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The 5 CBN circulars that calmed FX market
The Nigerian naira recorded a gain of 4.49 percent against the dollar in seven days of trading driven by the policy measures of the Central Bank of Nigeria (CBN). The local currency had witnessed persistent…
Who was Abimbola Ogunbanjo
Abimbola Ogunbanjo was also on the on the helicopter crash that took the lives of Herbert Wigwe, the group Managing Director of Access Bank Corporation and other members of his family who were traveling in…
Nigeria loses N17b yearly to soap noodles’ importation
The Raw Material Research and Development Council (RMRDC) has revealed that Nigeria loses N17b yearly to importation of soap noodles. Soap…
Who was Herbert Wigwe?
Herbert Onyewumbu Wigwe, a luminary in the Nigerian banking sector, was born on August 15, 1966 in Isiokpo, Port Harcourt, Rivers State. As the CEO of Access Holdings Plc, traded as Access Corporation, Herbert Wigwe…
CBN raises Customs duty rate to N1,417.635/$, third time in 2024
The Central Bank of Nigeria (CBN) has for the third time this year, increased the exchange rate for calculating customs duties at the nation’s seaports to N1,417.635/$. With the upward review, Nigerians will pay more…
Concentrate on boosting FX supply, not controlling demand – Yemi Kale tells CBN
Yemi Kale, KPMG Nigeria partner and chief economist, told the Central Bank of Nigeria (CBN) to boost supply rather than regulate demand. The economist in a statement on his X page on Saturday. While appearing before the…
Sony moves to acquire half of Michael Jackson’s catalogue
Michael Jackson’s estate has reportedly sold half of the singer’s publishing and recorded music catalogue to Sony. Billboard quotes sources as confirming that the deal valued those music assets somewhere above $1.2…
Alcohol ban: Manufacturers say 25 companies may close shop
The Manufacturers Association of Nigeria (MAN) and Distillers and Blenders Association of Nigeria (DIBAN) have said at least 25 companies may be forced to close shop if President Bola Tinubu does not reverse the ban on…
Reforms yielding positive results as investors injected over $1bn in FX market, says Cardoso
The Governor, Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso has said reforms initiated by the apex bank are yielding positive results in the foreign…
US government offers $15 million for information on Hive hacker group
The US Department of State has announced a $15 million reward for anyone who could provide information that would lead to the identification and arrest of the leadership of the Hive ransomware variant transnational…
CBN discontinues ±2.5% cap spread on Interbank FX transactions
CBN in a circular dated February 8 has removed the ±2.5% cap spread on interbank FX transactions. The circular also notes that restrictions on the sale of interbank proceeds have also been removed. According to the…
Forex scarcity, high price of Jet-A1 threatening our operations – Airline operators
Airline Operators of Nigeria, AON, has lamented what it termed existential threats, saying scarcity of Forex, skyrocketing price of Jet-A1, now N1,300 per litre and difficulty in acquiring aircraft due to country risk,…
Nigeria plans new tax amnesty scheme for the wealthy
Nigeria will go after wealthy citizens evading tax yet again in a new amnesty scheme that will correct the failings of the Voluntary Assets and…
Tax dispute: MultiChoice agrees to pay N35bn to FIRS
MultiChoice Group has agreed to pay N35.4 billion as part of its tax obligations to the Federal Inland Revenue Service (FIRS). Multichoice owns the satellite television services, DStv and GOtv — popular…
TotalEnergies to sell its Nigerian onshore oil business
French energy giant TotalEnergies is set to sell its onshore business in Nigeria, its CEO Patrick Pouyanne has said, noting that…
Glo, MTN Resolve Interconnect Debt Dispute, Says NCC
The Nigerian Communications Commission (NCC) says the interconnect debt dispute between MTN Nigeria Communications Plc and Globacom Limited has been amicably resolved. NCC’s Director of Public Affairs, Dr Reuben Muoka…
E-payment transactions hit N600.36trn in 2023, says NIBSS
The Nigeria Inter-Bank Settlement System (NIBSS) has said the total value of instant payments in 2023 was N600.36 trillion. Instant payment is an account-based, real-time…
FG appoints BoI to disburse N200bn intervention fund
The Federal Government, through the Federal Ministry of Industry, Trade, and Investment (FMITI), has appointed Bank of Industry (Bol) to…
Why you should be cautious about loan apps
There is a growing concern over loan apps due to their potential for misuse of personal data and unethical practices, JUSTICE OKAMGBA writes Technology has evolved to a point where we now have an app installed on our…
Cinemas gross N7bn in 2023, Akindele’s film contributes 14% – Report
Nigerian cinemas grossed more than N7.2 billion in 2023 from over 2.6 million admissions, with Nollywood averaging a 39 percent market share, according to a new report. NAN reports that the earnings are over N416…
NNPCL spends N267.98 billion on security as oil operators struggle
. Pays workers N266b in 16 months The burden of insecurity is telling on the profitability of oil companies in Nigeria amidst…
Benin Republic surprises with oversubscribed $750m debut Eurobond
Benin Republic’s first-ever dollar denominated bond- a $750 million issue- was oversubscribed to the tune of $5 billion on Wednesday as investors lapped up the debt of the small West African nation. Romuald Wadagni,…
MAN kicks against NAFDAC’s ban on sachets alcohol
The Manufacturers Association of Nigeria (MAN) has expressed concern over the recent ban imposed on spirit drinks in sachets and PET bottles less than 200ml. According to Segun Ajayi-Kadir, director general at MAN, “Going…
Cardoso signals return to orthodox monetary policy as T-bill yield doubles
…FPIs stage return …Boost for naira as higher interest rate set to lure dollars …Investors to rotate from stock market to fixed income The…