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…
Category: Finance
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…
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…
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…
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…
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,…
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…
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…
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…
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…
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…
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…
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…
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),…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
NSITF Expands Employees Compensation Scheme to Include Informal Sector Workers
The Nigeria Social Insurance Trust Fund (NSITF) is enhancing the security and welfare of informal sector workers by integrating Agency…
NAICOM Sacks Board Management Of African Alliance
The National Insurance Commission (NAICOM) has dismissed the Board and Management of African Alliance Insurance Plc due to persistent insolvency…
Credit to government jumps 90% to N42trn amid rising money supply
In September 2024, Nigeria’s money supply reached an unprecedented N109 trillion, marking a 1.68% increase from the previous month and…
FMDQ Group records significant achievements amid challenging economic conditions
In 2023, FMDQ Group Plc navigated significant economic challenges, including inflation, fluctuating exchange rates, and shifting monetary policies, affecting Nigerian…
UBA Rewards 110 Customers with N42.8m in Legacy Promo Celebrating 75 Years
United Bank for Africa (UBA) recently rewarded 110 customers with a total of N42.8 million as part of its “75…