NOVA Merchant Bank Unanimously Approved for Transition to Commercial Banking”
Shareholders of NOVA Merchant Bank have given their unanimous approval to transition the bank into commercial banking during its 6th…
Month: July 2023
Nigerian Naira Appreciates Against Dollar in Forex Window
On Wednesday, the Nigerian naira appreciated against the US dollar on the Investor & Exporter forex window, closing at 793.70/$.…
Ecobank appeals Honeywell’s N72bn court judgement
Ecobank Nigeria Limited has appealed the ruling of the Federal High Court in Lagos, which ordered the bank to pay…
NECA Calls on Nigerian Government to Develop Implementable Economic and Industrial Policies
The Nigeria Employers’ Consultative Association (NECA) has urged the Federal Government to formulate and implement implementable economic and industrial policies…
Nigeria Needs Over 400,000 Data Protection Officers to Ensure Compliance with Data Protection Act
The Nigeria Data Protection Bureau (NDPB) has stated that Nigeria will require more than 400,000 Data Protection Officers (DPOs) to…
MANEG Collaborates with Key Stakeholders to Empower Non-Oil Exporters under AfCFTA
The Manufacturers Association of Nigeria Export Promotion Group (MANEG) has announced its collaboration with key stakeholders from the public and…
IMF Reports a Strong Dollar’s Impact on Emerging Economies, Including Nigeria
The International Monetary Fund (IMF) revealed that a 10% appreciation in the US dollar, driven by global financial market forces,…
Kenya’s Foreign Exchange Reserves Expected to Remain Under Pressure, Says IMF
The International Monetary Fund (IMF) predicts that Kenya’s official foreign exchange reserves will continue to face challenges despite recent inflows,…
ASEA and ECA Sign Memorandum of Understanding to Drive Financial Market Development in Africa
The African Securities Exchange Association (ASEA) and the United Nations Economic Commission for Africa (ECA) have signed a significant Memorandum…
Fluctuations in FX Rate Trigger Petrol Price Increase, Says Oil Marketers Association
The Chairman of the Major Oil Marketers Association of Nigeria (MOMAN), Mr. Olumide Adeosun, revealed that fluctuations in the foreign…
Nigeria Customs Service to Review Automobile Levy Amidst Import Challenges
The acting Comptroller General of the Nigeria Customs Service, Adewale Adeniyi, announced that the service would seek a review of…
End of Downstream Monopoly: First Batch of Privately Imported Petrol Arrives in Nigeria
The first batch of petrol, consisting of 27 million litres, has been imported by an independent marketer, ending the longstanding…
Federal High Court Orders Ecobank Nigeria to Pay Honeywell Flour Mills N72.2bn in Damages
The Federal High Court in Lagos has issued a ruling ordering Ecobank Nigeria to pay Honeywell Flour Mills the sum…
UK Adds Naira to “Pre-Approved Currencies” for Financing Nigerian Trade
The United Kingdom (UK) will include the Nigerian naira in its list of “pre-approved currencies” for financing transactions, allowing the…
Fluctuating Fuel Prices Expected as Nigeria Deregulates Downstream Petroleum Sector
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has stated that Nigerians should anticipate fluctuations in the price of Premium…
Federal Government Takes Aim at Anti-Competitive Practices and Unjustified Food Price Hikes in Nigeria
The Federal Government, through the Federal Competition and Consumer Protection Commission (FCCPC), is taking measures to address anti-competitive practices and…
Nigeria Faces Protests and Discontent as Petrol Price Soars Following Subsidy Removal
The Nigeria Labour Congress (NLC) issued a warning, stating that it might withdraw from talks with the federal government over…
Fuel Consumption in Nigeria Plummets After Subsidy Removal: Imports Decline, Free Market Emerges
The Nigerian Government announced that fuel consumption in the country has significantly dropped to 46.38 million litres per day after…
Nigerian Naira Faces Volatility Amidst Exchange Rate Fluctuations
The official exchange rate of the Nigerian Naira improved from N803.9 per dollar, but at N820/$1, the parallel market rate…
Nigerian Ports Authority Records Impressive Revenue in First Half of 2023
The Nigerian Ports Authority (NPA) has announced a total revenue of N191,430,093,501.00 generated from its operations in the first half…
Central Bank of Nigeria Reduces Approved Bureau de Change Dealers
The Central Bank of Nigeria (CBN) has published an updated list of approved Bureau de Change (BDC) dealers in the…
Nigerian Ports Authority Records Strong Revenue Growth in H1 2023
The Nigerian Ports Authority (NPA) reported robust performance in the first half of 2023, with 1,852 vessels completing operations, leading…
Nigerian House of Representatives to Investigate Non-Remittance of Revenues by NNPC
The Nigerian House of Representatives has announced its intention to conduct an investigation into the Nigerian National Petroleum Company Limited…
IMF Approves Nearly $1 Billion in Funding for Kenya to Bolster Economic Reforms
Paraphrased Paragraphs: The International Monetary Fund’s executive board has granted Kenya nearly $1 billion in funding to alleviate financial pressures…
Project $6.2 Billion Capital Importation in Nigeria for 2023 Amid FX Reforms
Paraphrased Paragraphs: Afrinvest analysts have projected that capital importation in Nigeria for the fiscal year 2023 could reach $6.2 billion,…
Nigeria Customs Service Kwara Command Records N6.2 Billion Revenue in Q2 2023
Paraphrased Paragraphs: The Nigeria Customs Service (NCS) Kwara State Command reported a revenue of N6.2 billion between April and June…
Nigerian Point of Sale Operators Protest Against Increased Service Charges
Point of Sale (PoS) operators in Nigeria are protesting the implementation of increased service charges, which took effect on Monday.…
OPEC Petroleum Export Revenues Soar to a Nearly Decade High Amidst Geopolitical Tensions
Petroleum export revenues from the Organization of the Petroleum Exporting Countries (OPEC) reached their highest level in almost a decade…
Nigeria’s LNG Exports Dip Due to Flooding, Emerges as Seventh Global Exporter
The International Gas Union (IGU) reported that Nigeria’s Liquefied Natural Gas (LNG) export declined by 1.8 million metric tonnes (MT)…
Federal Government and Lagos State Commence Demolition of Shanties and Extortion Points Near Lagos Ports
The Nigerian Ports Authority (NPA), in collaboration with the Lagos State Government, has initiated a joint operation to demolish shanties…