Amid several customs exchange rate increases, the Central Bank of Nigeria has instructed the Nigerian Customs…
Category: Business
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…
Again Naira depreciates against US Dollar as FX supply drops by 74% amid CBN interventions
The Naira depreciated significantly against the US dollar at the close of work on Friday. This…
Tinubu approves continuation of Tax Credit Scheme – FIRS
The Federal Inland Revenue Service, FIRS, on Friday, said that President Bola Tinubu has approved the…
Kaduna: Customs records N1.975bn revenue from seizures in six weeks
The Nigeria Customs Service recorded N1.975 billion in revenue from Duty Paid Value of seizures from…
Cement price surges to N15,000 in Abuja
A 50 kilograms bag of cement in the Federal Capital Territory has surged to between N10,000…
Inflation: CBN increases PVS limit from 2.5% to 15%
The Central Bank of Nigeria, CBN, has announced an upward review of the Price Verification System,…
Naira appreciates against US dollar at forex market amid CBN’s interventions
The Naira appreciated against the US dollar on Thursday amid the Central Bank of Nigeria’s recent…
‘I’ll not approve importation of food’ – Tinubu
President Bola Tinubu has declared that he would not approve the importation of food or establish…
Inflation: Import duty exchange rate should be N1,000 per dollar – CPPE
The Centre for the Promotion of Private Enterprise, CPPE, has said the Nigerian Federal Government should…
Nigeria food inflation increases to 35.42%
Nigeria’s food inflation increased to 35.42 per cent in January 2024, from 33.93 per cent in…
We’ll remove them if they fail – Tinubu begs governors to trust CBN
President Bola Ahmed Tinubu has called on governors to trust the ability of those in charge…
Niger Assembly declines governor’s N50bn loan request
Legislators at the Niger State House of Assembly have set aside the request of Governor Muhammad…
Nigerian states with fastest-rising food prices revealed [See list]
The states of the federation where food prices are rising the fastest have been highlighted. The…
Naira Freefall: CBN bars IOCs in Nigeria from repatriating 100% FOREX revenue
The Central Bank of Nigeria, CBN, has stopped international oil companies (IOCs) operating in Nigeria from…
Naira: CBN issues fresh guidelines on Personal, Business Travel Allowances
The Central Bank of Nigeria, CBN, has directed all authorized dealer banks to cease the payout…
BREAKING: Nigeria’s inflation rate hits 29.90% in January amid rising food prices
Nigeria’s inflation increased to 29.90 per cent in January 2024 from 28.92 per cent recorded in…
Power: Nigerian govt to settle N3 trillion inherited debt
The Minister of Power, Mr Adebayo Adelabu, says the Federal Government is committed to settling more…
Nigerian Govt to borrow N2.5tn through bond – DMO
The Nigerian Federal Government plans to raise N2.5 trillion in its second FGN bonds auction. In…
Naira depreciates against US dollar as FX supply drops
Naira depreciated against the US dollar on Wednesday as the supply of foreign currencies dropped by…
Nigeria’s Dangote refinery mulls first fuel cargo export
Nigeria’s Dangote refinery has issued notice to sell two fuel cargoes for export, Reuters reports. This…
FIRS faults N2.59trn Tax Credit Scheme on road construction
The Chairman of the Federal Inland Revenue Service (FIRS), Zachaeus Adedeji, on Wednesday in Abuja, faulted…
Tinubu seeks Senate approval of CBN’s Monetary Policy Committee
President Bola Tinubu has sought the Senate confirmation for the appointment of a chairman and members…
Nigeria’s crude oil production dropped by 3,000 barrels per day in January 2024 – OPEC
Nigeria’s crude oil production marginally dropped in January 2024 to 1.419 million barrels per day (mbpd)…
NGX records bearish trading as ASI declines by 0.33 per cent
The Nigerian Exchange Limited recorded a bearish trading outing on Tuesday as the All-Shares Index declined…
Naira appreciates against US dollar as FX supply surges by 202% at forex market
Naira recorded a marginal gain against the US dollar on Tuesday as the supply of foreign…
FCT ground rent: Your titles will be revoked in two weeks – Wike warns Cote D’Ivoire embassy, others [Full list]
The Minister of the Federal Capital Territory, FCT, Nyesom Wike, has published the names of foreign…
You’re making money – CAC says content creators must register
The Corporate Affairs Commission, CAC, has said that social media content creators must now register their…
Tinubu seeks confirmation of CBN, NAHCON, NPC board members
President Bola Tinubu has asked the Senate to screen and confirm board members of the Central…
Hardship: Nigerian Govt moves to regulate food prices
The Federal Government plans to establish a National Commodity Board to solve the escalating food inflation…
Port Harcourt Refinery gets 475,000 barrels of crude oil from Shell
The Port Harcourt Refining Company Limited, PHRC, has received a supply of 475,000 barrels of crude…
Master bakers, caterers in Nigeria to begin nationwide strike Feb 27
Bakers and Caterers in Nigeria have announced a nationwide strike, effective 27th February 2024. The decision…
More hardship for Nigerians as prices of rice, beans, garri, others spike by 50%
Prices of staple foods in Nigeria increased to at least 40 percent in the last two…
Nigerian govt vows to impose 50% sanction on DisCos over outages
The Nigerian government has vowed to impose a 50 per cent sanction on electricity distribution companies…
Rising cost of living: Nigerians bemoan unbearable hardship under Tinubu govt
Nigerians face tougher days ahead as spiralling nationwide hunger resulting from untamed inflation, food insecurity and…
Remove electricity subsidy – IMF advises Nigerian government
The International Monetary Fund, IMF, has emphasised the need for the Federal Government of Nigeria to…
Poor electricity supply hits Southeast as EEDC exonerates self
Poor electricity supply hits parts of the southeast as the Enugu Electricity Distribution Company, EEDC, says…
FIRS clarifies stand on taxing content creators
The Federal Inland Revenue Service, FIRS, says it has no plans to tax online content creators.…
Nigeria’s foreign reserves drop to record low, fall to $24bn in 2024 – IMF
The International Monetary Fund, IMF, says Nigeria’s foreign reserves dropped to a record low of $24…
Revenue deduction: Workers threaten to shut Nigerian ports if Tinubu fails to reverse policy
Workers have threatened to shut down Nigeria’s Port sector if President Bola Tinubu fails to reverse…