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Finance
Iraq Bans Eight Local Banks from U.S. Dollar Transactions
Iraq has implemented a ban on eight local commercial banks from conducting U.S. dollar transactions as part of…
Shell PLC Returns $23bn to Shareholders
Shell Plc, in a statement released by its Chief Executive Officer, Wael Sawan, announced that it returned $23…
CBN Sets $1m Minimum Share Capital Requirement for IMTOs
The revised guidelines for the operation of IMTOs, officially released via the CBN's website and signed by Dr.…
Bullish Trading on Stock Market, Gaining N902bn
The stock market experienced a bullish resurgence on Thursday, resulting in a substantial gain of N902 billion.
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Banks Rush to Sell Excess FX Holdings Ahead of CBN Deadline
Commercial banks in Nigeria were in a frenzy on Thursday as they worked tirelessly to offload their surplus…
FBN Holdings Reports N309bn Profit
FBN Holdings, in its Unaudited Consolidated Financial Statements for the period ended December 31, 2023, announced…
Dangote Refinery: NIMASA Foresees Revenue Decline
The Nigerian Maritime Administration and Safety Agency (NIMASA) has projected a decrease in revenue following the…
CBN Orders Banks to Sell Excess Dollar Stock to Stabilise Exchange Rate
In a bid to stabilize Nigeria's volatile exchange rate, the Central Bank of Nigeria (CBN) has directed Deposit…
Femi Otedola Appointed Chairman of FBN Holdings
FBN Holdings, the parent company of First Bank of Nigeria, has appointed billionaire businessman and investor Femi…
BDC Operators Suspend Operations Due to Dollar Scarcity
Bureau De Change (BDC) operators in Abuja have announced the suspension of their operations due to the…
EFCC Investigates Controversial Nigeria Air Deal-Festus Keyamo
Minister of Aviation and Aerospace Development, Festus Keyamo, revealed on Wednesday that the Economic and…
CBN Clears Foreign Airlines’ Unpaid Claims
The Central Bank of Nigeria (CBN) announced that it has settled outstanding payments owed to foreign airlines…
GlaxoSmithKline Reports 33.76% Profit Decline
GlaxoSmithKline Consumer Nigeria Plc witnessed a significant 33.76% decline in profit, dropping to N510.80 million…
Seven-Up, UNIDO, Zenith Bank Partner in SME’s Empowerment
Seven-Up Bottling Company, in collaboration with the United Nations Industrial Development Organisation (UNIDO)…
NNPC Engages South Korea for Gas Projects
The Nigerian National Petroleum Company Limited (NNPCL) has initiated discussions with a South Korean consortium…
Exchange Rate: Nigerian Naira Declines to N1, 531/$
The Nigerian naira experienced another decline on Tuesday in the official market, narrowing the disparity between…
Foreign Exchange: Naira plungs to N1348.63/$
The Nigerian Autonomous Foreign Exchange Market witnessed a historic low on Monday as the naira plunged to…
OPay Bolsters Security Measures to Combat Financial Fraud
Nigerian financial technology firm OPay has launched an array of security measures aimed at fortifying its…
Dangote Refinery Plans to Import Crude from the US
In anticipation of potential supply disruptions that could jeopardize its operations, Dangote Refinery is…
Manufacturers Lament over FGN’s 7BN Debt
The Manufacturers Association of Nigeria (MAN) predicted a tough start for manufacturers in 2024, especially in…
Nigerians Express Disappointment on Transportation Cost Despite FGN’s…
Despite the Federal Government's initiative to provide a 50% fare rebate from December 21 to January 4, 2024,…
Nigeria’s External Reserve Declines by $77m- CBN
In December 2023, Africa's largest economy, Nigeria, witnessed a decline in its external reserves, dropping by…
Nigeria Borrows $1.71 Billion: Impact on Exchange Rates
In the first nine months of 2023, Nigeria secured $1.71 billion in foreign loans to enhance the country's foreign…
Moody’s Warns of Negative Outlook for Banks in 2024 Due to Global Economic…
Moody's, the credit rating agency, has issued a cautionary outlook for banks in 2024, citing sluggish global…
World Bank Engages Nigerian Government on Effective Public Fund Utilization
The World Bank has communicated its engagement with the Federal Government of Nigeria to ensure that public funds…
Knife Capital Successfully Closes R941 Million African Series B Expansion Fund
South African venture capital firm, Knife Capital, has successfully concluded its African Series B expansion fund,…
Stanlib Asset Management Invests in South African Solar and Battery Platform…
Stanlib Asset Management, a local investor in sustainable infrastructure, has acquired a stake in Solareff, a…
Central Bank of Nigeria Directs IMTOs to Pay Out Using I&E Window Rate
The Central Bank of Nigeria (CBN) has issued a directive requiring International Money Transfer Operators (IMTOs)…
CBN and NCC Commit to Expand Financial Inclusion at RegTech Summit.
The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have pledged to work together…
Finance and insurance sectors grow by 26% year on year to boost GDP in Q1 2023.
Despite Nigeria's challenging business environment, the banking and insurance industries increased real GDP by 26%…