MSCI Reclassifies Nigeria from Frontier to Standalone Markets: Implications and Challenges
MSCI, a renowned provider of tools and services for the global investment community, has reclassified Nigeria’s status in their indexes…
Category: Local
9PSB Partners with XCHANGEBOX to Expand Agent Banking Solutions
Nigeria’s digital payment service bank, 9 Payment Service Bank (9PSB), has entered a strategic partnership with XCHANGEBOX, a licensed super-agent…
Nigerian Stock Market Experiences Marginal Dip Following Previous Day’s Gain
The Nigerian stock market saw a slight decline of 0.02 percent, equivalent to N6 billion, on Wednesday, failing to maintain…
Nigeria’s Money Supply Grows to N66.4 Trillion Amid Inflation and Naira Devaluation
The Central Bank of Nigeria (CBN) reports an increase in Nigeria’s total money supply (M2) from N65.15 trillion in August…
VP Urges Capital Market Involvement in Bridging Nigeria’s Infrastructure Deficit
The Vice President of Nigeria, Kashim Shettima, has called for active participation of capital market stakeholders in addressing Nigeria’s substantial…
UBA CEO Oliver Alawuba Honored with Fellowship from CIBN
Oliver Alawuba, the Group Managing Director and Chief Executive Officer of United Bank for Africa (UBA), has been awarded the…
Nigeria’s Federal Government to Forgo N12.4 Trillion in Tax Waivers and Incentives
The Federal Government of Nigeria is set to waive tax revenues amounting to N12.4 trillion over the course of four…
Naira Plummets to ₦1,290/$1, Sparks Concerns
The Nigerian Naira has experienced a sharp decline, reaching ₦1,290 to $1 in key markets, including Abuja. This significant drop…
Nigerian Government Adjusts Port Terminal Charges and Bulk Cargo Fees
The Nigerian government, through the Nigerian Shippers Council (NSC), has made significant changes to port terminal charges and bulk cargo…
Nigeria Anticipates $10 Billion Inflow to Alleviate Dollar Shortage
The Nigerian government is expecting an inflow of $10 billion in the coming weeks, which is anticipated to alleviate the…
Surge in Crude Oil Theft Incidents Plague Niger Delta Region
The Nigerian National Petroleum Company Limited (NNPCL) has reported a concerning surge in crude oil theft incidents across the Niger…
Lagos Tax Appeal Tribunal Orders MTN Nigeria to Pay $72.5 Million in Tax Default
Introduction: The Lagos State division of the Tax Appeal Tribunal has ruled that MTN Nigeria Communications must pay a sum…
Ogun State’s Red and Blue Rail Lines Projected to Begin Operations in 2024
Governor Dapo Abiodun of Ogun State has announced that the proposed red and blue rail lines, developed in collaboration with…
Naira Hits Record Low of N1,310 per Dollar
The Nigerian Naira experienced a significant decline, reaching a record low of N1,310 per US dollar on the parallel market,…
Banking Agents: A Pillar of Financial Inclusion in Nigeria
In 2018, accessing banking services in Nigeria was a challenge due to long queues and limited branches. However, the introduction…
Nigerian Pension Funds Increase Equity Holdings by 47.5% in Seven Months
Nigerian pension funds have shown a renewed interest in equities, with their holdings surging by 47.5% in just seven months,…
Rise in Financial Fraud: Challenges Faced by Nigerian Banks and Fintechs
The Nigerian financial sector is grappling with a surge in financial fraud cases, impacting both traditional banks and fintech companies.…
Nigerian Government Plans $10 Billion Injection to Address Forex Crisis
The Nigerian government is devising a strategy to secure $10 billion aimed at alleviating the country’s severe foreign exchange crisis,…
Manufacturing Exodus: Companies Exiting Nigeria’s Industrial Landscape
Over the past decade, Nigeria has witnessed a notable exodus of manufacturing companies, with numerous factors contributing to their departure.…
Nigerian Government Pursues Cost-Cutting Measures for Efficient Governance
The Nigerian government is implementing a series of cost-cutting measures aimed at improving governance efficiency, reducing corruption, and achieving value…
Federal Executive Council Approves $3.45 Billion Concessional Loan for Key Initiatives
The Federal Executive Council of Nigeria has granted approval for a $3.45 billion loan to fund crucial projects in various…
Central Bank of Nigeria Reports Surge in Currency in Circulation Amid Cash Transactions
The Central Bank of Nigeria (CBN) has disclosed a significant surge in Currency in Circulation (CIC) within the Nigerian economy,…
States’ Internally Generated Revenue (IGR) Marginally Increases to N1.93tn in 2022
The total Internally Generated Revenue (IGR) of states in Nigeria saw a slight rise to N1.93 trillion in 2022. This…
Nigeria Triumphs in Landmark Case Against P&ID, Saving Billions in Fraudulent Claims
In a significant legal victory, the Federal Government of Nigeria has won its case against Process and Industrial Developments Company…
Nigeria’s Economy Flags Warning on African Country Instability Risk Index
A new index assessing political stability risks across 47 African countries has placed Nigeria’s economy on “warning” status. The Africa…
Supreme Court Readies for Atiku’s Appeal Against Tinubu’s Victory
As Nigeria’s Supreme Court prepares to hear the appeal filed by Atiku Abubakar, the presidential candidate of the Peoples Democratic…
Nigeria’s Naira Faces Unprecedented Decline: Can the Downward Spiral Be Halted?
Nigeria’s currency, the Naira, is hurtling towards an alarming exchange rate of N2000 to the US dollar after a record-setting…
Nigeria’s Oil Earnings Surge in September 2023
Nigeria’s oil earnings experienced a substantial surge of over N273.8 billion in September 2023. This surge was driven by an…
Fuel Prices Surge Beyond Official Bands in Nigeria
Fuel prices in Nigeria, particularly at independent filling stations, have surpassed the officially approved price bands set by the Federal…
Nigeria’s Ways and Means Debt Surpasses Crude Oil Revenue in H1 2023
A recent report from the Budget Office of the Federation (BOF) has revealed that the Federal Government of Nigeria’s interest…