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Business
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…
Tinubu’s aide says Nigeria Central Bank must be more ‘political’
A senior aide to Nigerian President Bola Tinubu urged the central bank to pay attention to the political impact of its decisions, amid a public backlash over the fallout from recent economic reforms. In an article on…
Dollar hits N1,700 in Lagos; pound sterling now N2,100
The naira continued its freefall on Monday, dipping to N1,700 against the dollar and N2,100 to a pound sterling as Nigeria’s economy continues to hurt under President Bola Tinubu’s watch. This comes as the naira hits an…
BREAKING: Cement price to drop to N7000
Cement manufacturers have agreed to bring down the price of the product to between N7,000 and N8,000 per 50kg depending on the location nationwide. During a meeting initiated by the Minister of Works, David Umahi, and…
FULL LIST: Nigerian Breweries releases new prices of drinks
The Nigerian Breweries Plc recently announced an upward price change for its Stock-Keeping Units (STUs) with effect from February 19. A letter dated February 12 titled: ‘Price review notification,’ by the Zonal Business…
Naira drops to N2,000/1£ at parallel market
Nigeria’s local currency is currently exchanging above 2,000 naira against the Great Britain Pound at the parallel market. A Bureau de Change operator at Wuse Zone 4, Malam Ibrahim, confirmed the rates on Monday. He…
CBN FX gateway bank may impact banks’ liquidity – Fitch
Credit rating agency, Fitch Ratings, has said that the proposed foreign currency gateway bank announced by the Central Bank of Nigeria may have a negative impact on the liquidity of Nigerian banks. This was revealed in the…
Like Premier Feed Mills, Olam Agri quits offtaking maize, sorghum in Nigeria
Olam Agri in Nigeria says it has suspended off taking maize and sorghum in Nigeria. The suspension follows the food security challenges being experienced by the country, according to the company. The company, one of…
Investors eye higher interest rates as Nigeria sells record N2.5trn bonds
Investors will be hoping to get higher interest rates when Nigeria attempts to sell N2.5 trillion worth of seven and 10-year naira-denominated bonds today. That’s the highest amount the government has attempted to…
Naira loses 69% of its value against dollar since FX reforms
The naira has depreciated against the US dollar by 69.47 percent under the current administration led by President Bola Ahmed Tinubu amid the implementation of foreign exchange reforms. Data collated from the FMDQ…
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…