Business

Banks’ borrowings from the Central Bank of Nigeria, CBN, fell month-on-month, MoM, by 44 percent to N12.16 trillion in April from N21.7 trillion in March. Analysis of latest data from the CBN shows that the 44% drop…

The Central Bank of Nigeria (CBN) has granted approval in principle (AIP) to 14 new international money transfer operators (IMTOs). IMTOs carry out cross-border fund transfer services for individuals and entities…

The High Court of the Federal Capital Territory (FCT) in Maitama has granted Godwin Emefiele, a former governor of the Central Bank of Nigeria (CBN), a N300 million for printing new naira notes. At the court on Wednesday,…

Nigeria experienced a surge in its headline inflation rate, which reached 33.69% in April 2024.  The figure represents a significant increase compared to the previous month’s rate of 33.20%, indicating a 0.49% points rise…

Steak and grills every weekend, a trip to that music festival you always wanted, maybe even owning a place of your own. Those feel like…

The Federal Government has charged tax practitioners to work harder in getting more revenue from taxes, stressing that tax revenue is currently the highest income…

Gabriel Idahosa, president of the Lagos Chamber of Commerce and Industry (LCCI) has advised the federal government to discontinue any further levies as multiple taxes do not translate to increase in revenue. Idahosa…

The federal government has outlined plans to tap from locally available funds such as pension and life insurance to develop infrastructure in the country.  Minister of Finance and coordinating minister for the economy,…

The exchange rate between the Naira and dollar and the official NAFEM window fell to N1,520.4/$ on Tueday May 14, 2024. This is a 2.78% depreciation from the previous day close. This is the lowest in over 6 weeks…

President Bola Tinubu has suspended the 0.5 percent cybersecurity levy after criticism and protest trailed the announcement. Mohammed Idris, minister of information and national orientation, announced the suspension…

The foreign exchange loss of MTN Nigeria Communications Plc, the country’s biggest mobile network operator, rose to the highest in at least six years in the first three months…

In first-quarter (Q1) of 2024, foreign investors participation in Nigeria’s equities increased year-on-year (YoY) compared to Q1’23, summary of transactions as at March 31, 2024 showed. In the review Q1’24, foreign…

The naira continued its free fall across Foreign exchange (FX) markets, despite a surge in dollar supply at the official market. FX trading at the Nigerian Autonomous Foreign Exchange Market (NAFEM) witnessed a…

Nigeria recorded $282.61 million as total direct foreign exchange (FX) remittances in the first quarter (Q1) of 2024. This is according to data…

Point of Sale (PoS) operators, represented by the National President of the Association of Mobile Money and Bank Agents in Nigeria, Fasasi Sarafadeen, have announced plans to challenge the legality of the mandatory…

Growing concerns and fears are emerging in Africa’s most populous country over the possibility of Thailand’s 10-year-old stored rice finding its way into the Nigerian and African markets as Thai’s government announced…

Dangote Cement Plc, is prioritizing  community engagement, empowerment, and environmental stewardship to sustain its upward trajectory,…

Aliko Dangote has been ranked as the world’s sixth richest person in the manufacturing industry. Dangote whose net worth is put at $14.3 billion is the founder of Dangote Cement, the leading cement producer in…

The governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso said interest rates would remain high until inflation rate comes down. Cardoso stated this in a Financial Times report on Monday. The CBN boss also…

Members of the Democratic Youth Assembly of Nigeria (DYAN) have visited the Vice-President, Oil and Gas, Dangote Industries Limited (DIL), Mr. Devakumar Edwin, in his…

The naira on Monday extended depreciation against the dollar falling to 1,515 on the parallel market, popularly called black market. This represents 2.97 percent (N45/$1) depreciation against the US dollar when…

GT Bank’s retail customers’ deposits hit N3.85 trillion in 2023, representing 54.4% of the bank’s total customer deposits within the year. However, despite making up 54.4% of the bank’s total customers’ deposits, retail…

KPMG, a global firm that provides audit, tax and advisory services, also raised issues with the timing of the 0.5 percent cybersecurity…

The NIRSAL Microfinance Bank (NIRSAL-MFB) has teamed up with the Nigerian Financial Intelligence Unit (NFIU)   to recover N450.9 billion outstanding…