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Business
BUA announces 50% salary increment for staff
Chairman of BUA Group, Abdul Samad Rabiu, says the company has approved a 50 per cent salary increment for staff across board. Mr Rabiu made the disclosure in an internal…
Forex Crisis: NERC to increase price of prepaid meters
The Nigerian Electricity Regulatory Commission (NERC) is considering increasing the price of prepaid meters once again. This consideration comes in response to the escalating production costs faced by meter manufacturers,…
Valentine’s Day: Visually Impaired Nigerians Celebrate FCMB’s Inclusiveness
This year, First City Monument Bank (FCMB) celebrated Valentine's Day with a unique expression of love, reaching out to hundreds of visually impaired students and adults at two…
Nigerian Breweries records N106 billion loss in 2023
Nigerian Breweries Plc has recorded a net loss of N106 billion for the year ended 2023, as against N13.93 billion posted in its 2022 financials, indicating 860 per cent loss. Company Secretary, Nigerian Breweries, Uaboi…
Investors show confidence in Nigeria as foreign capital rises by 66.27% in Q4 2023
Nigeria witnessed a significant uptick in capital inflows, marking a 66.27% surge when juxtaposed with figures from the third quarter of 2023. The numbers rose from a previous $654.65 million in Q3 2023 to $1.09…
Nigerian ports threatened, importers divert cargoes to other countries over high customs duties
MANY ports in Nigeria are currently deserted due to the Forex crisis which has made importation business very expensive, findings by Saturday…
CBN forex policies failing to work as exchange rate approaches N1,700/$1
The exchange rate between the naira and the dollar has depreciated to an all-time low, reaching N1,537.96/$1 at the official market. This decline has occurred despite various policies implemented by the Central Bank aimed…
CBN Struggles Against Fresh Naira Decline as Banks Sell over $3 Billion
The Nigerian naira witnessed a notable decline in both the official and parallel foreign exchange markets, raising fresh concerns about the country’s economic stability and highlighting persistent challenges in its forex…
FG summons Dangote Plc, BUA Plc, Larfarge, others over escalating cement prices
The Federal government has said it cannot fold its arms and see the price of cement spiralled out of control. The Minister of Works, David Umahi has summoned cement manufacturers to a meeting on Monday to examine the…
Cement price surges to N15,000 in Abuja
Cement price in Abuja, the Federal Capital Territory, of a 50-kg bag of cement now costs between N10,000 and N15,000. A market survey conducted by DAILY POST on Friday in Gwarimpa, Area 10, Kubwa, Lugbe, and Dawaki…
REMITA facilitated N34.311 trillion revenue for federation account between 2015 and 2022
Mr. ‘Deremi Atanda, REMITA’s Managing Director and Chief Executive Officer, has revealed that the platform facilitated the generation of N34.311 trillion in revenue for the Federation Account between 2015 and 2022. His…
Key changes to the revised International Money Transfer Services guidelines
Nigeria’s Central Bank revised the International Money Transfer Services Guidelines in January 2024. The fundamental changes include improving the Government’s reforms to increase transparency in foreign exchange market…
NGX: Investors gain N329 Billion as Bullish Sentiment Persists
The bullish sentiment persisted on Thursday at the Nigerian Exchange Ltd. (NGX) equity market, with the market indices rising by 0.58 per cent. Investors gained N329 billion or 0.58 per cent, as the market…
“We’ve been counting losses” – Complaints galore as inflation hit Nigerian businesses
Businesses in Nigeria are grappling with severe challenges as inflation and economic difficulties take a toll on their operations, according to Daily Trust. Abubakar Adamu, a fruit seller in Abuja, highlighted the impact…
Allow CBN officials to work, if they fail, we will “quickly remove them” from the system – Tinubu…
President Bola Tinubu has raised concerns over what he labels a “cacophony of postulations” from different directions on the nation’s foreign exchange, adding that it only contributes negatively to the market. The…
Data Links Naira Weakness To FAAC Disbursements
The activities of governments after the disbursement of money by the Federation Account Allocation Committee (FAAC) contributed to the…
Forex crisis pushes petrol subsidy to N907.5b monthly
• Actual pump price hits N1,202.7/litre• Over 90 licensed marketers abandon petrol import as deregulation flops• Truck drivers may suspend operations as diesel rises to N1,400/litre• Price control unsettles Dangote,…
Cement price hit N9500 in retail outlets across Lagos
The price of a 50kg bag of cement has soared to around N9500 in many retail outlets in Lagos further exacerbating the effects of inflation in the country. Checks by Nairametrics in many retail shops in Lagos reveals…
Reps move to ban sports betting
The House of Representatives has resolved to stop sports betting in the country and urged the National Lottery Regulatory Commission (NLRC) to comply with the Lottery Regulatory Commission Act, 2005. The resolution…
CBN directs IOCs to adjust offshore transfers
The Central Bank of Nigeria has directed International Oil Companies operating in the country to fund their offshore accounts in two phases. The apex bank disclosed this in a circular dated February 14, 2024, and…
Fidelity Bank Extends Onyeali-Ikpe’s Contract As GMD To 2026
Fidelity Bank Plc has announced its Board of Directors’ decision to extend the employment contract of its GMD/CEO, Nneka Onyeali-Ikpe, from 2024 to 2026. The decision was taken at the board’s meeting on February 12,…
CBN stops dollar cash payments for foreign personal, business travels
The Central Bank of Nigeria (CBN) has announced a significant policy change, directing all authorised dealer banks to cease the payout of Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) in cash.…
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…