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CBN demands transaction evidence for repatriation, divestment of foreign investments
The Central Bank of Nigeria (CBN) has provided clarifications on its foreign investment rules. In a circular signed by W. J. Kanya, acting director, trade and exchange department, on Thursday, the CBN said its…
Buhari, Kyari blocked my attempt to purchase oilfield – Elumelu
Business tycoon Tony Elumelu said former President Muhammadu Buhari and deceased chief of staff Abba Kyari rejected his company’s request to buy an oilfield despite raising billions of dollars to fund the…
Enforce the PIA act, Dangote urges NUPRC
Management of Dangote Petroleum Refinery has urged the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), to…
Why Nigerians are praying for the success of a new oil refinery
A prayer was held a few months ago in Kano, a very religious city in northern Nigeria. It was organised to pray for the success of a…
Fuel subsidy: NNPCL demands N2.6tn refund from Nigerian Govt on petrol import
The Nigerian National Petroleum Company Limited (NNPCL) has requested a refund of N2.6 trillion for foreign exchange differences related to fuel…
Antibiotics costs triple Nigerians’ pain after GSK exit
Nigerians are now paying three times more for antibiotics formerly produced by the British pharmaceutical giant, GlaxoSmithKline (GSK), one year…
Tomato prices drop 58% in Lagos
Prices of tomatoes have dropped by 58 percent in Lagos for the first time this year, bringing respite to households and reducing pressure on them. BusinessDay surveyed markets across Lagos and found that a big…
Naira rises to N1,590/$ in parallel market
The Naira yesterday appreciated to N1,590 per dollar in the parallel market from N1,595 per dollar on Wednesday. Similarly, the Naira yesterday appreciated to N1,596.52 per dollar in the Nigerian Autonomous Foreign…
60% of our crude feedstock supplied by NNPC, says Dangote refinery
The Dangote refinery says since it commenced full operations, it has processed 50 million barrels of crude — with 60 percent of its feedstock coming from the Nigerian National Petroleum Company (NNPC) Limited. Aliyu…
Naira crude sale has dollar fee headache
The federal government’s push to sell crude oil in naira is facing a brick wall of dollar-denominated regulatory and royalty fees, senior industry sources…
CBN sells N216.09bn T-Bills as yield drops
Robust investors appetite for the one-year bills on Wednesday exerted downward pressure on one-year bills yield, contracting to 28.02 percent from 28.36 percent recorded in the previous auction. The stop rate at…
Naira gains N10 on black market after CBN’s retail auction
The naira on Thursday gained N10 against the dollar on the parallel market also known as the black market, after the Central Bank of Nigeria (CBN) auctioned $876.26 million through the retail Dutch auction system.…
OPEC says Dangote refinery’s diesel, jet fuel supplies to disrupt Europe’s oil & gas industry
…It is a big plus to Nigeria’s economy The Organisation of Petroleum Exporting Countries, OPEC, has said supplies from Nigeria-based world's largest…
PoS Takes Over Cash Dispensing Services As Cash Dries In ATMs
With most Automated Teller Machines (ATMs) of banks not dispensing cash, most bank customers have resorted to use of…
Why CBN Injected N700bn Bailout In Unity Bank-Providus Bank Merger
The Central Bank of Nigeria approved a financial package worth N700 billion to support the proposed merger between Unity Bank Plc and Providus Bank Limited, according to a document seen by Daily Trust. According…
Dangote Group’s listed firms incur N400b FX losses in six months
Dangote Group’s three listed companies including Dangote Sugar Refinery, National Salt Company of Nigeria (NASCON) and Dangote Cement incurred combined foreign exchange (FX) losses of close to N400 billion in half-year…
Stock market rebounds, investors gain N97bn
The Nigerian stock market rebounded with positive momentum on Wednesday, adding N97 billion to investors’ portfolios. Specifically, the market capitalisation of listed equities, which opened at N55.033 trillion,…
FCMB and FMO Seek Agricultural Solutions in Nigeria with Agritech Hackathon
First City Monument Bank (FCMB) and the Dutch Entrepreneurial Development Bank (FMO) are joining forces to ignite innovation in Nigeria's agricultural sector…
CBN sells $876.26m at N1,495 in retail auction
The Central Bank of Nigeria (CBN) on Wednesday sold a total of $876.26 million to end users whose bids were submitted by some 26 banks, in the apex bank’s…
FG to sell $500 million dollar-denominated bonds, targets 200% subscription
The Federal Government of Nigeria has launched its Series I Domestic USD Bond, as it hopes to raise at least $500 million from local and…
CBN steps in to save naira with retail dollar auction
The Central Bank of Nigeria (CBN) will be hoping it can halt the naira’s downward spiral by selling dollars at a retail auction today. The apex bank has received a list of all outstanding FX demand by end…
EXPLAINER! Fitch Ratings: Is Dangote Industries going bankrupt?
Nigerian giant Dangote Industries Limited (DIL)has been making headlines for some months now, mostly due to the opening of its new refinery. The $20 billion Dangote Oil Refinery, which started operating in…
AXA Mansard’s pre-tax profit grows by 57.79% in the second quarter of 2024, as revenue skyrockets
AXA Mansard published its 2024 second-quarter results, reporting a pre-tax profit of N14.9 billion. This indicates a 57.79% year-over-year increase from a pre-tax profit of N9.4 billion reported in 2023. The…
CBN injects N700 billion bailout in Unity Bank-Providus Bank merger
Nigeria’s Central Bank approved a financial package worth N700 billion to support the proposed merger between Unity Bank Plc and Providus Bank Limited, according to a document seen by Nairametrics. According to…