42 Microfinance Banks Lose Licences
The Central Bank of Nigeria (CBN) has withdrawn the operating licenses of 42 microfinance banks (MfBs). The…
Canada Restricts Travel From U.K. Due To New Strain Of Virus That Causes COVID-19
OTTAWA — The Trudeau government is restricting travel from the U.K. in an effort to prevent a new strain of the…
‘Mobile Money Providers Will End Poor Practices In Financial Sector’
For 2021, we are certain that the worst case of coronavirus is over and believe that we will not have the…
Iraq Devalues Its Currency As Economy Unravels
Iraq devalued its currency by about 20% against the dollar as the cash-strapped government faces an economic crisis…
Nigeria’s Forex Reserves Drops By $132.06 Million
NIGERIA’s foreign exchange (forex) reserves dropped by $132.06 million at the weekend as the apex bank continued to…
Dollar Climbs, Sterling Sinks As Coronavirus Lockdowns Stoke Haven Demand
The dollar climbed against major peers on Monday with investors seeking its relative safety as many countries…
Tesla’s Elon Musk Asks About Converting ‘Large Transactions’ To…
Elon Musk on Sunday asked about the possibility of converting “large transactions” of Tesla Inc’s balance sheet…
Offshore Investments By Oil Majors Plunge
OFFSHORE rig values have declined almost 42 per cent in the last 12 months, equating to a loss of around $30…
U.S. Dollar On The Verge Of Becoming A Problem Currency Again
The Dollar buckled again Thursday after wading knee-deep into losses against all majors in moves that risk making…
Concerns Over Rising Pirate Attacks At Gulf Of Guinea
There are concerns that the surge in cases of pirate attacks and kidnapping of crews on the Gulf of Guinea and…
Bitcoin Adoption In Nigeria Soars As Central Bank Blocks Remittances In Naira
The Central Bank of Nigeria’s “Naira defense” policy is pushing more Nigerians towards Bitcoin and crypto adoption.…
Oil Dips, Heads For Weekly Gain As Vaccine Rollouts Support
Oil dipped towards $51 a barrel on Friday though still headed for a seventh weekly gain in a row as investors…
NIS Confirms Upsurge In Emigration
The Nigeria Immigration Service (NIS) has confirmed the increase in the number of Nigerians struggling to travel…
Foreign Investment Pours Into China Despite Trade War, Pandemic
For all the talk of an economic decoupling between China and the U.S. and its allies, foreign companies continue…
Africans In Diaspora Seek To Be Included In The Continent’s Development Agenda
This was discussed at a meeting that took place in Nairobi this week attended by 150 Africans drawn from different…
Oil, Power Firms Owe Nigerian Banks N5.83tn – NBS
The debts owed by energy firms to Nigerian banks rose by N200bn to N5.85tn in the third quarter of this year,…
Wall Street’s Call For Yen At 100 Is Catching On At Japan Banks
- Wall Street and Japan’s largest banks are starting to see eye to eye on the yen’s outlook, saying its advance…
Naira Falls At Black Market As MMOs, PSPs Are Barred From Receiving Diaspora…
Forex turnover rose by 9.6%, as the Naira’s exchange rate at the NAFEX window appreciated against the dollar to…
OPEC To Increase Production
WHILE the most recent Petroleum Status Report tilted firmly into positive territory, the crude market has taken a…
‘E-Customs Platform To Commence Next Week’
The Nigeria Customs Service has disclosed plans to roll out an electronic-Customs platform with capacity to promote…
House To Investigate Viability Of Scanners At Seaports, Border Stations
The House of Representatives has directed its Committee on Customs and Excise (CCE) to investigate the total…
Investors Take Some Money Off Table After Week Of Dollar Selling
The dollar took a breather on Friday after enduring a week-long beating that has pushed it below major support…
Nigeria’s Apex Bank Bans Mobile Money Operators From Receiving Remittances
The Central Bank of Nigeria (CBN) has suspended Mobile Money Operators, Payment Switch providers from receiving…
Pre-Travel COVID-19 Testing Rate For Travels Within ECOWAS To Be Harmonised—…
The Federal Ministry of Health (FMOH) says the rate for pre-travel COVID-19 testing for travels within the ECOWAS…
Naira Appreciates To N394/$ At I&E, Drops To N478/$1 At Black Market
The strengthening of the local currency was boosted by FX liquidity in the market as authorised dealers had enough…
W. Africa Crude-Traders Await Key Nigerian Plans8, Angolan Allocation
Spot activity was muted in the West African market on Thursday as traders awaited February Angolan term…
SEC To Partner FSD Africa On Capital Market Master Plan Review
The Securities and Exchange Commission, Nigeria (SEC Nigeria) and Financial Sector Deepening (FSD) Africa have…
Exchange Rates Pushed Inflation To Double Digits – MAN
The Manufacturers Association of Nigeria (MAN) has raised an alarm that the double inflation digits was occasioned…
WEEKAHEAD-AFRICA-FX-Nigeria’s Naira Seen Steady, Zambia’s Kwacha May…
Nigeria's naira and other African currencies are likely to trade stable or firm slightly in the week ahead, helped…
‘Crime Is Endemic In Nigeria’ — US Cautions Citizens On Travelling During Holidays
In a holiday security advisory posted on its website, the embassy said it gave the warning given that crime is…