CBN Raises Interest Rate on Naira Savings Deposits to 30% of MPR.
The Central Bank of Nigeria (CBN) has announced an upward adjustment of the negotiable minimum interest rate; payable on local…
Category: Local
UBA Launches Innovative Experience Centre in Abuja, Nigeria.
Africa’s Global Bank, the United Bank for Africa has just launched a modern and future-forward Experience Centre in Abuja, Nigeria.…
Emirates Airlines To Suspend Flights From Nigeria From September 1 Over $85million Trapped Revenue.
Emirates Airlines has announced the suspension of its flight operations to Nigeria, starting September 1, 2022, over its $85 million…
Nigeria’s Foreign Reserve Continues Improvement As Naira Dips Further At I&E Window.
Tuesday, 16th August 2022: The exchange rate between the naira and the US dollar closed at N430.67/$1; at the Investors and…
FG Borrows N2.45tn From CBN Amid Fiscal Risks-Nigeria.
The Federal Government’s total borrowing from the Central Bank of Nigeria through Ways and Means Advances rose from N17.46tn in…
Nigeria’s Banking Sector Leads, Attracts $1.47 Billion Foreign Inflows In Six Months.
The Nigerian banking industry attracted $1.47 billion as capital inflows in the first half of 2022, an increase of 109.8%…
Coinbase Posts $1.1 Billion Loss In Q2 2022, Worst Since Listing On NASDAQ.
Citing “fast and furious” downturn of the crypto markets, Coinbase, one of the largest cryptocurrency exchanges; in the world by…
Nigerian President Withholds Approval Of Exxon Mobil’s Asset Sale.
Nigeria’s President Muhammadu Buhari has withheld his initial approval of Exxon Mobil’s (XOM. N) sale of local offshore shallow water assets to…
Flutterwave Hires 200, Grows Workforce By 38%.
Flutterwave has said it has completed the recruitment process for its inaugural graduate trainee programme; and grown its staff base…
Nigeria Spends $2.35bn On Phone Importation – Report.
Nigeria spent $2.35bn on telephone importation in three years, according to data from the International Trade Centre. The nation spent…
How Inflation Worsens Plight Of Nigerian Workers.
Workers have continued to groan under the adverse effect of inflation on their income. Economists define inflation as the rise…
Nigeria, Three Others Top World Bank Debtors’ List.
Rising debt has pushed Nigeria up the World Bank’s top 10 International Development Association borrowers’ list. The World Bank Fiscal…
Petroleum Minister, Timipre Sylva, Says Nigeria Loses 400,000 Barrels Per Day To Oil Theft.
Rising cases of oil theft which has affected Nigeria’s earning capacity in a period of high crude prices could be…
EFCC battles black market to boost naira, local currency gains N60 to $1 within a Week.
After plummeting to an all-time low of N710.00 the value of the local currency in Nigeria increased dramatically this week;…
Nigerian Pension Fund Administrators Pay N49.5 Billion Taxes In 3 Years.
Pension Fund Administrators (PFA) in Nigeria incurred a sum of N18.85 billion as income tax in 2021; a 15.6% increase…
Brent Crude Oil Posts Worst Weekly Decline Since April 2020.
The commodities market in 2022 has been nothing short of a rollercoaster ride, especially in the Oil and Energy market,…
Oil Price Falls, OPEC Raises Nigeria’s Production Quota.
The Organisation of Petroleum Exporting Countries raised Nigeria’s crude oil production quota for September 2022 to 1.83 million barrels per…
Alibaba Revenue Beats Despite Flat Growth Due To COVID Lockdown.
China’s Alibaba Group Holding Ltd (9988.HK), beat market expectations for revenue in the quarter ending late June; even though growth was…
NNPC Sells N147bn Petrol, Diesel In One Month.
The Nigerian National Petroleum Company Limited said it made N147.36bn from the sale of petrol and diesel in October 2021.…
FG Generates N2.5bn Daily From TinCan Port – Nigeria Customs.
The TinCan Island Command of the Nigeria Customs Service has said that the command makes an average of N2.5bn daily.…
Importing What Nigeria Can Produce Threatens Economy – Customs
The Nigeria Customs Service has said that importing what the country can produce is a big threat to the economy.…
How Fake Drugs Threaten Nigeria’s Multi-Billion Pharma Industry.
The National Primary Healthcare Development Agency, NPHDA, said that over 70% of medicines being dispense in Nigeria were substandard. The…
Naira Falls At I&E Window Despite A 163% Surge In Forex Supply.
Tuesday, 2nd August 2022: The exchange rate between the naira and the US dollar closed at N430.67/$1. Naira closed on a…
Black Market Speculators Lose Big After Naira Gains N50/$1 In A Few Days.
Since the start of August, the naira has continued to rise while holding onto its gains amid weak buying pressures;…
Nigerian Stocks: List Of Dividends Announced In 2022.
As audited accounts start to trickle in, companies will propose dividend payments to their shareholders; as recommended by their respective…
Naira crash: Peter Obi Urges Nigerians To Stop Using Dollars For Local Transactions.
Peter Obi, the presidential candidate of the Labour Party has urged the government and Nigerians to stop using foreign currencies…
We Didn’t Increase Petrol Price, Marketers Did – Nigeria FG.
The Federal Government insisted that it had not raised the pump price of Premium Motor Spirit; popularly called petrol, above…
FG Failed To Provide N100bn Electricity Subsidy – Nigeria Discos.
Electricity distribution companies on Sunday reacted officially to the takeover/restructuring of five Discos; by the Federal Government through the Bureau…
BDC Operators Urge Central Bank To Abandon Offical Rate As Naira Continues To Fall.
The Association of Bureaux De Change Operators of Nigeria (ABCON) has urged the Central Bank of Nigeria (CBN); to abandon…
Nigerian Exchange Lifts Suspension On Trading In The Shares C&I Leasing.
Nigerian Exchange Limited (NGX) has lifted the suspension placed on trading in the shares of C&I Leasing Plc. The Exchange…