Money supply rises to N108.95 trillion
The Central Bank of Nigeria (CBN) has reported a significant year-on-year increase in broad money supply (M3) by 62.8%, reaching N108.9 trillion, alongside a rise in currency-in-circulation to N4.31 trillion.…
FIRS Chief Highlights Taxpayer-Friendly Reforms at Lagos Trade Fair
The Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, emphasized the agency’s commitment to becoming more taxpayer-friendly through ongoing reforms and innovations. He made these remarks…
Stock market end in slight load shed
Nigeria’s stock market closed in the negative at the end of the week, with the Nigerian Exchange (NGX) All Share Index (ASI) falling by 0.2% to 97,236.19 points, down from…
Africhange Secures IMTO License to Boost Remittance Services in Nigeria
Africhange, a leading cross-border remittance service, announced that its Nigerian subsidiary, Currenzo, has received the International Money Transfer Operator (IMTO) license from the Central Bank of Nigeria. This license allows…
Nigeria Inflation Expected to Remain High Amid Rising Costs
Nigeria’s inflation rate is projected to remain elevated, with October inflation anticipated to reach 33.10%, largely due to rising fuel prices, naira depreciation, and recent flooding affecting agricultural productivity. Analysts…
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 at integrating dollar bills held outside the formal financial system.…
Global Markets React as Trump Election Victory Boosts US Stocks and Cryptos
Financial markets worldwide responded variably to Donald Trump’s victory in the U.S. presidential election. Asia, response was generally bearish, with the Hong Kong Stock Exchange seeing a 2.23% drop, while…
FBN Holdings Shares Surge as Rights Issue Launches to Bolster Capital Base
FBN Holdings’ share price rose by 1.65% on the Nigerian Exchange Limited (NGX) on Wednesday, closing at N27.65 its highest in a week. This increase coincides with the bank’s opening…
AIICO Insurance Urges Collaboration to Strengthen Nigeria’s Agricultural Sector
AIICO Insurance Plc has emphasized the importance of collaboration among stakeholders to advance Nigeria’s agricultural sector. Speaking at AIICO’s annual training session for the Nigerian Association of Insurance and Pension…
Zenith Bank Completes Major IT Upgrade to Boost Customer Experience and Digital Innovation
Zenith Bank Plc has announced the completion of a comprehensive IT infrastructure upgrade aimed at enhancing customer experience across its banking services. The Group Managing Director/CEO, Dr. Adaora Umeoji, thanked…
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, underscoring a widening gap between federal government spending and revenue.…
NGX Halts Six-Day Losing Streak with N131 Billion Gain
The Nigerian Exchange Limited (NGX) saw a positive turnaround yesterday, with its market capitalization rising by N131 billion, ending a six-day decline. The NGX All-Share Index increased by 0.22%, closing…
FG urged to stop tax reforms move
Tax consultant Adebisi Oderinde, CEO of AOC-Adebisi Oderinde & Co, has urged Nigerian President Bola Tinubu to reconsider implementing a new tax reform, warning it could hinder small and medium-sized…
Nigerian Banks Defy Predictions as Non-Performing Loans Remain Stable in 2024
Against Fitch’s prediction that Nigerian banks’ Non-Performing Loan (NPL) ratios would rise in 2024, ten major banks have kept their NPLs steady, achieving an average ratio of 7.49% in the…
Fiducia Harps on SMEs Supply Chain Finance to Drive Economic Growth
Fiducia Data Services Limited has unveiled its initiative to close the financing gap for Small and Medium Enterprises (SMEs) in Nigeria by offering Supply Chain Finance solutions. This commitment was…
Nigerian Court Issues Arrest Warrant for Dana Air Managing Director Over Fraud Charges
A Federal High Court in Abuja has ordered the arrest of Hathiramani Ranesh, the Managing Director of Dana Air, due to his failure to appear for trial concerning allegations of…
Cash Scarcity in Kano State Impacts on Residents and Businesses
Residents and Point of Sale (POS) operators in Kano State are expressing deep concern over a persistent cash shortage that is severely affecting local businesses and daily life. According to…
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 week. However, the Naira experienced a depreciation in the Nigerian…
Petrol Price: Marketers set to import cheaper products
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has emphasized its intention to import premium motor spirit (PMS), commonly known as petrol, at a price lower than the…
Nigeria’s economy on new investments threshold
The Nigerian Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, expressed confidence that the country’s economy is entering a new phase that will attract more investments.…
Nigerian Shippers’ Council Saves N40 Billion and Aims for $10 Billion Investment
The Nigerian Shippers’ Council (NSC) announced significant economic savings of over N40 billion in the past year, primarily through the implementation of a new app that automates the evaluation of…
Nigeria’s Foreign Exchange Market Faces Ongoing Challenges Despite Recent Measures
Despite efforts by the Central Bank of Nigeria (CBN) to stabilize the foreign exchange (FX) market, Fitch Ratings reports that the naira remains volatile. While the International Monetary Fund (IMF)…
Access Holdings grows revenue by 114.5% to N3.4tr in Q3
Access Holdings Plc, the parent company of Access Bank Nigeria, reported a remarkable 114.5% year-on-year increase in gross revenue to N3.4 trillion for Q3 2024, compared to N1.6 trillion in…
Nigerian Manufacturers Urge Government Intervention Amid Economic Challenges
The Chemical and Non-Metallic Products Employers Federation (CANMPEF) has urged the Nigerian government to declare a state of emergency in the manufacturing sector. At its recent Annual General Meeting in…
Nigerians paid N40bn as road taxes to states in 2023
Nigerians contributed N40.14 billion in road taxes to state governments in 2023, reflecting a 63.36% increase from the N24.57 billion collected in 2022, according to the National Bureau of Statistics…
Nigerian Per Capita Income Drops 72.8% to 20-Year Low Amid Policy Missteps
Nigeria’s per capita income has plummeted by 72.8% since 2014, hitting its lowest point since 2004. This stark drop, attributed to prolonged economic mismanagement, has had dire impacts on the…
Government allocates N18bn compensation for Lagos-Calabar highway
The Nigerian Minister of Works, David Umahi, announced that N18 billion has been allocated to compensate property owners affected by the Lagos-Calabar coastal highway project. During a stakeholder engagement on…
Court Halts Rivers State Federal Allocation Amidst Budget Approval Dispute
The Federal High Court in Abuja has ordered the suspension of federal allocations to Rivers State, citing non-compliance with proper budgetary procedures. Justice Joyce Abdulmalik issued an injunction to prevent…
Legal attacks are slowing SEC rulemaking in a crucial election year
The U.S. Securities and Exchange Commission (SEC) has experienced a significant slowdown in rulemaking since President Biden took office, primarily due to an increasingly complex legal environment. Recent court rulings…
Robinhood shares drop as growth push takes a toll on Q3 results
Robinhood Markets, Inc. saw its shares plummet nearly 11% before the market opened on October 31, following a strong performance earlier in the year that had seen the stock more…