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Business
Binance executive will be smoked out of hiding…. Extradition process underway – Interpol
The International Criminal Police Organisation (Interpol) says plans are underway to extradite Nadeem Anjarwalla, Binance regional manager for Africa, to Nigeria for prosecution.
Garba Umar, vice president of Interpol…
‘Your funds are secured’, Opay reassures customers amid CBN’s new account suspension
Opay, a leading financial services provider in Nigeria, has reassured its customers regarding the security of their funds amidst the Central Bank of Nigeria’s (CBN) directive to suspend the creation of new accounts.…
MTN Nigeria reports N575.69 pre-tax loss in first quarter of 2024
MTN Nigeria released its Q1 2024 results, showing revenue of N752.9 billion, up 32.5% compared to N568.1 billion for the same period in 2023.
However, the company reported a pre-tax loss of N575.69 billion, a sharp…
BREAKING: Exchange rate opens week at N1,380 at parallel market
The exchange rate between the Naira and the Dollar is being quoted as high as N1,380/$1 at the parallel market, a weakening from the N1,280/$1 recorded over the weekend.
This information was shared by operators who spoke to…
Naira picks up 10% gain as EFCC fights speculators
The naira regained strength against the haven currency over the weekend, breaking below the N1,300 resistance level at the parallel market, to settle at N1270-75 against the dollar as the U.S Fed Reserve Bank meets on…
Active bank accounts in Nigeria hit 219.6 million in March 2024 – NIBSS
The number of active bank accounts in Nigeria jumped to 219.6 million in March 2024, marking a significant increase when compared with the previous data released by the Nigeria Inter-Bank Settlement System (NIBSS).…
FX rates harmonisation: CBN abandons unification policy, re-introduces discriminatory rates
• BDCs on subsidy as four different rates emerge• Customs settles for below NAFEM rate, charges N1,164• Naira pullback stokes fresh concern about stability • Senate seeks proactive measures to save currency
The Central…
CBN steps in to correct market rate distortion
The Central Bank of Nigeria (CBN) sold dollars at the official and parallel markets last week in a bid to stem the panic-driven demand in the markets that has renewed pressure on the naira.
The apex bank sold some $70…
Dangote cement export of clinker, cement increase by 87.2%
Management of Dangote Cement Plc has revealed that the company dispatched seven ships of clinker- from Nigeria to Ghana and Cameroon and that the export, for the…
Rice millers roar back to life as cross-border paddy returns
Rice millers that were forced out of business in Africa’s most populous nation are gradually reopening their factories as it becomes affordable to source critical inputs.
The millers have the lifting of sanctions on the…
Why Naira depreciated by 23% in 4 days — Currency dealers, analysts
A surge in demand for dollars in the parallel market driven by banks and end-users combined with slow forex disbursement to BDCs by the Central Bank of Nigeria, CBN, caused the Naira, last week, to fall by 23 per cent…
Senate expresses worry of fresh naira fall
The Senate through its Committee on Finance, has called for concerted efforts by all relevant stakeholders to rescue and sustain the stability of the naira.
The naira persisted in its decline against the US dollar…
Denmark shipping giant Maersk to inject $600m in Nigerian seaports
Danish shipping and logistics company, A.P Moller-Maersk, has said it will invest $600m to expand existing port infrastructure to accommodate more container shipping services in Nigerian ports.
This followed closed-door…
Ajene appointed new Standard Chartered Bank Nigeria CEO
Standard Chartered Bank has announced the appointment of Dalu Ajene as the Chief Executive Officer of the bank’s operations in Nigeria.
Ajene takes over from Lamin Manjang, the Vice Chairman Africa and Acting CEO who will…
Nigerian Breweries looks to convert parts of N254 billion debt to equity
Nigerian Breweries is seeking to convert part of its liabilities into equities. This is according to the resolutions from the group’s Annual General Meeting (AGM) held on April 26, 2024.
During the AGM, a resolution…
Customs FX rate for cargo clearance drops below official, parallel market prices
The exchange rate for cargo clearance has dropped below official and parallel market rates to N1,164.84/$, according to the latest update on the Nigeria Customs Service’s (NCS) exchange rate portal.
Nairametrics had…
VAT revenue rose from N347bn to N549bn under Tinubu – FAAC Report
The total revenue that accrued to the coffers of the government from Value Added Tax between October 2023 and March 2024 increased by 58 per cent, Saturday PUNCH investigation has shown.
This was contained in the various…
Nigerian Breweries shareholders approve N600bn capital raise
Shareholders of Nigerian Breweries Plc have approved a N600 billion capital raise through a rights issue to reduce its debt burden.
The decision was taken at the 78th annual general meeting (AGM) of the company on…
Cardoso what’s wrong? Nigerians ask questions as naira depreciates further
The downward trend of the naira against the dollar has prompted Nigerians to pose questions to Yemi Cardoso, the Governor of the Central Bank of Nigeria about the…
FG announces $10bn diaspora fund to attract investment
The federal government has announced plans to set up a $10 billion diaspora fund to attract investment from citizens living abroad.
In a on X on Thursday, Doris Uzoka-Anite, minister of industry, trade and investment, said…
British American Tobacco hit by N10.6 trillion lawsuits in Nigeria on smoking-related illnesses
British American Tobacco (BAT) is entangled in major legal proceedings across Nigeria, with five states demanding a total of N10.6 trillion (£9.3 billion) for healthcare costs linked to smoking-related diseases.
These cases…
TikTok owner prefers shut down in US over sale
ByteDance, TikTok’s parent company, is contemplating shutting down the app in the US instead of selling it, Reuters reported citing four sources.
This is coming as ByteDance faces legal challenges following legislation…
Telecom operators in Nigeria say price increment overdue after 11 years
Telecommunication operators in Nigeria have said that their services are overdue for price increments as they have not implemented any upward price adjustment in the last 11 years.
The operators stated this in a…
CBN debunks rumors of cryptocurrency transaction restrictions
The Central Bank of Nigeria (CBN) has addressed circulating rumours regarding alleged directives aimed at restricting transactions with cryptocurrency exchanges.
Contrary to these rumours, the CBN clarified that no such…