Stock Market Value is Down by N622 billion.
Due to stock declines in several banking and telecom firms, investors lost N622 billion at the conclusion of trade. Moreover, the market capitalization fell by 2.08 percent to N29.281 trillion.…
Bank Credit to the Government Reaches N28.43 trillion
In the first two months of 2023, banks’ credits to the government increased by N3.77 trillion. According to data acquired from the Central Bank of Nigeria, the total government credit…
Nigerians in Diaspora Fear that Hardship may Cause Remittances to Decline.
According to the research, the country received an estimated $21 billion in remittances, making it the largest recipient market in Africa and the ninth largest in the world. Remittances are…
Egg Glut: Poultry Farmers Want Government Assistance
Lagos’ poultry farmers have complained about the market’s oversupply of eggs and asked the government to take the surplus off their hands. According to Mr. Egbebe, producers have lost money…
Emefiele Begs NLC to Halt the Protest over the Naira Shortage.
Godwin Emefiele, the governor of the Central Bank of Nigeria, appealed to Chris Ngige, the minister of labor and employment, to exert pressure on the NLC’s leadership regarding its planned…
Nigerian Banks will Increase the Individual Cash Withdrawal Cap to N100,000
According to some bank executives, commercial banks are planning to increase their cash withdrawal limits from the present N20,000–N50,000 range to around N80,000–N100,000. According to information obtained, the action would…
NNPC Releases 418 million More liters of Gasoline.
Even while the year-to-date daily average maintained at 64.94 million litres over the time period, the data revealed that 59 million litres of the product were evacuated daily during the…
Afreximbank, NEXIM, and FG Sign a $350,000 Agreement to Improve Water Transportation.
The Federal Ministry of Transportation, the Nigerian Navy, the African Export-Import Bank (Afreximbank), and the Nigerian Export-Import Bank (NEXIM) have all taken strategic action to improve water transportation in Nigeria…
Nigeria’s Money Supply Reaches N53tn in February 2023.
The amount of money in circulation in Nigeria increased to N53.3 trillion from N52.2 trillion at the start of the year. In comparison to the 0.3% growth reported in the…
Mobile Subscriptions Increased to 226 million.
According to the Nigerian Communications Commission’s most recent industry figures, mobile subscriptions increased by 4.61 million to reach 226.84 million in 2022. This continues the upward trend in the telecommunications…
Infinity Power Acquires Lekela Power in Africa’s Biggest Renewable Energy Deal
The acquisition of the whole stake in Africa’s wind power platform Lekela Power has been finalized by Infinity Power, a joint venture between Egypt’s Infinity and the UAE’s renewable energy…
ALCB Fund Purchases a Portion of the SOLEA Bond Issuance
The ALCB Fund contributed XOF 2 billion (USD 3.3 million) to the XOF 4 billion (USD 6.6 million) bond sale by La Société de Logistique et d’Exploitation Agricole (SOLEA). The…
Maia Capital Pledges R100 million to Increase Financial Inclusion for Low-to-Middle Income People.
The low-to-middle income people in South Africa will now have better access to financial products, helping to reduce the country’s growing cost of living, according to an announcement from Maia…
IBL Group-Led Partnership To Acquire Majority Interest In Equator Energy
Among its most recent initiatives are the sale of a majority share in Equator Energy Ltd. by Maris Ltd. and Nvision Ltd. to IBL Energy Holdings Ltd., a wholly owned…
I&M Receives Sh457 million as Dividend from a Mauritius Subsidiary.
As a result of the unit’s increased financial performance over the time, I&M Group received a dividend from Bank One, its Mauritius subsidiary, in November 2022 for Sh457.6 million. This…
A Weekly Reduction in Natural Gas Prices is Anticipated.
The price of natural gas was trading up to $2.191 (+1.81%), however prices are falling week over week.The price of natural gas began last week at $2.365 per mmBtu, but…
Savannah has Threatened to Sue in Response to the Planned Nationalization of Chad’s Assets.
Savannah Energy has said that it will legally contest Chad’s intentions to seize its assets. The Republic of Chad’s conduct, according to a statement released by the British independent energy…
NGX Plans to Introduce Non-depository Receipts to Expand its Market.
The NDR would open up financial products traded on an offshore market to the investing public and provide investors access to alternative investment plans. Asset managers will sponsor this instrument…
NPC Requests Nigerian Involvement and Pledges a Reliable Census
Nasir Kwarra, the chairman of the National Population Commission, has urged Nigerians to volunteer to be counted during the next population and housing census. The scheduled dates for the census…
FCMB Initiates a N300 billion Capital Raise.
After the first tranche of the multi-tranche program was successfully completed, FCMB Group Plc, the parent company for First City Monument Bank (FCMB) Limited and its subsidiaries, started its N300…
Zenith Bank CEO is Honored by UNN
Ebenezer Onyeagwu, group managing director and chief executive officer of Zenith Bank Plc, received a doctorate in business administration from the University of Nigeria, Nsukka, over the weekend (UNN). He…
Foreign Reserves Decline by $1.43bn in Ten Weeks.
Experts concurred that the CBN’s approach to currency management was the primary cause of Nigeria’s precarious position in its foreign exchange reserves. With 290 basis points separating the official rate…
Review the Cashless Policy, Small Business Owners Urge FG
The Central Bank of Nigeria has been requested to examine its cashless policy by small company owners operating under the auspices of Micro, Small and Medium Size Businesses in order…
Osun Seeks for Potential in AfDB’s $618 million Tech Fund
Ademola Adeleke, the governor of Osun State, stated his administration’s willingness to work with the African Development Bank and take advantage of possibilities made available by the institution’s $618 million…
Costs Rise as Foreign Airlines Increase the Currency Rate.
Over $743 million in stranded cash were being used by international airlines coming into Nigeria as of January this year. According to IATA, Nigeria has the most stranded foreign airline…
Auto Manufacturer Laments Industry Difficulties
Diana Chen, the chairman of CIG Motors Co Limited, stated that insecurity and an unstable electrical supply were two challenges impeding the efficient running of auto assembly factories in Nigeria.…
Naira Scarcity: Crowds Overflow Banking Halls as Branches Ration Cash
Kwara branches are cashless. The CBN “order” was not followed, according to bank managers in Ilorin, the capital of Kwara State. In Lagos, there are long lines outside of banks.…
NNPCL Projects N674bn in Yearly Profit After PIA
The Nigerian National Petroleum Corporation Limited forecasted on Thursday that its profit for the 2022 fiscal year will exceed N674 billion due to increased efforts to make this a reality…
Reps Inform CBN that Banks Should Update their E-banking Platforms.
The Nigerian Central Bank has been urged by the House of Representatives to order banks to urgently update their electronic transaction platforms. The House claims that the recent CBN regulations,…
Firms Make Commitments to Address the Housing Shortage
Chateau-Royal Real Estate Ltd, a real estate company, has promised to use technology to address the housing problem. The company claimed in a statement that Oluwatobi Osonuga, the managing director…