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Business
Nigerians to pay between N300,000 and N600,000 to convert petrol vehicles to CNG – FG
The Federal Government has revealed that the projected price Nigerians will pay to convert their petrol vehicles to enable them to run on Compressed Natural Gas (CNG) is between N300,000 and N600,000. This disclosure…
Naira Scarcity Worsens As Banks Limit Withdrawals, ATMs Run Dry
Naira scarcity is biting harder across the country as banks have limited cash withdrawals, findings by Daily Trust have shown. Residents of Lagos, Abuja, Kano, Katsina, Jigawa and Adamawa and in other parts of the…
More bakeries shut down over high cost of flour, other ingredients as owners struggle with inflation
The staple and beloved item in many Nigerian households, bread, is becoming a luxury as rising costs of ingredients force bakery owners to increase prices or shut down their businesses. The surge in the prices of…
Thai Miss Universe Pageant owner broke one year after acquisition
JKN Global Group, the Thai owner of the prestigious Miss Universe pageant, has filed for bankruptcy just a year after acquiring the competition for a substantial $20 million. The company cites a “liquidity problem” as the…
CBN lacks the firepower to clear FX backlog says EIU
The Economic Intelligence Unit (EIU), the research and analysis division of the Economist Group, has warned that the Central Bank of Nigeria (CBN) does not have the required firepower to clear the backlog of foreign…
NNPC failing to meet equity payment for Dangote refinery
State-owned Nigerian National Petroleum Company Limited (NNPC) has become desperate in the quest to supply Dangote refinery crude oil worth $1 billion, which is part of its payment obligation for the acquisition of 20…
Nigeria spends around $1.7 billion yearly on milk imports – MACBAN
The National President of the Miyetti Allah Cattle Breeders Association of Nigeria, (MACBAN) Baba Ngelzarma has said that Nigeria spends around $1.7 billion yearly in importing milk into the country. He disclosed this…
Abdul Samad Rabiu overtakes Dangote as richest investor in Nigeria’s stock market
In a surprising turn of events on the Nigerian Exchange, Abdul Samad Rabiu, the chairman of BUA Group, has reclaimed the title of the richest…
Nigeria produced 1.56 million barrel of oil per day in October 2023 – NUPRC
Nigeria produced 1.56 million barrels of crude oil per day in October 2023. This is according to data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The recently released data shows a…
CBN moves against dollar speculators, hoarders as naira depreciates
The Central Bank of Nigeria (CBN) has vowed to go after currency hoarders and speculators whose activities are allegedly…
CBN directs staff to disclose relatives, political links
The Central Bank of Nigeria (CBN) has ordered its staff members to disclose Politically Exposed Persons (PEPs) and relatives under its employment in the last nine years. This was stated in a memo signed by Christian Eze,…
BREAKING: System glitch causes debt cancellation on MTN network, subscribers jubilate
A system glitch in MTN Nigeria’s system has caused the disappearance of debt on the accounts of subscribers who had borrowed credit from the company. However, the subscribers believe the telecom operator…
Naira strengthens further on black market to N1,110/$
Naira on Friday strengthened further against the dollar as demand moderated on the black market segment of the foreign exchange (FX) market. After…
Nigeria holds highest cement prices globally for a decade – Producers lament
Nigeria has maintained the distinction of having the world’s highest cement prices for the past decade, according to David Iweta, the national chairman of the Cement Producers Association of Nigeria (CEPAN). Despite the…
Nigerians to pay more for imported goods as Federal govt adjusts Customs exchange rates
In a move that has significant implications for importers and clearing agents, the Federal Government of Nigeria has adjusted the Nigerian Customs Service (NCS) Exchange Rate calculations for import duties. The…
Domiciliary account balance rises to $29bn amid weaker naira
The total balance in the domiciliary accounts in Nigeria’s commercial and merchant banks rose by more than a fifth in June, an analysis of data from the Central Bank…
European refiners prefer Nigeria’s crude oil grades – NNPC
The Nigerian National Petroleum Company (NNPC) Limited said Nigeria’s crude oil grades have become the most preferred choice for refiners in Europe. The Executive Director, Crude Oil and Condensate, NNPC Trading Limited,…
Naira gains 1.75% as speculators watch government’s FX plans
Naira on Thursday gained 1.75 percent on the parallel market, also known as the black market, following some sentiments around the government’s plans to…
Court halts sales of Shoprite malls in Nigeria
A federal high court in Abuja has restrained Novare Investment Ltd, owners of Shoprite Malls in Nigeria, from selling off their assets in…
Northern Elders Forum calls for restraint in the rift between Aliko Dangote and Abdulsamad Rabiu
The Northern Elders Forum (NEF) has called for restraints between prominent businessmen Aliko Dangote and Abdulsamad Rabiu over business interests in the cement manufacturing industry. The group disclosed this in a…
Naira shrinks to N1,135/$ at parallel market
The naira on Wednesday weakened to N1,135 per dollar at the parallel section of the foreign exchange (FX) market. The figure represents N15 or 1.35 percent depreciation compared to the N1,120 it traded yesterday.…
Inflation, FX, many tariffs compound Nigeria’s trade woes
. Anti-trade policies encourage diversion to neighbouring countries . Car clearance charges at port rise by 77% . Stakeholders seek reform to…
Tinubu halts electricity tariff hike, insists on subsidy
President Bola Tinubu intervened to halt an electricity tariff increase and insisted on nationwide power consumption subsidies, revealed Adebayo Adelabu, the Minister…
Bank deposits soar on CBN loans, dorm accounts
…Five biggest lenders boost deposits to N53 trillion …Zenith displaces Access from top spot Nigeria’s five biggest banks have seen their customer deposits…