Business

Nestle Nigeria Plc says naira devaluation in the first quarter (Q1) of 2024 caused a net loss of N142.7 billion. The company disclosed this in its financial results for Q1 on Tuesday. The naira depreciated from N988.46…

The Nigerian government on Tuesday said it will soon grant the Dangote refinery a valid licence to operate fully in the country. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) Chief…

The price of parboiled rice has dropped for the first time this year in April, bringing relief to households and reducing pressure on them. BusinessDay’s market survey across Lagos shows that a 50kg bag of foreign…

The Nigerian Naira closed the month of April in a steep decline, closing at N1,390.96/$1 in the NAFEM, where the exchange rate trades officially. This rate represents a 5.8% depreciation from the month’s opening rate of…

Binance founder Changpeng Zhao was sentenced to four months in prison for failing to establish adequate anti-money laundering protections. Zhao,…

Commercial, merchant and non-interest banks are jostling to meet the new capital requirements announced by the Central Bank of Nigeria…

The NGX All-Share Index experienced a significant decline in April, losing N3.57 trillion in market value.   This downturn represents the first monthly decline for the NGX this year, contrasting with gains of 17.7%,…

…As Q1 revenue rise by 20.1% to N122.7bn   Dangote Sugar Refinery Plc (DSR) has unveiled plans to produce 700,000 metric tonnes of refined sugar…

The International Criminal Police Organisation (Interpol) says plans are underway to extradite Nadeem Anjarwalla, Binance regional manager for Africa, to Nigeria for prosecution. Garba Umar, vice president of Interpol…

Opay, a leading financial services provider in Nigeria, has reassured its customers regarding the security of their funds amidst the Central Bank of Nigeria’s (CBN) directive to suspend the creation of new accounts.…

MTN Nigeria released its Q1 2024 results, showing revenue of N752.9 billion, up 32.5% compared to N568.1 billion for the same period in 2023. However, the company reported a pre-tax loss of N575.69 billion, a sharp…

The exchange rate between the Naira and the Dollar is being quoted as high as N1,380/$1 at the parallel market, a weakening from the N1,280/$1 recorded over the weekend. This information was shared by operators who spoke to…

The naira regained strength against the haven currency over the weekend, breaking below the N1,300 resistance level at the parallel market, to settle at N1270-75 against the dollar as the U.S Fed Reserve Bank meets on…

The number of active bank accounts in Nigeria jumped to 219.6 million in March 2024, marking a significant increase when compared with the previous data released by the Nigeria Inter-Bank Settlement System (NIBSS).…

• BDCs on subsidy as four different rates emerge• Customs settles for below NAFEM rate, charges N1,164• Naira pullback stokes fresh concern about stability • Senate seeks proactive measures to save currency The Central…

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…