Saudi Arabia has announced updated regulations on alcohol as it prepares to inaugurate the first-ever liquor store in the capital, Riyadh. In the strict Islamic country, the sale and consumption of alcohol are strictly prohibited, with violators facing penalties such … Continue reading Saudi Arabia adjusts alcohol regulations with opening of first liquor store
The National Identity Management Commission (NIMC) has temporarily halted Front-End Partners’ engagement in National Identification Number (NIN) enrolments, citing the need for a revalidation exercise due to identified infractions and unwholesome practices in the enrolment and modification processes. The Director … Continue reading Fed govt suspends third party agents from NIN registration
Globacom subscribers have been granted an additional 21 days to call MTN lines, as the Nigerian Communications Commission (NCC) postponed the planned barring of Glo subscribers from making calls to MTN lines. The NCC announced the extension in a statement … Continue reading NCC gives 21 day extension for telcos to resolve debt dispute
Investors in Dangote Group shares experienced a gain of N514 billion on Tuesday following the news that the Dangote Refinery had commenced production. The Nigerian Exchange Limited witnessed a surge in stock purchases as investors rushed to secure shares in … Continue reading Dangote investors pocket N514bn as refinery commences operations
Oil marketers are gearing up to hold discussions with the management of the Dangote Petroleum Refinery to facilitate the efficient supply and distribution of refined petroleum products from the $20 billion facility. The Independent Petroleum Marketers Association of Nigeria plans … Continue reading Marketers set to discuss fuel supply with Dangote
Despite facing a challenging market environment, the Nigerian stock market showcased resilience on Wednesday as the transaction volume for the day experienced a notable surge. The recorded volume reached 1,641.28 million shares, surpassing the previous day’s figure of 1,409.85 million … Continue reading NGX reports first loss of N638 billion for the year
Aliko Dangote, the Nigerian billionaire, has reclaimed his title as the wealthiest individual in Africa, surpassing South African business magnate Johann Rupert, as reported by both Forbes and Bloomberg. According to the Forbes Daily billionaires ranking platform, which monitors daily … Continue reading Dangote reclaims Africa’s Forbes richest man title
In a move to address delayed forex access for foreign airlines operating in Nigeria, the Central Bank of Nigeria (CBN) has infused approximately US $61.64 million into their operations. The targeted release of dollars is aimed at resolving a portion … Continue reading CBN releases $61.64 million to airlines in effort to strengthen naira
Recent findings indicate that the Nigerian naira has experienced a significant 38.9% depreciation against the United States dollar at the official Investors and Exporters (I&E) window of the Central Bank of Nigeria (CBN) within the last three months. Data from … Continue reading Concerns of job cuts rise with 39% Naira depreciation
In a bid to address the financial challenges facing Nigerian electricity companies, estimated at a staggering N2 trillion ($2.5 billion) in capital shortfall, the sector is actively seeking new investors to revitalize an industry struggling to meet the power demands … Continue reading FG announces need for $2.5 billion new capital in power firms
The naira witnessed a 4.72% decline, closing at N1035.12/$ on the official Investor and Exporter foreign exchange window on Wednesday, according to data from the FMDQ Securities Exchange. This marks a consecutive decline in the first two trading days of … Continue reading Naira ends trading at N1035/$ on investor and exporter window
Investigation has revealed that the price of locally produced rice has surged by 73.2 percent in a year due to rising production costs, transportation expenses, and other factors. Despite the Central Bank of Nigeria’s multi-billion naira funding support for the … Continue reading NBS reports 73% surge in local rice prices over 12 month period
The Nigeria Railway Corporation (NRC) is set to introduce night operations and expand its daily train services before the second quarter of 2024, according to the Managing Director of NRC, Fidet Okhiria. In an interview with the News Agency of … Continue reading Nigeria railway corporation set to launch night operations
Bitcoin galloped beyond the $45,000 mark on Tuesday, achieving a milestone not seen since April 2022. This surge follows the cryptocurrency’s impressive 156% gain in 2023, marking its most robust yearly performance since 2020. Currently standing at $45,318, Bitcoin is … Continue reading Bitcoin reaches eight-month high, stands at $45,000
The President of the Lagos Chamber of Commerce and Industry, Gabriel Idahosa, anticipates a deceleration in the country’s inflation rate in 2024. In an exclusive interview on Friday, Idahosa attributed the recent acceleration of inflation to the removal of fuel … Continue reading LCCI forecasts decrease in inflation rate for 2024
The Central Bank of Nigeria (CBN) has reported a substantial surge of 284.6% in the volume of eNaira in circulation, reaching N9.78 billion in August, as revealed in the bank’s recently released ‘Economic Report’ for the same month. Traditional notes … Continue reading eNaira surges 284%, while traditional notes decline to N2.7tn – CBN
Car dealers are attributing the seizure of 533 vehicles with a duty paid value of N2.92 billion by the Nigeria Customs Service between January and November 2023 to the exorbitant duty rates imposed on clearing imported goods, particularly vehicles. Dealers … Continue reading Customs seizes N2.9b worth of vehicles as dealers point to excessive duty rates
The Federal Government, acting through the Federal Competition and Consumer Protection Commission (FCCPC), has imposed a fine of $110 million on British American Tobacco (BAT) and its affiliated companies. The penalty is attributed to alleged violations of the Federal Competition … Continue reading FG slaps $110m fine on British-American tobacco, withdraws criminal charges
The Federal Competition and Consumer Protection Commission (FCCPC) has announced its intention to introduce additional regulations for operators in the digital lending sector in 2024. The aim is to address the rising default rates in the country and enhance loan … Continue reading FG set to implement new regulations for Moniepoint, Opay, and other digital lenders
The Central Bank of Nigeria (CBN) has reiterated the stability of funds within Nigerian banks, emphasizing the robustness of the nation’s banking sector. The apex bank, through its acting Director of Corporate Communications, Hakama Sidi-Ali, issued a statement on Wednesday, … Continue reading Your money is safe in banks – CBN
The Home Finance Department of the Ministry of Finance, Budget, and National Planning has received a $5.6 million grant from the World Bank for the procurement of 21 items, encompassing office supplies, furniture, solar inverters, office equipment, and vehicles. These … Continue reading World Bank allocates $5.m loan to finance ministry for stationery and procurement of various items
In Monday’s trading session at the parallel market, the Naira was exchanged at 1,233 per US dollar, as reported by Bureau de Change operators. Several BDC operators indicated that the local currency maintained the same rate of 1,228 per dollar … Continue reading Naira declines to 1,233 per Dollar in parallel market trading
The National President of the Nigeria Association of LPG Marketers, Oladapo Olatunbosun, has expressed dissatisfaction with the Nigeria Customs Service for what he alleges as a reluctance to carry out the presidential directive regarding zero import duties on gas items … Continue reading LPG marketers call for immediate implementation of waiver directive
The Africa Development Bank (AfDB) Group has granted a $175 million financial package to the United Bank for Africa (UBA) to strengthen its support for the private sector and contribute to Nigeria’s infrastructure development. The package includes $100 million in … Continue reading UBA secures $175m financial package from AfDB
Governor Sanwo-Olu has called upon local and international investors to collaborate with Micro, Small, and Medium Enterprises (MSMEs) in Lagos to enhance their products and services, breaking into the African Continental Free Trade Area and the global market. The governor … Continue reading Sanwo-Olu invites investors to boost MSMEs for global market access
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