CBN eases FX pressure, sells $876.26m to end-users at N1,495/$
The Central Bank of Nigeria (CBN) has sold $876.26 million at a rate of N1,495 per dollar through a Retail…
Category: Local
MeCure reports 38% rise in revenues as cost mute profit growth
MeCure Industries PLC announced its financial results for the second quarter of 2024, revealing a slight increase in pre-tax profit…
Credit to economy falls 1.5% to N102.7trn
In June, banks’ lending to the economy fell by 1.5% from May, dropping to N101.2 trillion. This decrease was noted…
US, Africa Investment Summit To Hold In September
The Sub-Saharan Africa Business and Investment Summit (SSABIS) will return in September 2024, following the success of previous editions. This…
TCN Blames Arcing For Loss Of Supply On National Grid
The Transmission Company of Nigeria (TCN) has refuted reports of a grid collapse on Monday. Instead, it described the incident…
Aviation Unions Seek Tinubu’s Intervention In Arik Air’s Grounding
Three major aviation unions have appealed to President Bola Tinubu for intervention in the grounding of Arik Air’s fleet. The…
Nigeria’s NLNG dividend falls 43% on gas constraints
Nigeria’s revenue from Nigeria Liquefied Natural Gas (NLNG) Limited has dropped by 43% due to persistent gas supply issues. In…
Dangote to sell 12.5% refinery stake amid liquidity concern
The Dangote Group is considering selling a 12.5% stake in its newly commissioned refinery due to liquidity challenges, according to…
FG unveils comprehensive strategy for economic growth, citizens’ welfare
Nigeria’s Finance Minister, Wale Edun, has outlined the federal government’s strategy to revitalize the economy while prioritizing citizens’ welfare. In…
Heirs Insurance Group appoints Puri, Iroche as non-executive directors
Heirs Insurance Group (HIG) has announced the appointment of Ibrahim Puri and Sonny Iroche as independent non-executive directors for its…
NNPC Announces Launch of New Crude Oil Grade, Targets 50,000bpd
NNPC Ltd has launched a new crude oil grade called Utapate into the international market. The oil is produced from…
Overland Begins Lagos-Abuja Direct Flights
Starting August 9, 2024, Overland Airways will begin daily direct flights between Lagos and Abuja. The airline will operate over…
NCC orders telcos to simplify tariff plans
The Nigerian Communications Commission (NCC) has directed telecom operators to make their tariff plans, bundles, and promotions clearer. This decision,…
Naira depreciates to N1,600/$ in parallel market
On Monday, the Naira weakened in the parallel market, falling to N1,600 per dollar from N1,590 last weekend. In contrast,…
Oil/gas communities send memo to FG, IOCs, NDDC
Oil and gas communities in the Niger-Delta have presented a comprehensive agenda to the Federal Government, International Oil Companies (IOCs),…
BUA Cement’s pre-tax profit drops by 54% in Q1
BUA Cement’s second-quarter results for 2024 show a significant decline in pre-tax profit, falling by 54% year-over-year to N18.8 billion…
MTN, Airtel Cut Foreign Debt as Naira Falls
Telecommunication giants MTN Nigeria and Airtel Africa have significantly reduced their foreign exchange (FX) exposures due to the naira’s severe…
Nigerians experience blackout as national grid collapses again
Nigeria’s electricity grid collapsed once more on Monday, causing a nationwide blackout. The system failure, which happened at 1:33 pm,…
Businesses reopen as states contain simmering protests
On Monday, many businesses in Lagos, including popular markets like Mile 2 and government offices in Alausa and Ikeja, resumed…
CBN introduces Dutch auction system to tackle forex shortages
The Central Bank of Nigeria (CBN) has introduced a Retail Dutch Auction System (DAS) to address the fluctuations in the…
African caucus calls for investments, energy access, to boost AfCFTA
The African Caucus, which includes over 50 African Ministers of Finance and Central Bank governors, has urged for better energy…
NCC Extends NIN-SIM Verification Deadline Beyond July 31, 2024
The Nigerian Communications Commission (NCC) has instructed telecom operators to extend the NIN-SIM verification deadline beyond July 31, 2024. This…
Bank directors disagree with Otedola, Elumelu on FX windfall tax
The Bank Directors Association of Nigeria (BDAN) has expressed disagreement with the views of FBN Holdings Chairman Femi Otedola and…
BUA Foods Reports N672.39 Billion Revenue in First Half of 2024
BUA Foods Plc reported N672.39 billion in revenue for the first half of the financial year ending June 30, 2024,…
Exchange rate for customs duties collection rises to N1,618/$
The exchange rate for the Nigeria Customs Service (NCS) duties collection has increased to N1618.73/$, up from the previous rate…
Dangote Refinery: Civil Societies to Monitor Crude Sales Compliance by NNPCL
A coalition of 28 Civil Society Organizations (CSOs) announced plans to set up a situation room to monitor the Nigeria…
Dangote diesel sulphur triggers concern, marketers fault rejection report
Reports allege that diesel produced by the $20bn Dangote Petroleum Refinery contains high levels of sulphur. Despite these claims, no…
Public debt stock may hit N130tn by Dec – Report
Nigeria’s public debt is projected to reach N130tn by the end of 2024, with a debt-to-GDP ratio of 55% and…
Dangote refinery to gulp N1.7tn crude monthly – Report
President Bola Tinubu has mandated the Nigerian National Petroleum Company (NNPC) to sell crude oil to the Dangote Petroleum Refinery…
UBA emerges most visited Nigerian banking website
United Bank for Africa (UBA) has been named the most visited banking website in Nigeria, with 2.36 million visits in…