Business

Foreign investors have committed $822.6 million into the economy through the Nigerian Autonomous Foreign Exchange Market (NAFEM) window. The NAFEM is the market trading segment for investors, exporters and end-users…

Nigeria’s trade surplus shrank by 99.7 percent last year as imports surged to the highest in at least 16 years, a BusinessDay analysis of the latest foreign trade data shows. A report by the National Bureau of…

Nigeria’s rising energy cost and prices of spare parts are threatening haulage business, with operators incurring more losses and struggling to break even. The removal of petrol subsidies and naira devaluation have…

The presidency has said the ongoing reforms within the Central Bank of Nigeria were thought actions aimed at closing gaps which the former governor of the bank, Godwin Emefiele, exploited while in office. This was made known…

The Executive Director of the Association of Nigerian Electricity Distributors, Sunday Oduntan, has revealed that the Nigerian government is indebted to about N100 billion in outstanding electricity bills.  Oduntan…

The Chief Financial Officer of MTN Nigeria, Mr. Modupe Kadri, has said that the company now has less money to invest in infrastructure as the ongoing forex crisis in the country has eroded the value of its capital spending…

Aramco raised its dividend despite a retreat in energy prices and lower production, a boost for Saudi Arabia as it faces a widening budget deficit. The total payout of about $31 billion, which includes a special component,…

At a time Nigerians are lamenting the parlous of the economy occasioned by cash crunch, high inflation, the dollarisation of freight charges by some of the ministry and departmental agencies (MDAs) may further aggravate…

Goldman Sachs analysts Andrew Matheny and Bojosi Morule have projected a significant appreciation of the exchange rate to N1,200/$ in 12 months. This amounts to a massive recovery from its perceived undervalued state. …

British Nigerian boxer Anthony Joshua has significantly increased his wealth, nearing a $100 million boost in career earnings from boxing matches.   According to data compiled by Nairametrics, Joshua recently earned over…

Nigeria’s import expenditure on armoured vehicles has significantly surpassed that on fuel in the final quarter of 2023, according to the National Bureau of Statistics (NBS).  This development is likely due to the…

As the economic situation of the country deteriorates, fraudsters may be getting smarter in their craft as operators of agent banking, popularly known as point of sale (POS), in the Federal Capital Territory (FCT) have…

The current official price range for a bag of cement in the North stands between N8,000 and N9,500, a notable decrease from previous rates, in line with the federal government’s efforts to mitigate the soaring costs of…

Amidst economic challenges and a weakening national currency, Nigeria has witnessed a significant decline in champagne imports from France, reaching the lowest point in at least 11 years. BusinessDay’s data analysis…

The Central Bank of Nigeria (CBN) has disclosed that over 75% of bids received during the auctions of government securities held on March 1 and 6, 2024, were from foreign investors, showcasing their growing interest in…

The exact landing cost of premium Motor Spirit (PMS) or petrol, cannot be easily determined making it difficult to fix the appropriate price of the product’s pump price. This was the position of the of the…

As part of efforts to reduce the level of unclaimed dividends by investors in the capital market, the Securities and Exchange Commission said it is intensifying…

Twenty-four hours after raising the exchange rate for Customs duty, the Central Bank of Nigeria (CBN) has again increased the FX rate for calculating Customs duties at the nation’s seaports by 1.9 percent. Information…

The Central Bank of Nigeria says dollar inflow into the economy more than quadrupled in February to $1.3bn with most of that coming from diaspora remittances as well as proceeds from government securities bought by…

The Central Bank of Nigeria (CBN) has signed a Memorandum of Understanding (MoU) with a blockchain firm, Gluwa to drive the increased adoption of Nigeria’s digital currency, eNaira.  According to a statement from the…

The official market witnessed a slight gain in the value of the Naira against the US Dollar, reversing the downward trend of the previous two days.   The Naira closed at N1,602.17/$1, a 0.22% improvement from N1,605.74/$1…

…says $2.3bn attracted from FPIs  The Central Bank of Nigeria, CBN, has reported a 433 per cent upsurge in Diaspora remittances to $1.3 billion in February from $300 million in January. Disclosing this yesterday…

The Central Bank of Nigeria has warned all primary mortgage banks in the country regarding the timely submission of regulatory returns. In a press release issued…

The Central Bank of Nigeria (CBN) has completed another round of Treasury Bills (T-Bills) auction, offloading about N1.3 trillion. The auction, which took place on March 6, 2024, saw the bills being offered across three…