CBN’s Market Discipline Boosts Banking Efficiency and Transparency
The Central Bank of Nigeria (CBN) has intensified efforts to enhance banking efficiency and transparency through stricter enforcement of market…
Category: Economy
NIPC seeks partnerships to attract, retain investments
The Nigerian Investment Promotion Commission (NIPC) has reinforced its commitment to driving economic growth by attracting new investments and retaining…
FG, World Bank invest $600m on rural roads
The Federal Government of Nigeria, in collaboration with the World Bank, has earmarked $600 million to rehabilitate 200,000 kilometers of…
High currency in circulation fails to tame cash scarcity
Cash scarcity continues to trouble Nigerians despite the Central Bank of Nigeria (CBN) reporting a record high of N4.5 trillion…
Nigeria Needs Robust Policies To Boost Foreign Trade – Analysts
Analysts have urged Nigeria’s fiscal and monetary authorities to adopt strategic policies aimed at enhancing domestic production and reducing reliance…
Firm partners NexHub to boost creative exports
Bruit Costaud, a leading policy communications and government affairs firm, partnered with NexHub to amplify Nigeria’s global creative exports. The…
World Bank may approve $500m loan to Nigeria today
The World Bank is expected to approve a $500 million loan for Nigeria to enhance rural access and agricultural marketing…
NAICOM ICRC Set Agenda for Insurance of Public-Private Assets
The National Insurance Commission (NAICOM) and the Infrastructure Concession Regulatory Commission (ICRC) have agreed to collaborate to ensure proper insurance…
AFD extends additional 50m Euros funding to DBN
The French Agency for Development (AFD) has extended a €50 million credit line to the Development Bank of Nigeria (DBN)…
Recapitalisation: ASSIBIFI president underscores impact on banking industry
Olusoji Oluwole, the president of the Association of Senior Staff of Banks, Insurance, and Financial Institutions (ASSIBIFI), discussed the ongoing…
Foreign portfolio inflows boost Nigeria’s FX reserves by $7.7bn
Nigeria’s external reserves saw a significant increase of $7.7 billion, reaching $40.3 billion by November 2024, driven by foreign portfolio…
Forex Challenges Blamed for High Petrol Prices in Nigeria
Operators in Nigeria’s downstream oil sector attribute the high cost of locally refined petrol to dollar-denominated charges on refining and…
CBN Debunks Claims of FX Sales to BDCs at N1,301 per Dollar
The Central Bank of Nigeria (CBN) has refuted allegations of selling foreign exchange (FX) to Bureau de Change (BDC) operators…
House of Representatives Probes CBN Over Naira Scarcity
The Nigerian House of Representatives has launched an investigation into the Central Bank of Nigeria (CBN) following a widespread cash…
Tax Reform Bills: Northern Leaders Not Well-Informed — Onuesoke
Chief Sunny Onuesoke, a prominent member of the Peoples Democratic Party (PDP) and former governorship candidate in Delta State, has…
Oil & Gas Industry: PENGASSAN Kicks Against Flagrant Abuse Of Expatriate Quota
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has raised concerns about the high number of expatriates…
NPA, Nigerdock finalize $1bn Snake Island Port agreement
In a significant step toward advancing green port development in Nigeria, Nigerdock and the Nigerian Ports Authority (NPA) have finalized…
Algeria, Angola Others Still Owe $1.7bn In Foreign Airlines Blocked Funds – IATA
The International Air Transport Association (IATA) has highlighted Algeria, Angola, and Eritrea as countries that still owe foreign airlines a…
Trump’s Economic Policies Pose Risks to Nigerian Banks and Investments
Donald Trump’s proposed tax reforms and tariffs, including a corporate tax cut from 21% to 15%, could disrupt Nigeria’s financial…
Total inflows into NAFEM grew to $4.05bn in November –FMD
The Nigerian Autonomous Foreign Exchange Market (NAFEM) experienced significant growth in November, with total inflows rising by 32.9% month-on-month to…
We’ve Started Seeing Positive Results From Our Reforms – Tinubu Tells IMF Chief
President Bola Tinubu has said Nigerians are now seeing the positive results of his administration’s reforms. Since he assumed office…
We strongly support Tinubu’s reforms, says IMF MD
Kristalina Georgieva, the managing director of the International Monetary Fund (IMF), says the organisation is strongly in support of the…
Virgin Islands top court authorises Chinese investors Zhongshan to seize $25 million from Nigeria over Ogun trade zone deal
A top court in the British Virgin Islands has granted Chinese investors Zhongshan the authority to seize £20 million ($25…
Banks free to trade with deposited FX – CBN
The Central Bank of Nigeria (CBN) has released guidelines for banks to implement a new foreign exchange deposit scheme aimed…
IMF Chief Highlights Four Steps In Managing Systematic Reforms
In a recent interview, IMF’s Deputy Division Chief, Antonio David, outlined a strategic approach for African nations to mobilize resources…
Nigeria’s Fiscal Deficit Hits N4.53 Trillion in Q2 2024 as Spending Outpaces Revenue Growth
Nigeria’s fiscal deficit reached N4.53 trillion in the second quarter of 2024, up from N3.88 trillion in the first quarter,…
Naira appreciates to N1,725/$ in parallel market
The Naira saw a slight appreciation in the parallel market on Monday, rising to N1,725 per dollar from N1,735 last…
How the US Election Outcome Could Impact Nigeria
With the U.S. presidential election approaching, Nigerian analysts weigh the potential impacts of either Donald Trump or Kamala Harris administration…
Foreign Inflows Surge in Nigeria’s Forex Market Amid Currency Challenges
In a significant turnaround, the Nigerian Autonomous Foreign Exchange Market (NAFEM) has reported total inflows reaching a five-month high of…