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Business
$1trn economy: Banks eye NGX for recapitalisation
In response to the directive from the Central Bank of Nigeria (CBN) to raise new capital and strengthen their positions in the market, Nigerian banks are anticipated to turn to…
Banks sell $172m as CBN, EFCC battle currency speculators
The naira gained marginally against the United States dollar at the Nigerian Autonomous Foreign Exchange Market on Tuesday, closing at N1,542.58/$ from N1,551/$…
Wild 24 hours: Naira Plunges to N1,900, rebounds to N1,354, then dips to N1,700 against USDT on…
It has been a tumultuous twenty-four hours on the renowned cryptocurrency platform, Binance, after the exchange rate between the naira and the popular stablecoin, Tether (USDT), plummeted to approximately N1900/USDT…
Naira may further depreciate by 35% in 2024 – IMF
The International Monetary Fund (IMF) has warned that the exchange rate of the Naira may further depreciate by about 35 percent this year, adding that this could lead to inflation rate…
Analyzing CBN’s failed attempts to stem Naira Free Fall
The Nigerian Naira continues its tumultuous journey, facing steep declines against the US Dollar despite concerted efforts by the federal government and the Central Bank of Nigeria (CBN) to stem the free fall. The…
Confusion as naira crisis defies interventions, fuels inflation
• FG doesn’t know actual CBN overdraft, begins audit• CBN closes window until outstanding is cleared• Naira sustains slide, trades around N1,800/$• ‘Clampdown on BDC operators may escalate crisis’• Shettima attributes…
Currency Outside Banks Drops to N3.3tn, Now 89% of CIC
A report by the Central Bank of Nigeria (CBN) has revealed that currency outside banks as of January 2024 marginally declined to N3.28 trillion representing 89 per…
Low Rates Curb Appetite As Nigeria Raises Less Cash At Bond Auction
Nigeria’s Debt Management Office could only raise around half of its intended sale of N2.5 trillion in seven and 10-year bonds yesterday as the low-interest rates on…
Developers reject N8,000 cement price
Developers in the built industry have rejected the agreement reached between the Federal Government and cement manufacturers. At the meeting, it was resolved that prices of cement will be reduced to betweenN7,000 and…
Again, CBN raises Customs duty rate to N1,605.82 per dollar
Less than five days after it marginally reduced the Customs Exchange rate from N1515.48 to N1472.756 last week, the Central Bank of Nigeria (CBN) has again, for the umpteenth time, increased the rate to N1605.82 per…
Harvest in Wushishi: From Despair to Abundance
https://youtu.be/JdbQYc6Rujs Sweat dripped down Kasim Yusuf's brow as he surveyed his land. A year ago, the scorching sun beat down on a meagre one-hectare farm, barely enough to feed…
Naira continues depreciation streak, tumbles to N1,900/$ at parallel market
The Nigerian naira, on Tuesday, depreciated further to N1,900 to the dollar at the parallel section of the foreign exchange (FX) market. The naira declined by 9.83 percent from the N1,730 recorded on Monday. Currency…
PZ Cussons Nigeria financially distressed as liabilities surpass assets
PZ Cussons Nigeria is facing possibly its biggest existential problem since setting foot in the country 125 years ago after Nigeria’s harrowing foreign exchange…
Forex Crisis: Nigeria plans clampdown on Binance, other crypto firms
The Nigerian government is considering blocking the online platforms of Binance and other crypto firms to avert what it considers continuous manipulation of the forex market and illicit movement of funds, officials with…
Inflation: Telecom tariff hike imminent as operators await NCC’s clearance
Telecommunications operators in Nigeria are preparing to increase tariffs for voice and data services to reflect the current economic conditions in the country. Nairametrics learnt that a cost-based study…
Here are the 10 largest banks in the world in 2024
The leading banks by market capitalization showcase the dynamic global banking sector. With institutions from the United States, China, India, and the United Kingdom taking top positions. The global banking…
JUST IN: FG threatens to open of border for cement importation
The federal government has threatened the possibility of opening the borders to cement importation if Nigerian cement manufacturers refuse to play ball on cement reduction in the country. It also said that although it…
Naira hits N1,825 to dollar despite EFCC gun rescue attempt
On Tuesday, the naira dipped further, trading at N1,825 to a dollar, despite efforts by the Economic Financial Crimes Commission (EFCC) to disrupt the activities of perceived manipulators and speculators. On Monday, Peoples…
BREAKING: Ribadu orders clamp down on forex speculators
Nuhu Ribadu, the National Security Adviser, has instructed operatives of the Nigeria Police Force, the Economic and Financial Crimes Commission (EFCC), the Nigeria Customs Service and the Nigeria Financial Intelligence Unit…
Dangote, MTN, NGX, others plunge Equity Market to N1.8 Trillion loss
The Nigerian equity market commenced the week on a bearish note, witnessing significant losses amounting to about N1.82 trillion as investors grappled with strong sell-offs across key stocks. Prominent securities like…
Many Nigerians can no longer afford beer – NB CEO
The Chief Executive Officer of Nigerian Breweries Plc, Hans Essaadi, has said that the economic situation in Nigeria has deteriorated to the extent citizens can no longer afford to buy beer. Essaadi said this on Monday at…
FG to fix roads, reduce import duties to crash cement price
The Federal Government has announced plans to prioritize road repairs and explore solutions for reducing gas costs and import duties, aiming to decrease the soaring prices of cement across the country. This resolution was…
Maize, sorghum prices fall 21% after millers suspend purchase
Since the announcement by major feed producers in the country to suspend the purchase of maize and sorghum from farmers, prices of the grains have dropped by 21 percent as hoarders are releasing more of the commodities to…
Purple Real Estate Income Plc announces strategic board changes and capital infusion
Purple Real Estate Income Plc (Purple), is pleased to announce significant changes to its board, marking a pivotal moment in the company’s growth strategy. Alhaji Aminu Umar and Mr Olasunkanmi Oladimeji join the board as…