More pain for Nigeria as oil sinks to $29
With the international oil benchmark, Brent crude, falling below the $30 per barrel mark on Monday, the oil-dependent Nigerian economy…
Category: Local
Togo, Niger, Benin owe Nigeria N30bn for electricity
The Republics of Togo, Niger and Benin owe Nigeria a total of N29.97bn for the electricity supplied to them from…
Coronavirus threatening our debt servicing plans – DMO
The Debt Management Office on Monday raised the alarm that the outbreak of coronavirus was threatening the arrangement put in place to service the nation’s debts.
Nigeria to delay proposed $3.3bn Eurobond on coronavirus concerns
Nigerian government will delay this year’s issuance of the $3.3bn it had initially planned because “the time is not ripe”, Finance minister, Zainab Ahmed said on Monday.
CBN asks banks to restructure loan terms, cuts special interest rate to 5%
The Central Bank of Nigeria (CBN) has directed all deposit money banks in the country to restructure loan terms and tenors to households and businesses affected by the coronavirus outbreak.
Zenith Bank limits int’l withdrawal amount on card
Zenith Bank has limited the monthly international withdrawal limit on its Naira cards to $1,000 per month, according to PUNCH.
Dollar sells at N380 as CBN holds press conference
The foreign exchange market resumed on Monday, 16th March, with dollar selling at N380/$ in some area of Lagos. According…
Lagos explosion: Sanwo-Olu sets up investigative panel, N2bn relief fund
Sanwo-Olu, who visited the scene on Monday morning, also announced a N2 billion relief fund to cushion the effect on the victims and address the disasters triggered by the explosion.
Oil crash: Nigeria may lose $8.63bn in six months
Nigeria’s economy may slide into another recession as the sudden crash in crude oil prices is set to wipe $8.63bn from the expected earnings accruable to the country in six months.
Confusion as explosion rocks Lagos
A massive explosion which rocked Lagos on Sunday morning has led to the destruction of houses in different parts of the state.
Reports suggest Zenith Bank given green light to acquire Union Bank
Zenith Bank Plc has reportedly been given the green light to merge or acquire Union Bank Nigeria Plc.
Market unfavourable for Naira devaluation – CBN
The Central Bank of Nigeria (CBN) says market fundamentals do not support Naira devaluation this time around. The CBN made…
Nigerian shoemakers tap national pride, nostalgia to spur local industry
Two men in grey jumpsuits brush glue onto rubber soles, while factory machines whir in the background. Elsewhere, women perched…
Oil Drop May Force Nigeria to Devalue Naira as Reserves Sink
The plunge in oil prices is piling pressure on Nigeria to devalue the naira as dwindling export revenue depletes foreign-exchange…
Nigeria spends N1.7 trillion to import fuel in 2019
Nigeria spent N1.713 trillion on the importation of Premium Motor Spirit, also known as petrol, in 2019, according to data…
Nnewi: Nigeria’s self-made Industrial hub
Nnewi is not a tier-one city in Africa, and not in Nigeria. Even within Anambra, it is masked by the…
South African President appoints Okonjo-Iweala member SA Economic Advisory Council
Ngozi Okonjo-Iweala, Nigeria’s former minister of finance, was at South Africa’s presidential economic advisory council meeting in Tshwane on Friday.…
Silk roadblock: coronavirus exposes Nigeria’s reliance on China
Yetunde Oluyide has run a gift shop in bustling Lagos for nearly a decade, but with coronavirus curtailing imports of…
No One Wants to Be a Nigerian Stock Trader as Volumes Plunge
Stockbrokers are out of fashion in Nigeria. Not a single company registered to become a dealer on the West African…
Coronation Merchant Bank declares N5.09bn profit after tax for 2019
Coronation Merchant Bank Limited on Thursday announced a profit after tax of N5.09 billion for the financial year ended Dec.…
Foreign investment inflow reverses trend
Foreign Direct Investment (FDI) into Nigeria may have returned to the downward trend after a mild recovery in 2018. The…
StanChart grows full-year profit by eight per cent
Standard Chartered (StanChart) has grown its full year 2019 profit by eight per cent and improved earnings per share by…
Unity Bank introduces USSD in Nigerian languages
Unity Bank Plc has launched an Unstructured Supplementary Service Data, USSD banking in Nigeria’s three major languages – Yoruba, Hausa…
Stanbic IBTC nets N75b profit in 2019
Stanbic IBTC Holdings Plc recorded a net profit of N75.04 billion in 2019 as the financial holding company sustained steady…
Union Bank pays first dividend in 11 years
Union Bank of Nigeria (UBN) Plc on Thursday announced a dividend recommendation of about N7.3 billion for the 2019 business…
Moving goods from Apapa port 10 times costlier than Ghanaian, South African ports
A research carried out by SBM Intelligence has shown that it is 10 times costlier to move goods from the…
CBN widens activities of Mfbs to include issuance of CPs
The Central Bank of Nigeria (CBN) has widened the permissible activities of Micro Finance Banks (MfBs) to include the issuance…
Forex racketeering: Reps probe CBN, FIRS, others over $30bn leakages
The House of Representatives has resolved to investigate the Central Bank of Nigeria and the Federal Inland Revenue Service over…
