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Business
Boost for naira as Nigeria to receive $1.5bn World Bank loan by year-end
Nigeria’s embattled naira is set for a lift after lawmakers approved plans by the government to seek a $1.5 billion loan from the World Bank.…
Dollar supply soars after CBN halted forex restrictions on 43 items
The supply of US Dollars increased at the foreign exchange (forex) market as liquidity at the investors and exporters window increased to $407.7 million following the…
Treasury Bills oversubscribed by N284.57bn
Indications have emerged that the robust system liquidity drove high demand at the Nigeria Treasury Bills (NTB) auction held last week, with total subscriptions at N321.13 billion against N36.56 billion offered,…
$1.5bn World Bank loan: Moghalu criticises govt, says ‘we are not serious’
Kingsley Moghalu, the former Deputy Governor of the Central Bank of Nigeria (CBN) and one-time presidential candidate, has strongly criticised recent financial decisions made by the Nigerian government. His condemnation…
Naira under pressure, Nigeria may seek dollar loan –IMF
The International Monetary Fund has said the naira is currently under pressure and Nigeria is free to seek loan from the Fund to stabilise the currency if it considers a good option. The Washington-based lender however noted that recent…
CIBN Begins Certification Of POS, NIN/BVN Agents
The Chartered Institute of Bankers (CIBN) has unveiled agency banking certification for point of sales (POS) agents, NIN/BVN agents, agent network managers, customer service officers, and agent banking personnel in banks…
Telecoms operators may sue banks over N120b USSD debt
Telecommunications operators have not foreclosed legal action in compelling Deposit Money Banks (DMBs) to pay the lingering N120 billion Unstructured Supplementary…
Importers groan over 200% surge in duty amid naira fluctuation
Nigerian importers are troubled by escalating duty costs, following the country’s floating of its foreign exchange rate. They said import duty…
Nigerian oil billionaire Wale Tinubu loses $29 million from investment in Oando
Wale Tinubu, Nigerian oil billionaire and nephew of Nigerian President Bola Ahmed Tinubu, has witnessed a substantial decline in the market value of his stake in Oando Plc, one…
Nigerian businessman Tony Elumelu rakes in $12 million in 31 days from UBA
Tony Elumelu, Nigerian business magnate and chairman of the United Bank for Africa (UBA), has witnessed a remarkable surge in his stake over the past month, driven by…
Despite Lifting FX Ban, Dollar Supply Declines To $53.02m
Nigeria recorded a significant drop in dollar supply on Friday, a day after the Central Bank of Nigeria lifted the forex ban on 43 items. The apex bank in a…
IMF welcomes CBN’s removal of FX restrictions on 43 items
The International Monetary Fund (IMF) has commended the Central Bank of Nigeria’s decision to remove restrictions on 43 items previously restricted from accessing foreign…
Wale Edun confirms Nigeria expecting World Bank’s $1.5bn budget support soon
Wale Edun, Minister of Finance and Coordinating Minister for the Economy on Saturday confirmed ongoing talks with the World Bank for a $1.5 billion concessionary loan to support budget funding, and signaled that the…
Financial markets in contradictory response to new FX policy
•Naira depreciates further, stocks appreciate•Expert applauds CBN’s decision There were contrary trends in the financial market yesterday, just a day after a major policy change by the Central Bank of Nigeria, CBN,…
CBN shockingly claims 43 banned items is reason for exchange rate disparity
In a remarkable U-turn, the Central Bank of Nigeria (CBN) has attributed the widening disparity between official and black market exchange rates to the 43 banned items implemented in 2015. The CBN conveyed this…
Naira falls to N1,049 after CBN restores 43 items
The pressure on the foreign exchange (FX) market continued on Friday morning as the naira fell to N1,049 to the dollar on the parallel market, popularly known as the black market. This comes a day after the Central Bank…
President Tinubu performs groundbreaking for $250million lithium factory in Nasarawa
President Bola Ahmed Tinubu has performed a groundbreaking ceremony to initiate the construction of a “$250 million lithium factory in Nasarawa State.” “The mega factory when completed would process 18,000 metric tons…
Naira to appreciate on black market – Analysts
The Central Bank of Nigeria (CBN) has given the green light to importers of 43 items prohibited from accessing foreign exchange in the official market eight years ago. This move will help the naira to be come stronger on…
Nigeria’s rig count rises 61% to 29 as investors respond to PIA, others – NUPRC
Nigeria’s rig count, an index of measuring upstream activities in the oil and gas industry, rose, Year-on-Year, YoY, by 61.1 per cent to 29 in September 2023, from 18, recorded in the corresponding period of 2019, due…
6 Years After, Arik, AMCON Still In Dispute
It is now over six years since the airline was taken over by AMCON but they have been long, tortuous years which raised the issue of the desirability of AMCON’s intervention into the aviation industry. AMCON’s…
NCC restores regulatory services to Globacom after paying its debt
The Nigerian Communication Commission (NCC) said it has restored regulatory services to one of its licensees, Globacom Limited after it successfully cleared its outstanding debt obligations to the Commission for unpaid…
BREAKING: CBN lifts ban on 43 items, to start selling dollars “from time to time”
The Central Bank of Nigeria has lifted the ban on 43 items imposed under the Godwin Emefiele CBN era. This was disclosed in a circular by the apex bank released on October 12, 2023. According to the central bank, it…
JUST IN: Abdul Samad Rabiu’s net worth jumps to $7 bn as BUA Cement records surge in revenue
Abdul Samad Rabiu, chairman of the BUA Group, has experienced a resurgence in his wealth, reaching an impressive net worth of $7 billion. Over the past three months, Rabiu’s net worth has increased significantly,…
Daily forex turnover fail to cross $300 million since FX Unification was announced
In Nigeria, the forex turnover in the official foreign exchange market has struggled to reach the $300 million mark, a figure last seen during the initial days of forex unification. This highlights the level of…