Banks refund N7.05bn, $714,569 to customers – CBN
The Central Bank of Nigeria (CBN) has announced that, through its intervention, Nigerian banks refunded approximately N7.05 billion and $714,569…
Year: 2024
High petrol price pushes inflation to 32.70% – Report
Nigeria’s headline inflation rate rose to 32.7% in September 2024, marking a marginal increase of 0.55% from August, as reported…
Forex crisis grounds four inland dry ports projects
Maritime operators have cited Nigeria’s foreign exchange crisis as a key factor in the delayed completion of four out of…
Employers remit N692bn pension contribution – PenCom
In the first half of 2024, employers across Nigeria’s public and private sectors contributed a total of N692 billion to…
Stanbic IBTC Holdings appoints Kunle Adedeji as Acting Chief Executive
Stanbic IBTC Holdings has appointed Dr. Kunle Adedeji as Acting Chief Executive Officer, following regulatory approval. This comes as Dr.…
FG removes VAT on diesel, CNG, electric vehicles, others to crash prices
The Federal Government of Nigeria has announced value-added tax (VAT) exemptions for several energy products, including diesel, Liquefied Natural Gas…
Saudi warns of $50 oil if OPEC+ fails to honour cut deal
Saudi Arabia, the leading member of the OPEC+ alliance, has warned that global oil prices could drop to $50 per…
Nigeria’s FX crisis fuels crypto usage as transactions hit $59bn
Cryptocurrency usage in Nigeria continues to grow rapidly, fueled by a weakening national currency and high inflation, according to a…
Court hears Barbican, FBN N5.4bn shares dispute Oct 21
A Federal High Court in Lagos has scheduled October 21, 2024, for the hearing of pending applications in a lawsuit…
BOI disburses N77.56bn loans to MSMEs
The Bank of Industry (BOI) has disbursed N77.65 billion in loans to nearly 1,000 medium, small, and micro-enterprises (MSMEs) across…
‘CNG initiative unlocks $175m in private investment’
The Federal Government’s Compressed Natural Gas (CNG) initiative has attracted $175 million in private sector investments over the past year,…
Walz, Vance clash at policy-heavy vice presidential debate
Democrat Tim Walz and Republican JD Vance debated on crucial issues like the Middle East crisis, immigration, and the economy…
PenCom Approves Merger Between Access, ARM Pensions
The National Pension Commission (PenCom) has approved the merger between ARM Pension Managers and Access Pensions Limited, creating a new…
Why FG is yet to approved fixed FX rate for Custom import duties — Taiwo Oyedele
The Nigerian government has explained why it cannot use a fixed exchange rate for import taxes, which are the fees…
Petrol Import In Nigeria Drops By 3.58 Billion Litres After ‘Subsidy Removal’
Nigeria has experienced a significant decrease in petrol imports following President Bola Tinubu’s removal of the fuel subsidy in May…
CBN Says Currency In Circulation Now N4.1trillion With Only 6% In Banks
Data from the Central Bank of Nigeria (CBN) reveals that the total currency in circulation has reached an all-time high…
Oando Emerges First Nigerian IOC, Valuation Hits $4 Billion
Oando Plc, a leading Nigerian oil and gas company, has become Nigeria’s first indigenous International Oil Company (IOC) after expanding…
Refugees Contribute $124b To U.S. Economy
President Joe Biden has signed a decision to set the U.S. refugee admissions goal at 125,000 for Fiscal Year 2025,…
BREAKING: World Bank approves $1.57 billion for Nigeria for three projects
The World Bank has approved $1.57 billion to help Nigeria with important projects. This money will be used to fix…
Nigeria’s Used Car Imports Drop by 83% Due to New Tax
Nigeria’s spending on used vehiclears, fell significantly by 83% in the first half of 2024 compared to the same period…
Cardoso, World Bank, IMF Brainstorm to Craft New Strategies for Inclusion Growth in Africa
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, participated in the prestigious Bretton Woods at 80…
Nigeria’s Bank reserves with CBN surge to N26.8 trillion amid aggressive CRR policy
Nigeria’s banking reserves grew significantly to N26.8 trillion in August 2024, up from N19.4 trillion the previous year. This increase…
Bank, Fintech Must Partner To Activate Nigeria’s $1trn Economic Target’
To help Nigeria reach a $1 trillion Gross Domestic Product (GDP) by 2026, the Nigeria Deposit Insurance Corporation (NDIC) and…
FG plans tax incentives for MSMEs
The Federal Government of Nigeria has reiterated its commitment to helping micro, small, and medium enterprises (MSMEs) grow by offering…
Sugar Masterplan Attracted $1 Billion Investments, 15,000 Jobs, Says NSDC Boss
The National Sugar Development Council in Nigeria has announced exciting news about the country’s sugar industry. They shared that a…
Intel, US to finalise $8.5 bln in chips funding by year-end, FT reports
Intel is close to securing $8.5 billion in direct funding from the U.S. government, with finalization expected by the end…
China launches late stimulus push to meet 2024 growth target
China’s central bank lowered interest rates and injected liquidity into the banking system on Friday as part of a major…
NMRC secures $200m funding from U.S for mortgage
The Nigeria Mortgage Refinance Company (NMRC) has received $200 million from a U.S. organization to help more people in Nigeria…
NDIC pays 94% insured depositors of Heritage Bank
The Nigeria Deposit Insurance Corporation (NDIC) has paid 94% of the people who had money in the closed Heritage Bank.…
Reduce interest rates on industrial loans, MAN urges govt
The Manufacturers Association of Nigeria (MAN) is asking the government and the Central Bank to review how raising interest rates…