Business

• 215 lenders registered, 47 delisted, over 71 apps operating illegally• 88 illegal firms on watch list• Better regulation underway – FCCPC• Citizens Gavel: We received over 600 complaints lately Worsening economic…

One dollar is currently quoted at N1,560.57 on the official market, indicating a stronger naira driven by foreign exchange (FX) reforms. The summary of the FX trading on Tuesday revealed that the naira appreciated by…

Rising crude oil prices are set to send Nigeria’s ‘secret’ bill for fuel subsidies rocketing, threatening to exacerbate the already precarious economic situation of Africa’s largest oil producer, BusinessDay’s…

*Our Engineers worked beyond normal schedules – Telcos *We activated service agreement with ACMA  -MainOne *We added 2 Terabits per second of capacity across the unaffected cables – WIOCC Last Thursday,…

The Central Bank of Nigeria (CBN) on Tuesday said its rate decision Committee meeting known as the Monetary Policy Committee (MPC) will hold on Monday and Tuesday next week (March 25 and 26, 2024). A notice…

Shyngle Wigwe, father of Herbert Wigwe has said that he is happy for the gift God gave him in the person of his son, Herbert for 57 years. He told Emmanuel Iwanyanyanwu, the President General of Ohaneze Ndigbo Worldwide,…

Nigeria’s economic forecast has taken a promising turn as Brent crude oil prices surged to $86 per barrel, marking an increase from previous levels. This uptick in oil prices, caused by Ukraine’s increased attacks on…

The Central Bank of Nigeria (CBN) has lifted the restrictions on the importation of milk and dairy products. On February 11, 2020, the CBN had added milk and dairy products to the list of items not eligible for forex.…

Analysis by Daily Trust has shown that the three major cement producers in the country, namely Dangote, BUA and Lafarge, posted a combined loss of N254bn in the year 2023. The development is a direct reaction to the…

Zenith Bank, one of Nigeria’s largest banks, is expected to announce Dame (Dr.)Adaora Umeoji as its new Group Managing Director/Chief Executive Officer (GMD/CEO). She replaces Dr. Ebenezer Onyeagwu whose 5 year tenure as…

Forex turnover at the official foreign exchange market has increased to $11.43bn within over two months of trading following fresh reforms by the Central Bank of Nigeria, findings by the PUNCH have shown. An analysis of…

The Debt Management Office (DMO) said it raised N588.85 billion from the March 2024 Federal Government (FGN) Bond offer which it opened last week, slightly…

The Central Bank of Nigeria’s Intervention Funds Programme, estimated at N10.3 trillion, has achieved a repayment rate of 75.8%.  The report also states that N193 billion of the total loans disbursed have been declared…

Shareholders in the Nigerian capital market have voiced their concerns about the potential negative consequences of the Central Bank…

Nestlé Nigeria Plc rolled in a net loss of N79 billion from the 2023 operations, as huge net foreign exchange (FX) losses of N195 billion wiped off the company’s capital base and dug a hole of N78 billion in the…

Nigeria’s prolonged battle to stabilize its currency is finally bearing fruit, with analysts now forecasting the battered naira could rebound sharply before the end of the year. Analysts at Goldman Sachs Group Inc,…

The Federal High Court sitting in Lagos on Monday declined an application seeking to amend the pleadings and claims by Anchorage Leisure Ltd and its sister companies…

The devaluation of the Naira has exerted a substantial influence on the net asset value of pension fund assets in Nigeria over the past year. According to PENCOM data reviewed by Nairametrics, the net asset value of…

The eleven Electricity Distribution Companies (DisCos) in Nigeria obtained a credit facility totalling N273.34 billion from the Central Bank of Nigeria which was allocated to purchase 414,000 meters and enhance their…

Payment infrastructure company, Zone, has raised $8.5 million in an oversubscribed seed funding round led by VC firms Flourish Ventures and TLcom Capital.   According to a statement from the company, the new funding…

Nigerian oil margins per barrel increased slightly in London trade on Monday, continuing the upward trend that began last week when prices surged by almost 4% on the belief that supply was contracting and the possibility…

The Abuja Division of the Federal High Court has  ordered Binance Holdings Limited to provide the Economic and Financial Crimes Commission with comprehensive information on all persons from Nigeria trading on its…

The naira is expected to stabilise further this week, following moderation in demand pressure, amid dollar supply decline. The foreign exchange (FX) market ended last week on a positive note as the naira…

The exchange rate for cargo clearance has dropped to N1593.41/$ from N1612.28/$ recorded last week representing a drop of about N18.87.  Last week, the CBN through the customs service increased the exchange rate for cargo…