Business

Bureaux de Change (BDCs) operators yesterday rejected Central Bank of Nigeria’s (CBN’s) directive that operators make at least three dollar purchases weekly or be sanctioned. The apex had also threatened to punish banks that fail to…

The Nigerian Stock Exchange (NSE), in January this year, moved the minimum price floor from N0.50 to N0.10, and several penny stocks, mostly from the insurance space, soon fell to this price point. Perhaps in response to pressure from…

The Federal Government Enterprise and Empowerment Programme (GEEP) MarketMoni interest-free loan scheme has now successfully reached over 300,000 beneficiaries in all 36 states of Nigeria, and the Federal Capital City, as at May 2018.…

Major Oil Marketers Association of Nigeria (MOMAN) says the non-payment of their N650 billion subsidy claims made retrenchment necessary. The association told NAN on Saturday that the federal government’s failure to pay the claims…

The prices of imported goods might increase after companies like Maersk and Mediterranean Shipping Company, have announced a hike in rates. Both companies attributed the increased rates to increased bunker fuel prices which are a…

• Asks banks to access dollars from CBN thrice a week Nigerians travel-ling overseas can now heave a sigh of relief following the release of new Central Bank of Nigeria (CBN) directives that make it much easier for people in this…

On a hot April morning, workers are furiously cleaning a decorative fountain in front of the executive office of Nigeria’s largest steel complex. An onsite power plant is being repaired by electricians. Others around the 39-year-old…

Nigerians Banks have expressed reservations at 9 Mobile’s ability to remain viable post-acquisition by Teleology. Banks are concerned of the sustainability of 9 Mobile post-acquisition due to its huge debts, low margins, reducing…

No fewer than 350,000 small businesses have benefited from the Federal Government’s interest-free loans, it was learnt yesterday. The beneficiaries of Federal Government Enterprise and Empowerment Programme (GEEP) MarketMoni scheme…

Analysts at Renaissance Capital (Rencap) believe Nigeria’s slowing inflation rate will not hit single digit by the end of 2018. In a report made available to National Daily, Rencap said Nigeria’s inflation rate will close in 2018 at…

With election spending looming and the late passage of the 2018 budget, the Central Bank of Nigeria (CBN) has vowed to monitor and control spending in the coming months to save the economy from the adverse consequences of expansionary…

The monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) has again retained interest rate at 14 percent, the country’s highest in 10 years. The committee has maintained this decision for 22 consecutive months. In July…

The average monthly internally generated revenue (IGR) of Lagos state has risen to N34 billion from N22 billion recorded in 2015, the state government has said. Akinyemi Ashade, commissioner for finance, Lagos state made the…

      •External reserves record first decline of $72m•I&E weekly turnover drops 3months low•CBN intervene with $503m•Exchange rate fluctuatesFOLLOWING the upsurge in demand for dollars last week by foreign investors, Nigeria’s…

The Central Bank of Nigeria said that the Nigeria-China currency swap deal would not cover the importation of the 41 items banned in its 2015 circular on items not valid for foreign exchange. CBN’s acting Director, Corporate…

Ghana's total public debt has hit $145 billion in February from $143.9 in billion in January 2018, the Bank of Ghana has published.A summary of economic and fiscal data on the central bank's website noted that the new debt amounts to 60…

Experts have commended the decison to raise the oil benchmark from $45 to $51 per barrel for the 2018 budget passed on Wednesday by the National Assembly, more than six months after it was presented. The National Assembly passed the…

The National Bureau of Statistics (NBS) in its sectoral distribution of Value Added Tax (VAT) for the first quarter of 2018 has said that the manufacturing sector generated the highest amount of VAT with N30.14 billion. NBS disclosed…

Goood news: oil prices hit $80 a barrel on Thursday for the first time since November 2014. Bad news: Shell Petroleum Development Company (SPDC) on Thursday declared force majeure on the exports of Nigeria’s major crude oil, the…

The Managing Director, Bank of Industry, Olukayode Pitan, on Tuesday said that the lender had opened discussions with the Small and Medium Enterprise Development Agency of Nigeria and the Nigeria Export and Import Bank to de-risk its…

Nigerian National Petroleum Corporation NNPC has issued a 2-year crude export license to some local and foreign companies. According to Reuters, NNPC has awarded 50 companies with crude export contracts. Out of the total 32 were…

Nigeria’s mutual fund investors are becoming increasingly risk averse as they continue to embrace money market funds inspite of decreasing yield. The yield curve in Nigeria has been trending downwards since the beginning of the year…

The new Companies and Allied Matters Act (CAMA), which was passed into law by the Nigerian senate on Tuesday, will make it possible to register a company from anywhere in the world. Speaking of the passage of the bill, Senate…

Capital inflow into Nigeria rose almost sixfold in the first quarter compared to a year ago, following last year’s liberalisation of the currency for foreign investors and steps to tighten liquidity to attract offshore funds. Figures…