IMF’s $1.1 bln tranche to help Pakistan’s economic stability, says PM Sharif
Sharif emphasized the importance of the standby arrangement in safeguarding Pakistan from defaulting on its external obligations. The IMF’s executive…
Category: Business
FG initiates 2024 oil bid rounds, offers 12 oil blocks to investors
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the commencement of the 2024 oil bid rounds, presenting approximately 12…
NERC deregulates meter prices, allows DisCos and manufacturers set prices
The Nigerian Electricity Regulatory Commission (NERC) has announced the deregulation of meter prices under the MetER Assets Provider (MAP) scheme.…
FMDQ Group Appoints CBN Deputy Governor Muhammad Sani Abdullahi as New Chairman
FMDQ Group has named Muhammad Sani Abdullahi, the Deputy Governor of the Economic Policy Directorate at the Central Bank of…
US seeks 36 months’ jail for Binance founder Zhao
U.S. prosecutors have recommended a 36-month prison sentence for Changpeng Zhao, the founder of Binance, the world’s largest cryptocurrency exchange.…
UBA, Access, and FBN lead banks in electronic banking revenue increase
United Bank for Africa (UBA) Plc, Access Holdings Plc, and FBN Holdings Plc emerged as the top earners in electronic…
Leadway Pensure reposts 25% growth in revenue
Leadway Pensure, a pension fund administrator in Nigeria, has wrapped up the 2023 financial year with impressive results, boasting a…
U.S. senate votes to ban TikTok if chinese owner doesn’t sell in 9 months
The U.S. Senate has overwhelmingly passed a bill to ban TikTok in the United States if its Chinese owner, ByteDance,…
$2.1bn reserve depletion: CBN sold only $581m to market — Report
Nigeria’s external reserves have decreased by $2.16 billion over the past month, reaching a seven-year low of $32.29 billion on…
Dangote Refinery slashes diesel, aviation fuel prices to N940 and N980 respectively
Yesterday, the $20 billion Dangote Petroleum Refinery announced further reductions in the prices of diesel and aviation fuel to N940…
Naira depreciates against Dollar, hits N1,234 at official market
The value of the Nigerian naira dropped against the United States dollar, reaching N1,234 at the official foreign exchange market…
Sterling, FCMB, Stanbic see biggest jump in FX gain
While big banks grabbed attention for foreign exchange gains last year, Sterling Financial Holdings Plc, FCMB Group Plc, and Stanbic…
Naira gains to N1,250/$ after CBN sells fresh dollars to BDCs
The Central Bank of Nigeria (CBN) has initiated another round of discounted dollar sales directly to Bureau De Change (BDC)…
NNPC resume crude oil production at Awoba field after shutdown
The Nigerian National Petroleum Company Limited (NNPC Ltd.) and its Joint Venture partner, Newcross Exploration and Production Ltd., have restarted…
Turkey to commence oil drilling in Somalia from 2025
Somalia has announced that Turkey will begin oil drilling operations along the country’s extensive coastline starting next year, as confirmed…
Microsoft introduces smaller AI model
Microsoft (MSFT.O) unveiled Phi-3-mini, a cost-effective small language artificial intelligence model aimed at performing tasks like content creation and social…
Nigeria eyes $30bn from debut forex bond
Nigeria is getting ready to borrow money from international investors by selling its first foreign currency bond. The country hopes…
Stable Naira appreciation expected to ease Inflation
Analysts predict that the recent stability in Nigeria’s foreign exchange market, along with the strengthening of the naira, will help…
Dangote diesel supply to displace European imports
BusinessDay’s investigation reveals that the Dangote oil refinery’s diesel supply is set to replace the importation of the product from…
Massive banking stocks sell-off persists
The banking sector witnessed a significant sell-off last week ahead of the Central Bank of Nigeria’s (CBN) recapitalization exercise, resulting…
Aviation threatens strike over aviation agencies’ revenue deduction
The Air Transport Services Senior Staff Association of Nigeria (ATSSSAN) has issued a threat of industrial action if the Federal…
Afriland Properties records 34% increase in profit
Afriland Properties Plc, a property management, investment, and development company, has reported a profit before tax of N2.41 billion for…
Sub-Saharan Africa incomes falling further behind rest of world, says IMF
The International Monetary Fund (IMF) has highlighted that incomes in Sub-Saharan Africa are falling further behind the rest of the…
Risk sensitive South African rand weakens as geopolitical tensions bite
South Africa’s rand experienced volatility in early Friday trading following reports of an Israeli attack on Iran, which dampened risk…
Ghana deal with bondholders ‘a matter of time’, says IMF official
An IMF official stated that Ghana reaching a restructuring agreement with holders of its international bonds is more a matter…
Report shows FG may criminalise fiber cable damage -Report
Nigeria is taking steps to make it a crime to damage broadband fiber cables following complaints from major telecommunications companies…
SEC vows to block illicit funds in capital market
The Securities and Exchange Commission (SEC) is taking a firm stance against the influx of illicit funds into the capital…
Banks set for aggressive dividend payouts- Report
A report by Ernst and Young Global Limited (EY) suggests that Nigerian banks are gearing up for robust dividend payouts…
Nigeria issues N8 trillion in securities to boost economy- Minister
Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, revealed that the fiscal authority has collaborated with…
Rising unemployment make Nigerians tap into pension savings
As unemployment rates climb in Nigeria, pension savings have become a vital source of immediate financial support for many individuals,…