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JUST IN: NDIC gives N5m each to defunct Heritage Bank customers
The Nigeria Deposit Insurance Corporation says it has disbursed the insured deposits of N5 million each to 82.36 per cent of the total customers of the defunct Heritage Bank. It also noted that 17.64 per cent…
How floating the naira has affected businesses in Nigeria
One of the first major policies of President Bola Ahmed Tinubu’s regime was the floating of the Naira to unify foreign exchange rates and save Nigeria the billions of dollars previously used to defend the…
Nigerian Eurobonds that can earn you $1,000 for every $10,000 invested Tax-Free
In an economic climate where the Naira is facing continued depreciation, Nigerians are increasingly seeking ways to protect and grow their wealth. One of the more attractive investment options is…
Dangote Refinery: Reactions Trail Hundeyin’s Confession
Nigerians are jolted by a confession by a Nigerian investigative journalist, David Hundeyin, who claimed to have been contacted to blackmail Dangote Hundeyin, disclosed how an International Non-governmental…
Top 10 Banks that got highest FX from CBN’s latest Retail Dutch Auction
The Central Bank of Nigeria (CBN) recently conducted a Retail Dutch Auction System (rDAS) on August 6, 2024, in an effort to mitigate the rising demand pressures in the foreign exchange (FX) market and to…
Dangote Group purchases $105.33 million from latest CBN’s Retail Dutch Auction
Dangote Group’s subsidiaries have emerged as major recipients in the latest Retail Dutch Auction conducted by the Central Bank of Nigeria (CBN), purchasing at least $105.33 million in successful foreign…
Meet China’s new 44 year old richest man
Colin Huang, the 44-year-old founder of Temu, has risen to the position of China’s richest man, dethroning Zhong Shanshan, the bottled-water tycoon and founder of Nongfu Spring, who had held the title since April…
CBN demands transaction evidence for repatriation, divestment of foreign investments
The Central Bank of Nigeria (CBN) has provided clarifications on its foreign investment rules. In a circular signed by W. J. Kanya, acting director, trade and exchange department, on Thursday, the CBN said its…
Buhari, Kyari blocked my attempt to purchase oilfield – Elumelu
Business tycoon Tony Elumelu said former President Muhammadu Buhari and deceased chief of staff Abba Kyari rejected his company’s request to buy an oilfield despite raising billions of dollars to fund the…
Enforce the PIA act, Dangote urges NUPRC
Management of Dangote Petroleum Refinery has urged the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), to…
Why Nigerians are praying for the success of a new oil refinery
A prayer was held a few months ago in Kano, a very religious city in northern Nigeria. It was organised to pray for the success of a…
Fuel subsidy: NNPCL demands N2.6tn refund from Nigerian Govt on petrol import
The Nigerian National Petroleum Company Limited (NNPCL) has requested a refund of N2.6 trillion for foreign exchange differences related to fuel…
Antibiotics costs triple Nigerians’ pain after GSK exit
Nigerians are now paying three times more for antibiotics formerly produced by the British pharmaceutical giant, GlaxoSmithKline (GSK), one year…
Tomato prices drop 58% in Lagos
Prices of tomatoes have dropped by 58 percent in Lagos for the first time this year, bringing respite to households and reducing pressure on them. BusinessDay surveyed markets across Lagos and found that a big…
Naira rises to N1,590/$ in parallel market
The Naira yesterday appreciated to N1,590 per dollar in the parallel market from N1,595 per dollar on Wednesday. Similarly, the Naira yesterday appreciated to N1,596.52 per dollar in the Nigerian Autonomous Foreign…
60% of our crude feedstock supplied by NNPC, says Dangote refinery
The Dangote refinery says since it commenced full operations, it has processed 50 million barrels of crude — with 60 percent of its feedstock coming from the Nigerian National Petroleum Company (NNPC) Limited. Aliyu…
Naira crude sale has dollar fee headache
The federal government’s push to sell crude oil in naira is facing a brick wall of dollar-denominated regulatory and royalty fees, senior industry sources…
CBN sells N216.09bn T-Bills as yield drops
Robust investors appetite for the one-year bills on Wednesday exerted downward pressure on one-year bills yield, contracting to 28.02 percent from 28.36 percent recorded in the previous auction. The stop rate at…
Naira gains N10 on black market after CBN’s retail auction
The naira on Thursday gained N10 against the dollar on the parallel market also known as the black market, after the Central Bank of Nigeria (CBN) auctioned $876.26 million through the retail Dutch auction system.…
OPEC says Dangote refinery’s diesel, jet fuel supplies to disrupt Europe’s oil & gas industry
…It is a big plus to Nigeria’s economy The Organisation of Petroleum Exporting Countries, OPEC, has said supplies from Nigeria-based world's largest…
PoS Takes Over Cash Dispensing Services As Cash Dries In ATMs
With most Automated Teller Machines (ATMs) of banks not dispensing cash, most bank customers have resorted to use of…
Why CBN Injected N700bn Bailout In Unity Bank-Providus Bank Merger
The Central Bank of Nigeria approved a financial package worth N700 billion to support the proposed merger between Unity Bank Plc and Providus Bank Limited, according to a document seen by Daily Trust. According…
Dangote Group’s listed firms incur N400b FX losses in six months
Dangote Group’s three listed companies including Dangote Sugar Refinery, National Salt Company of Nigeria (NASCON) and Dangote Cement incurred combined foreign exchange (FX) losses of close to N400 billion in half-year…
Stock market rebounds, investors gain N97bn
The Nigerian stock market rebounded with positive momentum on Wednesday, adding N97 billion to investors’ portfolios. Specifically, the market capitalisation of listed equities, which opened at N55.033 trillion,…