Naira closes at 1,596.60/$ as dollar liquidity declines
The naira closed at N1,596.60 per dollar on Monday, marking a 1.66% depreciation from Friday’s rate of N1,570.14 at the…
Year: 2024
Divestment of NAOC to Oando in line with PIA, says NUPRC
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has confirmed that the recent approvals for Nigerian Agip Oil Company’s (NAOC) divestment…
Africa Prudential grows profit by 87% to N1.1b in first half
Africa Prudential Plc has reported an impressive 87% increase in profit for the first half of 2024, reaching N1.13 billion,…
Richway Microfinance Bank Receives DBN’s Award for Highest Impact on Start-Ups
Richway Microfinance Bank has been honored with the 2023 Award for Microfinance Bank with the Highest Impact on Start-Ups by…
CBN lifts suspension on Standing Lending facility
The Central Bank of Nigeria (CBN) has lifted the suspension on the Standing Lending Facility (SLF), allowing banks to borrow…
FG spending exceeds revenue by 225% — BudgIT
A report by BudgIT has revealed that the Nigerian government spent N19.50 trillion in 2023, three times its revenue of…
198 Extractive Companies and Agencies Submit Data for NEITI’s 2022/2023 Revenue Audit
The Nigerian Extractive Industries Transparency Initiative (NEITI) has received data submissions from 198 extractive companies and government agencies for its…
Oando acquisition of Agip followed due process – NUPRC
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has confirmed that Oando Plc’s acquisition of Nigeria Agip Oil Company (NAOC) complies…
FG may convert Arik, Aero Contractors to national carriers
The Asset Management Corporation of Nigeria (AMCON) is considering merging Arik Air and Aero Contractors into a national carrier due…
Morning Bid: Rate-cut hopes meet Mid-East risks
Jerome Powell, U.S. Federal Reserve Chair, hinted at a potential interest rate cut in September during his speech at the…
Fed’s shift to job market risks is done; now policy has to catch up
The Federal Reserve is navigating a delicate situation as today’s interest rate of 5.25%-5.50% is seen as restricting economic growth…
Darkening global outlook, central bank pivots signal more turbulence
At the annual Jackson Hole conference, global policymakers highlighted the shifting focus of central banks from high inflation to weakening…
Nvidia Q2 sales likely to double, even a slight miss may hurt shares
Nvidia is set to report its second-quarter earnings on Wednesday, with expectations that revenue will more than double. The company’s…
Customs ushers in new leadership with latest appointments
As the Nigeria Customs Service (NCS) bids farewell to several key management members due to statutory retirement, Comptroller General of…
Tinubu to inaugurate N178bn Onne terminal next week
President Bola Tinubu will officially open the newly upgraded West Africa Container Terminal (WACT) in Onne, Rivers State, next week.…
FX turnover hit $7.4bn in July – Report
In July, Nigeria’s foreign exchange turnover reached N11.48 trillion ($7.39 billion) at the official trading window, up from N10.01 trillion…
CBN, SEC okay Ecobank custody business
Ecobank Nigeria Limited has received approvals from the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN)…
Naira shows strength, dollar hits two-year low against British Pound
The Nigerian Naira strengthened against the US dollar during Friday’s trading session, appreciating to N1570.14/$ from N1586.1/$ on Thursday. This…
We support NDC’s fixed rate proposal on imports – Abossey Okai Spare Parts Dealers
Ireland has donated €200,000 to the World Trade Organization’s (WTO) Standards and Trade Development Facility (STDF) to enhance global food…
Nigeria’s domestic dollar bond steals Eurobond shine
Jamiu Agah, a Lagos-based IT consultant, is one of many Nigerians excited about the Federal Government’s new domestic dollar bond.…
FG’s million-dollar oil surveillance contract duplication raises questions
The Federal Government is embroiled in controversy over allegations of awarding duplicated oil contracts worth millions of dollars. The contracts,…
No Nigerian airline’ll survive current economic crisis –Fairfax Africa Fund predicts
Fairfax Africa Fund, backers of the failed Nigeria Air project, has forecasted the collapse of all but one domestic airline…
Cost of living crisis eases as prices of garri, potato, tomato drop
Food prices in Nigeria have started to decrease for the first time in 18 months, offering relief to households struggling…
Canada moves to end rail shutdown quickly; CN workers to return to work
Workers at Canadian National Railway (CNR) will return to work on Friday after the Canadian government intervened to end an…
Grocery stores boost political donations even as Democrats take aim
Political donations from major food companies to Democratic lawmakers have risen in the current congressional election cycle, even as many…
China’s robot makers chase Tesla to deliver humanoid workers
China is aggressively advancing in the humanoid robot industry, aiming to rival Tesla in building battery-powered robots for factory and…
Infinity Trust Mortgage Bank plans N50bn capital raise
Infinity Trust Mortgage Bank Plc has unveiled plans to raise N50 billion through private placement to bolster its capital base…
NGX Regco backs FRC on new reporting standards
Olufemi Shobanjo, CEO of NGX Regulation Limited, praised the Financial Reporting Council of Nigeria (FRCN) for its pioneering role in…
Equity market extends loss by N65bn
The Nigerian equity market continued its downward trend on Thursday, with a loss of N65 billion as the All Share…
FG installs power plants in six federal universities
The Federal Government, through the Rural Electrification Agency (REA), has successfully installed power plants in six federal universities as part…