Business

A coalition of civil society leaders has called for the discontinuation of the sale of Shell Petroleum Development Company (SPDC). SPDC is the Nigerian subsidiary of Shell Plc, a British multinational oil and gas…

Nigeria’s oldest bank, FBN Holdings became the most capitalized bank in Nigeria at the close of trading on Monday 25th February 2024. The bank’s share price closed trading at N34 per share becoming the largest bank…

Financier and member of the Rothschild banking family, Lord Jacob Rothschild, has died at the age of 87, his family has announced. The British…

The Central Bank of Nigeria (CBN) plans to introduce stringent measures on the purchase of foreign currencies through Bureau De Change (BDC) operators, with a specific focus on transactions related to overseas…

The naira, week on week, posted some recovery against the haven currency at the unofficial market as the Central Bank of Nigeria set in motion its first Monetary Policy Committee (MPC) meeting under Mr. Yemi Cardoso,…

The President of the Association of Bureau De Change of Nigeria, Aminu Gwadebe, has said that members of the association would consider mergers if the proposed guidelines for their operations go into effect. The Central…

The Senate on Tuesday resolved to probe how the N30tn Ways and Means loans of the Central Bank of Nigeria was obtained and spent by the administration of former President Muhammadu Buhari. The development came as a…

A financial services technology company, Leatherback, is targeting international growth through its offices in the United Kingdom (UK), Nigeria, Ethiopia, Canada, India, Pakistan, Nepal and Sri Lanka. The company’s CEO,…

The price of a 50kg bag of foreign rice has surged to over N88,000 across major stores in Nigeria, which is 22.2% higher than the N72,000 recorded earlier in the month. In the same vein, locally made rice increased…

The Central Bank of Nigeria has issued a total of N1.5 trillion in Open Market Operation (OMO) bills since Olayemi Cardoso took the helm as governor in a bid to stem inflation and prop up the naira, whose steep…

The Centre for the Promotion of Private Enterprise (CPPE),  has urged the  Central Bank of Nigeria (CBN) to peg the customs duty exchange rate at N1000 per dollar for the rest of the year. Its Founder, Dr Muda Yusuf, gave…

…Mandates FX sellers of above $10,000 to declare sources The Central Bank of Nigeria (CBN) has pegged the payment of cash dollar purchase to a customer at $500 saying that the foreign currency (FX) exceeding this…

Binance Holdings Ltd (BHL), the world’s biggest cryptocurrency exchange, is to pay $4.3 billion for violations of anti-money laundering and sanctions laws in a settlement approved by a US judge on Friday. US District…

The Finance Minister and Coordinating Minister of the Economy, Wale Edun, has stated that approximately only 5% of people in Nigeria have more than N500,000 in their bank accounts. Edun, who made this disclosure in an…

A report by blockchain research platform, Chainalysis, has revealed that a total of $22.2 billion was laundered globally through different cryptocurrency exchanges in 2023. The report, however, indicated that this was a…

The Federal Government has insisted that the ongoing reforms in the foreign exchange market is beginning to yield results, with the naira stabilizing and the forex market experiencing surge of inflows. The government…

The Central Bank of Nigeria has issued new guidelines on the sale of Foreign Exchange by Bureau de Change Operators in the Country. This development is part of massive reforms across the financial sector in Nigeria in order…

The Central Bank of Nigeria has instructed the Nigerian Customs Service (NCS) to utilize the FX closing rate on the date of the ‘Form M’ submission by importers for the clearance of goods and import duty assessment.…

Governor of Central Bank of Nigeria, CBN, Dr. Olayemi Cardoso, yesterday, begged Nigerians to be patient, as the management of the apex bank is doing everything possible to…

The Naira witnessed a notable surge on Thursday, reaching a high of N1750 per dollar in the parallel market, commonly known as the black market. This surge represents a substantial 7.43% increase, with the currency…

The Central Bank of Nigeria (CBN) has sold an impressive N1.58 trillion in its latest Treasury Bills auction as the apex bank continues its ongoing effort to manage liquidity in the financial system. The auction, held…

Despite EFCC’s nationwide raid on bureau de change operators and the federal government’s ban on Binance and another cryptocurrency platform in Nigeria, the naira steadied at N1,900 per the U.S. dollar on Friday. The…

After days of intense collaboration, innovation, and problem-solving, three teams - Team Within, Team X, and Team Storepoint - emerged winners in the…

There is intense apprehension at the Central Bank of Nigeria (CBN) Thursday that the Naira may weaken further as the Federation Account Allocation Committee (FAAC) is…