000…

Nigeria’s foreign exchange (FX) reserves have witnessed a significant downturn, plunging by approximately $1.84 billion in 26 days, amidst the Central Bank of Nigeria’s (CBN) robust efforts to stabilise the naira. Current…

Industry key player and CEO of Rainoil Limited, Gabriel Ogbechie, has claimed that the federal government has resumed the payment of the controversial fuel subsidy following the devaluation of the Naira in the foreign…

The Central Bank of Nigeria (CBN) has slashed the exchange rate for calculating Customs duties at the nation’s seaports by 0.7 percent following the further strengthening of the naira in the foreign exchange market. CBN…

The naira hit an eight-month high of 1000 per US dollar at the black market on Tuesday, a remarkable turnaround for a currency that had looked destined to hit N2000/$ barely two months ago. Traders reported increased…

Nigeria is burning through foreign-exchange reserves at a rate not seen in four years, raising concerns that the central bank is depleting its dollar holdings to support the naira after pledging it would allow the…