Business

The naira hit an eight-month high of 1000 per US dollar at the black market on Tuesday, a remarkable turnaround for a currency that had looked destined to hit N2000/$ barely two months ago. Traders reported increased…

Nigeria is burning through foreign-exchange reserves at a rate not seen in four years, raising concerns that the central bank is depleting its dollar holdings to support the naira after pledging it would allow the…

The Ministry of Industry, Trade and Investment says it has begun disbursement of the Presidential Conditional Grant Scheme to verified applicants after an exhaustive selection process. The government, through the Bank…

The resurgence of the Nigerian naira on both official and black markets has coincided with a spectacular gain in wealth for Africa’s richest man, Aliko Dangote. Based on information gathered from the Bloomberg…

The Naira, yesterday, appreciated to N1,080 per dollar in the parallel market, from N1,230 per dollar last weekend. Similarly, the Naira appreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,136.04 per dollar.…

Samsung regained its position as the top smartphone seller, wresting back the lead from Apple as Chinese rivals close the gap on both market leaders, industry tracker International Data Corporation reported Monday. South…

The Federal Government has eventually complied with the demands of domestic crude oil refiners and other operators in the sector, as it declared on Monday that indigenous refineries can now buy crude oil in naira or…

For eight years, Lydia Haruna (not real name) worked as a senior manager in the Development Finance Department of the Central Bank of Nigeria (CBN). She won awards for recovering over N16 billion from debtors who…

Nigeria’s inflation rate increased to 33.2% for the month of March 2024 according to the latest data from the National Bureau of Statistics (NBS).   This represents a 1.5% increase…

The naira strengthened against major currencies on Monday the greenback saw an increased safe-haven demand, in the wake of an Iranian strike on Israel, putting it at more than five-month highs. Naira breaks key…

United Bank for Africa Plc has expressed confidence in its ability to meet the new capital base specified by the Central Bank of Nigeria. In a statement issued on Sunday, UBA’s Group Managing Director/Chief Executive…

South African hospitality group, Sun International Limited has announced plans to sell off 43% of its shares in Tourist Company of Nigeria Plc, the owners and operators of Federal Palace Hotel and Casino.   According…

Nigeria has yet to clear more than half of its scheduled crude oil cargoes for May as unsold crude oil starts to build up in the oil market.   According to a report by Bloomberg, traders who specialize in West African crudes report…

The National Identity Management Commission (NIMC) has announced that the new single and General Multipurpose Card (GMPC) will be distributed to applicants via their respective banks, similar to the process for issuing…

Nigerian Breweries Plc has indicated plans for a company-wide reorganisation which include the temporary suspension of operations in two of its nine breweries.  In a statement obtained by Nairametrics, the company…

MultiChoice, the parent company of DStv , has issued an update to its shareholders regarding the increased investment by French media conglomerate Groupe Canal+, which has now acquired a 40.01% shareholding.  This…

The Nigerian government says it has traced fleeing Binance executive, Nadeem Anjarwalla, to Kenya, following his escape from custody. It was gathered that the Economic and Financial Crimes Commission (EFCC), the…

Goldman Sachs has described Naira as the best-performing currency this month (April), saying the currency will exchange below N1,000 per Dollar. The firm disclosed…

President of Association of Foreign Airlines’ Representatives in Nigeria (AFARN), Dr Kingsley Nwokoma, has said Air Peace is not the reason for the Lagos-London ticket price crash. Daily Trust reports that Air Peace,…

Investors of six Nigerian financial institutions collected about N366.93bn in final dividends in 2023. According to The PUNCH analysis of their audited financial results filed with the Nigerian Exchange Limited, the…

The naira held onto its bullish momentum despite the dollar’s most recent aggressive gains this week, as concerns about persistent inflation remained unabated, despite weaker-than-expected March U.S. producer prices. This…

Fallen cryptocurrency wunderkind Sam Bankman-Fried has appealed his federal conviction and 25-year jail sentence in a sweeping fraud case, according to a legal filing made public Thursday. News of the appeal comes two…

After months to turmoil and near bankruptcy as a result of the prohibitive cost of aviation fuel, Nigerian airlines are celebrating following the news that…

As debt burden continues to rise in countries of the world, the International Monetary Fund (IMF) has projected that debt servicing would gulp as much as 14 percent…