Business

The Central Bank of Nigeria (CBN) sold dollars at the official and parallel markets last week in a bid to stem the panic-driven demand in the markets that has renewed pressure on the naira. The apex bank sold some $70…

Management of Dangote Cement Plc has revealed that the company dispatched seven ships of clinker- from Nigeria to Ghana and Cameroon and that the export, for the…

Rice millers that were forced out of business in Africa’s most populous nation are gradually reopening their factories as it becomes affordable to source critical inputs. The millers have the lifting of sanctions on the…

A surge in demand for dollars in the parallel market driven by banks and end-users combined with slow forex disbursement to BDCs by the Central Bank of Nigeria, CBN, caused the Naira, last week, to fall by 23 per cent…

The Senate through its Committee on Finance, has called for concerted efforts by all relevant stakeholders to rescue and sustain the stability of the naira. The naira persisted in its decline against the US dollar…

Danish shipping and logistics company, A.P Moller-Maersk, has said it will invest $600m to expand existing port infrastructure to accommodate more container shipping services in Nigerian ports. This followed closed-door…

Standard Chartered Bank has announced the appointment of Dalu Ajene as the Chief Executive Officer of the bank’s operations in Nigeria. Ajene takes over from Lamin Manjang, the Vice Chairman Africa and Acting CEO who will…

Nigerian Breweries is seeking to convert part of its liabilities into equities. This is according to the resolutions from the group’s Annual General Meeting (AGM) held on April 26, 2024.    During the AGM, a resolution…

The exchange rate for cargo clearance has dropped below official and parallel market rates to N1,164.84/$, according to the latest update on the Nigeria Customs Service’s (NCS) exchange rate portal. Nairametrics had…

The total revenue that accrued to the coffers of the government from Value Added Tax between October 2023 and March 2024 increased by 58 per cent, Saturday PUNCH investigation has shown. This was contained in the various…

Shareholders of Nigerian Breweries Plc have approved a N600 billion capital raise through a rights issue to reduce its debt burden. The decision was taken at the 78th annual general meeting (AGM) of the company on…

The downward trend of the naira against the dollar has prompted Nigerians to pose questions to Yemi Cardoso, the Governor of the Central Bank of Nigeria about the…

The federal government has announced plans to set up a $10 billion diaspora fund to attract investment from citizens living abroad. In a on X on Thursday, Doris Uzoka-Anite, minister of industry, trade and investment, said…

British American Tobacco (BAT) is entangled in major legal proceedings across Nigeria, with five states demanding a total of N10.6 trillion (£9.3 billion) for healthcare costs linked to smoking-related diseases. These cases…

ByteDance, TikTok’s parent company, is contemplating shutting down the app in the US instead of selling it, Reuters reported citing four sources. This is coming as ByteDance faces legal challenges following legislation…

Telecommunication operators in Nigeria have said that their services are overdue for price increments as they have not implemented any upward price adjustment in the last 11 years. The operators stated this in a…

The Central Bank of Nigeria (CBN) has addressed circulating rumours regarding alleged directives aimed at restricting transactions with cryptocurrency exchanges. Contrary to these rumours, the CBN clarified that no such…

KPMG has announced the cancellation of job offers to some foreign graduates in the United Kingdom (UK). KPMG took this step following the decision of the UK government to tighten visa rules for overseas workers in a bid…

To purchase crude oil, modular refineries are to now pay 80 per cent of the amount in the United States dollar, while 20 per cent is to be paid using the local currency – naira, it was gathered on Wednesday. On April 16,…

The aggressive policies introduced by the Governor of the Central Bank of Nigeria, Olayemi Cardoso, to stabilise the naira have been applauded by the Diocesan Bishop of Ife, Rt Rev. Olubinmi Akinlade. The cleric made…

President Biden has signed a law to ban Chinese-owned TikTok unless it is sold within a year. It is the most serious threat yet to the video-streaming app's future in the U.S., intensifying America's tech war with…

The federal government has revoked 924 dormant licences across four sectors in the mining industry. The areas affected include exploration, mining, small-scale mining, and quarrying. Dele Alake, minister of solid minerals…

The president of the Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadabe, says BDC operators are committed to preventing speculators from attacking the naira. Mr Gwadabe said this in an interview on…

Multi choice, operators of DStv and GOtv, have announced a price increase for its packages. The new prices take effect from May 1, 2024, just five months after its last price upward review. Multichoice, in a statement…