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FG to grant mining licenses to only companies that process locally
New mining licenses will be issued by the federal government solely to companies that propose a strategy for local mineral processing, as part of the new guidelines being established by the Ministry of Solid Minerals.…
Dollar falls to N1,280 on black market on CBN policies
The naira has continued to appreciate as the US dollar is currently selling at N1,280 on the parallel market, following the recent foreign exchange (FX) policy measures of the Central Bank of Nigeria (CBN).
With…
Oando Plc suspended from Johannesburg Stock Exchange over failure to file results
Oando PLC, a prominent Nigerian energy company listed on both the Nigerian Exchange Limited (NGX) and the Johannesburg Stock Exchange (JSE), has been suspended from the JSE as of 27 March 2024.
The suspension was…
FG eyes N5trn VAT in 2024
The Federal Inland Revenue Service has said that the Federal Government is eyeing a Value Added Tax of N5 trillion in 2024 while also putting mechanisms in place to close identified tax gaps.
It also said that the FG…
Crypto tycoon, Bankman-Fried bags 25-year jail term
Disgraced cryptocurrency wunderkind Sam Bankman-Fried was sentenced to 25 years in jail on Thursday following his conviction in one of the biggest financial fraud cases in history.
US prosecutors were seeking a prison…
Dangote Refinery to reduce Africa’s $17 Billion European Oil Imports, undercuts Foreign Refineries –…
Nigeria’s Dangote oil refinery is poised to slash the annual $17 billion gasoline importation from Europe to Africa, placing additional stress on European refineries threatened by rising competitive forces.
A Reuters…
CBN sells N1.64 trillion in treasury bills as higher interest rates attract investors
The Central Bank of Nigeria (CBN) successfully conducted an auction of Nigerian Treasury Bills (NTBs) on March 27, 2024, which saw a substantial amount of N1.64 trillion being sold, as shown in the auction result report.…
FG directs banks to deduct 0.375% stamp duty charges on all loans
The Federal Government has directed commercial banks in the country to henceforth deduct and remit 0.375% on all loans disbursed by them.
The deduction is to be made on the principal loan amount, according to a message…
FG to arraign Binance, 2 others for alleged tax evasion April 4
The Federal Government will, on April 4, arraigned Binance Holdings Limited and its two top officials; Tigran Gambaryan and fleeing Nadeem Anjarwalla, on allegations bordering on tax evasion.
The News Agency of Nigeria…
Meet the South African billionaire joining bid for MultiChoice
Patrice Tlhopane Motsepe, the 62-year-old first black African Billionaire, is in talks with Vivendi SE’s Canal+ to join its multibillion-dollar bid for MultiChoice Group.
Motsepe’s participation in the deal would likely…
Binance executive sues NSA, EFCC
…as lawyer withdraws appearance for fleeing Anjarwalla
The detained Binance executive, Tigran Gambaryan, has sued the National Security Adviser (NSA) Nuhu Ribadu, and the Economic Financial Crimes Commission (EFCC)…
BREAKING: Official exchange rate strengthens to N1,300/$1, best in 8 weeks
The exchange rate between the Naira and the Dollar closed at N1,300/$1 on Wednesday on the official NAFEM window, marking the strongest performance in over 8 weeks.
This information comes from data obtained from the…
FX rate for Customs’ import duties drops for the fifth consecutive time in two weeks
The exchange rate used for calculating customs import duties and cargo clearance has decreased for the fifth time in under two weeks, moving from N1,612 per dollar on March 15th to N1,405.46 per dollar currently.…
Nigeria to import seven million barrels of U.S. crude in two months
Although Nigeria produces one of the lightest and environmentally-friendly crude oil in the world, local refineries, especially Dangote refinery will import West Texas Intermediate (WTI) of about seven million barrels this…
Dangote to begin diesel sale next week
Dangote Refinery, from next week, may begin sale of petroleum products, especially diesel, to local marketers, even as the Nigerian National Petroleum Company Limited (NNPCL) resumed direct sales of Premium Motor Spirit…
JUST IN: Dollar not selling at N1,000/$1, BDCs debunk viral post
Contrary to the report making the rounds on X (formerly Twitter), Bureau De Change operators said there was no truth in reports that the dollar is now selling at N1,000 at parallel market.
There have been rending reports…
Access Corporation reports N612.4 billion profits, up 300% YoY
Access Corporaion, Nigeria’s largest finance holding company has reported a profit after tax of N612.4 billion up 300% from the year before.
This is the largest profit ever posted by the company and presided over by…
Airfares crash on international route over FX, Air Peace debut
Airfares for travels from Nigeria to other countries have seen a significant drop, following the appreciation of the naira and the competition arising from Air…
MTN Exits Two African Countries, Focuses On High-Growth Markets
MTN Group, Africa’s largest network operator by subscriber base, has accepted an undisclosed offer from Africa-focused telecommunication service, Telecel, for the sale of its equity interests in MTN Guinea-Bissau…
CBN cedes growth for foreign capital inflow as naira nears N1300/$
*Raises interest rate by another two per cent *Money supply defies hawkish stance, spikes by 79 per cent in one year *We are done with Binance saga, says Cardoso*$2.4 billion unauthorised FX under investigation …
Binance: Cardoso says regulating cryptocurrency not CBN’s role
The governor of the Central Bank of Nigeria, Yemi Cardoso, has made it clear in the context of the recent clash between the federal government and Binance, that the task of regulating cryptocurrency trading platforms…
Reduction in forex has no impact on petroleum pump price – Expert
An Oil and Gas expert, Mr Emmanuel Iheanacho, says the improvement observed in the value of the naira, would not bring about an automatic reduction of petroleum pump price.
Iheanacho, Chairman, Integrated Oil and Gas Ltd,…
NACCIMA faults CBN’s MPR hike to 24.75%, predicts negative impacts on private sector
The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has expressed concern over CBN’s MPR hike to 24.75%, warning of negative impacts on Nigeria’s private sector.
In a statement…
Law enforcement agencies investigating $2.4 billion invalid FX transactions – Cardoso
Law enforcement agencies are currently investigating a series of invalid foreign exchange transactions valued at $2.4 billion, according to Yemi Cardoso, the Governor of the Central Bank of Nigeria (CBN).
This…