The Nigerian government says the country is expected to attract $17.64 billion from 51 approved field…
Category: Business
Bakers reach agreement with govt, call off nationwide strike
The Bakers Association of Nigeria, AMBCN, has called off its strike following a discussion with the…
No extension – Telcos speak on NIN-SIM linkage deadline in Nigeria
Telecommunications companies say no extension exists for the National Identity Number and Subscribers Identification Module linkage…
NIN-SIM linkage: Telecom subscribers make fresh demands as deadline elapses
Telecommunications subscribers in Nigeria have asked mobile network operators and the Nigerian Communications Commission to extend…
CBN’s 22.75 per cent interest rate will worsen economic situation – Peter Obi
The Labour Party presidential candidate in the last general election, Mr Peter Obi, has criticized the…
Naira crisis: Why Tinubu govt moved against Binance – Onanuga
Presidential spokesman, Bayo Onanuga, has said that if not stopped, cryptocurrency trading website, Binance will destroy…
Naira appreciates against USD at forex market amid Binance clampdown
Naira has returned to its appreciation against the US dollar in the foreign exchange market amid…
Naira rescue: Nigeria govt detains Binance executives amid crackdown
Nigerian Government has allegedly detained two senior executives at Binance as the most populous African country…
Support local producers to grow naira – Manufacturers to FG
Manufacturers Association of Nigeria, MAN, has asked the Federal Government to support local producers to further…
NGX continues bearish trend as investors lose N700bn amid CBN’s interest rate hike
The Nigeria Exchange Limited continued its bearish trend on Wednesday as investors recorded a N700,000 billion…
Blackout hits Abuja over vandalization of TCN’s tower
Parts of Abuja, Nigeria’s capital, are experiencing blackout and drop in power supply on Wednesday over…
NBS names three states with highest prices of cooking gas
The National Bureau of Statistics, NBS, says Cross River, Jigawa, and Zamfara states have the highest…
Hardship: Naira may exchange for N4000 against US dollar – Ozekhome
Amid the current economic hardship, a Senior Advocate of Nigeria, SAN, Mike Ozekhome, has warned that…
Economic crisis: Five key decisions at CBN MPC meeting
The long-awaited Central Bank of Nigeria 293rd Monetary Policy Committee meeting was held on February 26…
Naira depreciates against USD at forex market
For the first time since last week, the Naira depreciated marginally against the US dollar on…
Nigeria’s external reserves grew to $34.51bn in February – CBN
The Central Bank of Nigeria says the country’s gross external reserves grew by $2.28 billion to…
CBN interest rate hike won’t tame price increase in Nigeria – CPPE
The Centre for the Promotion of Private Enterprise says an interest rate hike by the Central…
Senate plans six-year tenure for CBN Gov, N1trn recapitalization for banks
The Senate has set machinery in motion for amendment of the Central Bank of Nigeria, (CBN)…
Senate probes Ajaokuta Steel Company, NIOMCO over alleged unlawful $496m payment
Worried by the alleged incidences of corruption and inefficiency at the Ajaokuta Steel Company Limited and…
Forex crisis: Over $26bn funnelled through Binance without trace in 4 years – CBN Gov
Governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso, says more than $26 billion was…
BREAKING: CBN raises interest rate to 22.75% to tackle rising inflation
The Central Bank of Nigeria has raised the monetary policy rate, known as the interest rate,…
Naira vs USD: CBN resumes sales of forex to BDCs
The Central Bank of Nigeria has resumed the sale of foreign currencies directly to eligible Bureau…
Hardship: 1kg of rice surged by 98.47% in January – NBS
One kilogram of local rice surged by 98.47 per cent in January 2024 to N1,021.91 from…
Economic Hardship: Experts query Nigeria’s GDP growth rate as suffering worsens
Nigeria’s Gross Domestic Product growth of 3.46 per cent in the fourth quarter of 2023 without…
Naira appreciation continues against USD at foreign exchange market
The Naira continued to appreciate against the US Dollar at the foreign market on Monday amid…
Economic Hardship: Nigeria’s GDP growth rate without impact on citizens sparks concerns
Nigeria’s Gross Domestic Product growth of 3.46 per cent in the fourth quarter of 2023 without…
FCCPC orders cancellation of ‘outrageous debts’ by JEDC
The Federal Competition and Consumer Protection Commission (FCCPC) has berated the Jos Electricity Distribution Company (JEDC)…
Fake news sites surge to 713 in February – Report
The number of fake artificial intelligence news platforms surged to 713 as of February 22, 2023,…
Group demands review of Sugar-Sweetened Beverages Tax from N10 to N130 per litre
The Corporate Accountability and Public Participation Africa, CAPPA, has called for an upward review of Sugar-Sweetened…
Manufacturing sector contribution to Nigeria’s GDP drops to 8.23 per cent in Q4
The manufacturing sector’s contribution to Nigeria’s Gross Domestic Product declined to 8.23 per cent in the…
Our country dying, Naira may fall to N10,000 per dollar – Pat Utomi warns
Ace economist and chieftain of the Labour Party, Pat Utomi, has issued a stern warning that…
Bakers to begin strike on Tuesday
The Association of Master Bakers and Caterers of Nigeria has announced that it is poised to…
Nigeria mulls interest rate hike as CBN MPC meeting holds
There is an expected interest rate hike in Nigeria as the Central Bank of Nigeria Monetary…
Naira appreciates against US Dollar at forex market
The Naira appreciated against the US dollar at the parallel foreign exchange market during the weekend,…
Economic hardship: CBN should peg customs duty exchange rate at N1,000 per USD – CPPE
The Centre for the Promotion of Private Enterprise says the Central Bank of Nigeria should peg…
Inflation, hardship: CBN has no option than to tighten Monetary Policy – Rewane
The Chief Executive Officer of the Financial Derivatives Company, Bismarck Rewane, says the Central Bank Monetary…
Naira vs USD: Raid on BDCs ill-advised – Peter Obi tackles Tinubu govt
Peter Obi, the 2023 presidential candidate of the Labour Party, says the Economic and Financial Crimes…
Price of Indomie noodles surges to N18,000 per carton in two weeks
The price of Nigeria’s popular instant noodle, Indomie, surged to N17,500 to N18,000 per carton (120g…
CBN issues fresh guidelines to Customs on import clearance exchange rate
Amid several customs exchange rate increases, the Central Bank of Nigeria has instructed the Nigerian Customs…
We’ll go after saboteurs of economic reforms – Nigerian govt vows
The Federal Government has vowed to go after economic saboteurs who are truncating its efforts in…
Naira vs USD: CBN to bar street trading, mulls fresh guidelines for BDCs
Amid the continued fluctuation of the Naira against the US dollar in the foreign exchange market,…
Naira depreciation continues amid EFCC raid on BDCs
The naira tumbled against the US dollar at the foreign exchange market on Friday amid the…
N42bn debt: Corpses decomposing in army mortuaries over power outage – COAS Lagbaja
The Chief of Army Staff, Lt General Taoreed Lagbaja, says that corpses in mortuaries in some…
Financial, telecoms, other service sectors grew Nigeria’s GDP by 3.46% in Q4 2023 – NBS
The Financial, Information, telecommunications and other service sectors grew Nigeria’s Gross Domestic Product by 3.46 per…
Nigerian govt rakes in N279bn as exchange rate differential revenue
The Nigerian Government gained N279 billion in revenue from the exchange rate differential in January 2024.…
Rubber farmers bemoan govt neglect, revenue loss
Saviour and Solomon Iwot are two brothers who took over rubber plantation, a family business, from…
Naira returns to depreciation against US dollar despite EFCC raid on BDCs
The Naira returned to a depreciation trend against the US Dollar at the official exchange market…
FAAC shares N1.149trn January revenue to FG, States, LGs
The Federation Account Allocation Committee, FAAC, shared N1,149.816 trillion January 2024 Federation Account Revenue with the…
Ibrahim Adeyanju: Things to Know about new CEO of Galaxy Backbone
President Bola Ahmed Tinubu on Thursday appointed Ibrahim Adeyanju as the new CEO of Galaxy Backbone…
Again, EFCC raids BDC market in Abuja as naira appreciates at forex parallel market
Officers of the Economic and Financial Crime Commission, EFCC, have shut down illegal Bureau De Change…
MSMEs: Nigerian govt pledges 100,000 jobs
The Federal Government on Thursday revealed plans to create no fewer than 100,000 verifiable jobs by…
US Dollar supply surges by 51% in forex market as Naira records gain
The US Dollar supply turnover at Wednesday’s official foreign exchange market surged by 51 per cent…
Naira vs USD: Stop chasing shadows with EFCC clampdown on BDCs – Rewane tells Tinubu
The Chief Executive Officer of the Financial Derivatives Company, Bismarck Rewane has told President Bola Tinubu…
Why fuel queues resurfaced in Lagos, Abuja – Marketers
Fuel marketers have blamed supply disruption for the resurfacing of queues in Lagos and the Federal…
Cement Price hike: Nigerian Senate mulls probe
The Nigerian Senate plans to investigate the recent surge in cement prices in Nigeria. During plenary…
Otti appeals for finance, logistics support from US
Abia State Governor, Alex Otti has called for support from the United States consulate in promoting…
Gombe govt approves N5.2 billion for gratuity payment
The Gombe State Executive Council has approved approximately N5.2 billion for the payment of gratuities to…
Naira appreciates massively on Binance amid access restriction in Nigeria
For the first in a while, Naira appreciated massively at Binance, a cryptocurrency platform, amid reported…
Restrict Binance, other cryptocurrency platforms to rescue Naira – Onanuga tells CBN, EFCC
Bayo Onanuga, the Special Adviser on Information & Strategy to President Bola Tinubu, has charged the…
Tinubu appoints Ibrahim Gaga NEXIM Bank’s new executive director
President Bola Tinubu has appointed Ibrahim Gaga as the Executive Director of Corporate Services at the…
Naira appreciates significantly against US dollar for two consecutive days at forex market
For the second time this week, the Naira appreciated significantly against the US Dollar on Wednesday…
CBN increases exchange rate for cargo clearance to N1,605 per US dollar
The Central Bank of Nigeria has raised the exchange rate for cargo clearance to N1,605 per…
Hardship: Federal govt announces plan to restart direct cash transfer to Nigerians
The federal government of Nigeria says it has concluded plans to restart direct cash transfers to…
CBN’s Monetary Policy committee nominees proffer solutions to FX, food crisis
The Monetary Policy Committee, MPC, of the Central Bank of Nigeria, CBN nominees, have assured Nigerians…
Customs pledges to accelerate war against smuggling of Nigeria’s grains
Nigeria Customs Service, NCS, has declared its determination to intensify efforts to curb the danger of…
‘It’s artifically manipulated’ – Shehu Sani on hike of foodstuffs price
Shehu Sani, a former Kaduna Central Senator, on Wednesday said the hike in the prices of…
US Dollar supply surges by 76.62% in forex market as Naira appreciates
The turnover of US Dollar supply at Tuesday’s official foreign exchange market surged by 76.61 per…
Diesel price remains N1,400 per litre in Nigeria
Nigeria’s Automotive Gas Oil (Diesel) price remains N1,400 per litre from N700 per litre in 2022.…
Nigerian govt hands over Zungeru hydroelectric power plant to concessionaire
The Nigerian federal government has officially transferred the Zungeru Hydroelectric Power Plant operations to Penstock Limited.…
Naira gains against US dollar at foreign exchange market
For the first since last week, the naira appreciated marginally against the US dollar on Tuesday…
Nigerian cinemas generate N1.2bn in January 2024
Amid hardship, Nigerian cinemas generated N1.2 billion in January 2024 alone. The National President of the…
Tinubu reveals plans to create jobs, raise $10bn for forex liquidity
President Bola Ahmed Tinubu has hinted at plans by his administration to create millions of jobs…
NAQS to clampdown on food smugglers, hoarders
The Nigeria Agricultural Quarantine Service has deployed more officers to land and sea borders to stop…
NGX records losses as ASI declines by 3.15% on Monday
The Nigerian Exchange Limited resumed the week on a bearish trend as the All-Share Index declined…
Cement price: Nigerian govt promises to fix roads, reduce import duties
The Federal Government says it will give more attention to fixing roads and seek some remedies…
Fuel queues: FG begins intervention as oil marketers down tools
The Federal Government on Monday vowed to address the concerns of oil transporters and distributors to…
Amid hardship, Nigeria’s unemployment rate surges to 5.0%
Amid hardship, Nigeria’s unemployment rate surged to 5.0 in the third quarter of 2023, a 0.8…
Economic hardship: Anxiety as Tinubu govt considers electricity subsidy removal
There is apprehension among Nigerians as the President Bola Ahmed Tinubu-led federal Government contemplates removing electricity…
Naira’s depreciation against US dollar continues
The naira crashed to an all-time low against the US dollar, at the official and parallel…
Manufacturers unveil plan to crash price of cement in Nigeria
Amid the rising price of cement in Nigeria, manufacturers of the product have unveiled plans to…
Naira freefall: EFCC raids BDC operators in Abuja, arrests 50
The officers of the Economic and Financial Crime Commission, EFCC, raided and arrested over 50 illegal…
Tinubu’s presidential villa, 85 other MDAs owe AEDC N47,195bn
President Bola Tinubu’s Presidential villa and 85 other ministries, departments and agencies under the federal and…
Hardship: Embark on deliberate production, patronizing of locally made goods – Obono-Obla
A former presidential adviser, Chief Okoi Obono-Obla, has called on the ruling party to deliberately embark…
Jigawa to convert Dutse airfield to cargo airport to boost international trade
The Jigawa State Governor, Alhaji Umar Namadi, has announced plans to convert Dutse Airport into a…
Hardship: Fuel scarcity looms as petrol tanker drivers withdraw services nationwide
Fuel scarcity looms in Nigeria as the Nigerian Association of Road Transport Owners, NARTO, withdraws its…
Hardship: Unrest imminent in Nigeria, three other African countries – AfDB
The African Development Bank says rising fuel and other commodities prices may lead to social unrest…
Naira crisis at FX market persists as US Dollar supply plunge by 74 per cent
Nigeria’s foreign crisis persists as US dollar sales at Deposit Money Banks and other entities dropped…
CBN planned FX Gateway Bank may impact banking sector negatively – Fitch Ratings
A leading Credit rating agency, Fitch Ratings, says that the proposed foreign currency gateway bank announced…
Economic hardship: Your attempt to rubbish foreign exchange policy has failed – Presidency replies Atiku
The Presidency, on Sunday, said the attempt by former Vice-President, Atiku Abubakar to rubbish the foreign…
NBA criticizes Gombe govt’s demolition of hotels, businesses
The Gombe State branch of the Nigerian Bar Association, NBA, has expressed deep concern over the…
Good Deeds Speak for Herbert Wigwe – By Olusegun Philips
The testimonies of the good deeds of Herbert Wigwe remain endless, just like the testimonials of…
Nigerian Customs intercept 15 trucks of food items in Sokoto
The Nigeria Customs Service, NCS, has intercepted 15 trucks containing food items in Sokoto State as…
Nigeria ready to host Africa Central Bank -Tinubu
President Bola Tinubu has declared Nigeria’s readiness to host the African Central Bank in line with…
Confusion over Tinubu’s N24bn FX subsidy approval for Muslim pilgrimage amid hardship
There is confusion as President Bola Ahmed Tinubu allegedly approves the release of N24,143 billion as…
NBS names three countries with highest capital investment in Nigeria
The National Bureau of Statistics says the United Kingdom, Mauritius and the Netherlands had the highest…
Three states emerge highest in foreign investments in Nigeria – NBS
Lagos, the Federal Capital Territory and Rivers have emerged as states with the highest foreign investments…
Foreign investments into Nigeria increases by 66.77% to $1,060.73 in Q4 2023
Foreign capital investments in Nigeria increased by 66.27 per cent to $1,060.73 million in the fourth…
CIBN seeks Senate passage of Act Bill
The Chartered Institute of Bankers of Nigeria (CIBN) has sought the Senate Passage of its proposed…
Lagos govt paid N138.1bn pensions in seven years
Lagos State Government says it disbursed N138.1 billion in accrued pension rights to 34,178 retirees since…
CBN reduces import duty exchange rate by 2.8% after several hikes in 2024
After several upward reviews in 2024, the Central Bank of Nigeria reduced the exchange rate for…