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Comercio Partners sees naira stabilising around N1,500/$
Comercio Partners Limited, an investment banking firm, has said that it expects the nairato stabilise around N1,500/$. The investment banking firm noted this while presenting the Comercio Partners Macroeconomic…
CBN adjusts exchange rate for cargo clearance to N1515.09/$
The Central Bank of Nigeria (CBN) has raised the exchange rate for the clearance of goods from N1444.56/$ to N1515.09 against the USD, marking an increase of N70.53 compared to the prior rate. A check of the federal…
Dangote refinery eyes first fuel cargo export
Africa’s largest oil refinery, the Dangote Refinery, has made a significant move by issuing tenders to sell its first two fuel cargoes for export. This marks a crucial step for…
CBN resumes dollar sales to banks left out of Tuesday deals
The Central Bank of Nigeria (CBN) has resumed dollar sales to the banks that did not get the greenback on Tuesday, sources familiar with the matter told BusinessDay on Thursday. “The sale is happening right now,” one of the…
JUST IN: Nigeria’s inflation hits record high of 29.90 on naira weakness
Nigeria’s annual inflation rate reached 29.90 percent in January, the country’s statistics agency reported today as the naira continues to weaken. The Consumer Price Index report…
TotalEnergies Nigeria’s annual profit declines to N13bn
TotalEnergies Marketing Nigeria Plc has reported a 19.7 percent decline in its after-tax profit for 2023 despite an increase in revenue, according to its…
Petrol landing cost hits N1,000/litre on FX crisis
The landing cost of imported petrol has surpassed N1,000 per litre as the country’s foreign exchange crisis deepened, according to findings by BusinessDay.…
Reps invite Edun, Cardoso, others over non take-off of Unclaimed Dividend Trust Fund
THE House of Representatives on Tuesday resolved to invite Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun; Minister of Budget &…
IMTOs: Banks to pay dollar transactions in naira
In compliance with a recent directive by the Central Bank of Nigeria (CBN), Nigerian banks will begin to pay dollar transactions through international money transfer…
FG Considers Commodity Board To Check Rising Food Prices
The Federal Government has hinted at plans to establish a National Commodity Board to regulate the prices of food and checkmate inflation. Vice President, Kashim Shettima…
Cost of living crisis: In Nigeria, love now ‘costs a thing’
In Nigeria, the traditional celebration of love on Valentine’s Day is taking a hit as the soaring cost of living renders romantic gesturesincreasingly unaffordable for many. Jennifer Lopez’s sentiment in her song ‘Love…
Nigerian billionaire Femi Otedola to pocket $17.6 million from Geregu Power in March
Nigerian billionaire businessman and philanthropist Femi Otedola is poised to receive a final dividend exceeding $17 million from his substantial…
Companies and ventures linked to the late Nigerian banker Herbert Wigwe
Herbert Wigwe, a prominent figure in Nigerian banking, played a crucial role in shaping the growth of the country’s financial sector. Through…
Nigerian Breweries to increase prices of products
The Nigerian Breweries (NB) Plc has said it would increase the prices of its alcoholic and nonalcoholic products to mitigate the impact of rising costs of inputs. The company made this known in a leaked memo to its…
CAC says content creators must register, pay taxes
Corporate Affairs Commission has urged social media content creators, Instagram users, and TikTok users with large followers to register their businesses…
Wigwe’s Successor: Why We Chose Agbede – Access Holdings
Access Holdings Plc has said the choice of Ms. Bolaji Agbede as the Acting Group Chief Executive Officer of the company was in alignment with its succession planning practice. Commenting on the appointment, the Chairman…
In latest move to stabilise naira, CBN sells dollars for first time in 5 months
The Central Bank of Nigeria (CBN) sold up to $86 million in the spot FX market on Tuesday, its first sale of dollars in the market since September 2023. It is the…
Kanye West made $19 million in 24hrs from Ad shot on Iphone for $0
Kanye West, the iconic American rapper and entrepreneur, achieved an extraordinary financial milestone by reportedly amassing a record $19 million within a single day. This success was attributed to an advertisement he…
Eni denies wrongdoing in Oando assets transfer, OPL 245 deal with Tinubu
Eni has said it did nothing wrong in pursuing its Nigerian interests with both the Tinubu administration and a private firm run by the president’s nephew. The company tried to manage its perception in Nigeria after…
BREAKING: Access Holdings appoints Ms. Bolaji Agbede as Acting CEO, following death of Herbert Wigwe
Access Holdings Plc has made a decisive move in leadership continuity by appointing Ms. Bolaji Agbede as the Acting Group Chief Executive Officer. This is in a swift response to the unexpected passing of its…
BREAKING: Official exchange rate falls to record low N1,534
The exchange rate between the naira and dollar closed at N1,534/$1 on the official NAFEM market on Monday, February 12th, 2024. This is the weakest ever the naira has fallen against the dollar at closing on the…
No plans to tax online content creators and skit makers – FIRS
The Federal Inland Revenue Service (FIRS) has clarified that it has no intentions of imposing taxes on online content creators. A report from the News Agency of Nigeria (NAN), based on discussions with FIRS staff,…
Dangote Refinery Set To Deliver First Fuel In Weeks
Dangote Refinery is due to deliver its first fuel into the local market within weeks, four sources confirmed to Reuters, in a key milestone towards long sought energy independence for Nigeria. The country has relied…
CBN hikes Customs duty rate for the second time in 3 days
For the second time in three days, the Central Bank of Nigeria (CBN) has raised the exchange rate for computing Customs duties at the nation’s seaports. Information obtained from the official trade portal of the Nigeria…