Real Time Financial News Website
The Nigerian Naira has spiraled to an unprecedented low of N925 against the US Dollar on the parallel market, largely due to a stark mismatch between demand and supply for…
Canadian mining firm Silvercorp Metals has entered into a placement agreement with OreCorp, a gold developer, to provide an equity placement of $28 million Australian Dollars (approximately Sh46.7 billion) for…
The Kenyan Treasury is in the final stages of selecting lead arrangers for the country’s upcoming Eurobond issuance. This move is part of the government’s efforts to signal its intentions…
The Chief Executive Officer of the Nigerian Export Promotion Council (NEPC), Ezra Yakusak, has highlighted the lack of access to banking services as a significant challenge inhibiting the growth of…
Ghana’s inflation rate surged to 43.1% in July, marking the highest level in four months. The increase was primarily driven by escalating food prices, exerting further pressure on the central…
The Nigeria Employers’ Consultative Association (NECA) has expressed concern about the escalating instances of business divestment, capital flight, and closures in Nigeria. NECA highlighted the critical role of private businesses…
According to the Nigerian Electricity Regulatory Commission’s (NERC) first-quarter report, Niger currently owes Nigeria N4.22 billion ($5.48 million) for power supply. The state power firm of Niger, Nigerien Electricity Society,…
A report from the Niger Delta Development Commission (NDDC) has revealed that a total of 1,587 projects worth N612.4 billion have been terminated or abandoned in the Niger Delta region.…
The United States has expressed concerns about China’s potential to exert influence over the Nigerian government through the provision of sub-prime financing for various infrastructure projects in the country, according…
The latest treasury bill auction in Nigeria on August 9, 2023, saw investors submitting bids worth N808 billion for one-year bills at an interest rate of 9.8% per annum. However,…
Nigeria LNG has confirmed the continuation of the force majeure that was declared in October, attributing it to extensive flooding that disrupted the supply chain. Force majeure is a legal…
The Association of Bureaux De Change Operators of Nigeria (ABCON) has urged the Nigerian government to ban the operations of Binance in the country, citing it as a major factor…
The Nigerian Safety Investigation Bureau (NSIB) and the Lagos State Emergency Management Agency (LASEMA) have signed a Memorandum of Understanding (MoU) aimed at promoting safety and the preservation of critical…
The All Farmers Association of Nigeria has revealed that farmers have not yet received the fertilizers promised by President Bola Tinubu. The fertilizers were intended to mitigate the impact of…
Telecommunication companies are contemplating a repayment proposal from Deposit Money Banks (DMBs) to resolve the N120 billion debt related to the Unstructured Supplementary Service Data (USSD) service. Sources have indicated…
The Nigeria Deposit Insurance Corporation (NDIC) has assured depositors of closed microfinance banks (MfBs) and mortgage banks of the prompt payment of their insured sums. The NDIC made this announcement…
According to a survey by S&P Global Commodity Insights, OPEC-13’s crude oil production reached a near two-year low in July 2023. This was primarily due to a major voluntary production…
World Trade Organization (WTO) Director-General Ngozi Okonjo-Iweala has pledged her support for Nigeria during its difficult economic challenges. After a meeting with President Bola Tinubu and Minister-designate Mohammed Ali Pate,…
The Nigerian naira has reached a record low of N900 against the US dollar on the parallel market, driven by a surge in demand for foreign currency that has outstripped…
The closure of the border between Nigeria and Niger Republic has put approximately $1.3 billion worth of trade at risk along the trans-Saharan road corridor. This road network connects six…
Nigeria’s housing market has experienced a sharp increase of about 40% in the cost of leases and sales in the first half of 2023. This rise in costs is attributed…
The Nigerian government has reported that the direct economic damage caused by floods in 2022 amounts to $7 billion, with over 600 lives lost due to the disaster. The Vice…
Nigeria is reportedly losing an estimated N20 trillion annually due to tax gaps, as revealed by Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms. The…
The Manufacturers Association of Nigeria (MAN) has reported a decline in the value of manufacturing production due to a challenging economic environment. Manufacturing production value dropped from N7.39 trillion in…
Nigerian Deposit Money Banks (DMBs) deposited N822.34 billion with the Central Bank of Nigeria (CBN) in July 2023, marking a substantial 42% increase from N579.27 billion in June of the…
Triodos Microfinance Fund and Triodos Fair Share Fund have extended a USD 10 million loan to Bridge Taxi Finance in South Africa. This funding will aid Bridge Taxi Finance’s growth…
Nigerian startup Remedial Health has secured $12 million in a Series A equity-debt funding round, co-led by Fintech VC firm QED Investors and Ventures Platform. The funding will be used…
Commercial Cold Holdings (CCH), a prominent cold chain logistics platform under the control of African Infrastructure Investment Managers (AIIM), a subsidiary of Old Mutual Alternative Investments, is making significant strides…
Sanlam Private Equity (SPE), the private equity branch of Sanlam Investments, has successfully acquired a majority share in Danny’s Auto Body Parts. The company, known for offering high-quality aftermarket automotive…
During the first half of 2023, Dangote Cement Plc and BUA Cement Plc collectively spent a substantial amount of N204.925 billion on fuel and power, marking an 18% increase from…