The volume of dollars traded on the Investor & Exporter forex window surged by 46.69 percent to $123.25 million on Monday, marking a significant increase from Friday’s turnover of $84.02 million. Despite this rise, the naira experienced a depreciation of … Continue reading Naira continues depreciation despite 46.69% surge in dollar turnover
Eight companies have reported a total currency revaluation loss of N918.1bn, attributing it to a 68.55% decline in the value of the naira against the dollar. Following the Central Bank of Nigeria’s decision to let the market determine the naira’s … Continue reading Firms report N918.1bn loss on naira-dollar revaluation
Africa’s wealthiest man, Aliko Dangote, reveals that his refinery has obtained a license to refine over 300,000 barrels of Nigerian crude per day, anticipating the commencement of gasoline production in the near future. Speaking at the Saudi-Nigeria business roundtable in … Continue reading Dangote refinery granted license for 300,000bpd crude processing
Millionaire Powerplay Limited, a subsidiary of an American tech company, has introduced its instant cashless payout brand to the Nigerian market, promising the largest odds and substantial cash prizes. The company shared this development through an official statement. The American … Continue reading American lotto introduces groundbreaking cashless payout system
In the wake of a 68.55 percent decline in the value of the naira against the dollar by the end of September 2023, eight prominent firms have collectively declared a staggering N918.1 billion in currency revaluation losses. This significant downturn … Continue reading Eight companies report N918.1 billion loss in currency revaluation
Development Finance Institutions, represented by the Association of African Development Finance Institutions (AADFI), are emphasizing the need for concrete strategies to integrate climate-resilient products into African business frameworks. This initiative aims to address climate finance requirements and reduce risks associated … Continue reading AADFI issues warning about Africa 15% GDP loss due to climate change. Read full story!
In a move towards fostering economic ties and attracting global investors, the Nigerian Exchange Limited (NGX) is considering a dual listing with the Saudi Exchange, with a particular focus on major corporations like Saudi Aramco. Dr. Umaru Kwairanga, the Group … Continue reading NGX sets sights on dual listing with Saudi exchange, eyes major player Aramco
In a recent report by the Economist Intelligence Unit (EIU), questions have been raised about the Central Bank of Nigeria’s (CBN) financial capacity to settle the $6 billion forex backlogs owed to banks. The EIU expressed skepticism, stating that the … Continue reading Economist intelligence unit doubt CBN’s ability to clear $6 billion forex backlog
The Western Marine Command of the Nigeria Customs Service reported intercepting various contrabands totaling N924 million between August and October. In an announcement on Friday, spokesperson Mailafiya Magaji stated that the command seized 17 sacks containing 1,199 parcels of cannabis … Continue reading Nigeria customs seizes contrabands worth N924 million in recent operations
Indian Continent Investment Limited, based in Mauritius, has increased its ownership in Airtel Africa by acquiring £57.25 million worth of shares, according to a corporate notice submitted to the Nigerian Exchange Limited. The transaction, which took place on the London … Continue reading Indian firm increases stake in Airtel with £57m share acquisition
The declining economic growth in China is expected to have repercussions on Nigeria’s economic prospects, according to the International Monetary Fund (IMF). The IMF highlighted that China’s deep economic connections with sub-Saharan African countries, particularly over the past two decades, … Continue reading IMF warns of impact on Nigeria as China’s economy slows
The recent spike in cooking gas prices is primarily attributed to factors such as vessel scarcity, fluctuations in foreign exchange rates, and soaring oil prices, according to Nigeria Liquefied Natural Gas Limited (NLNG). A market survey indicated that the price … Continue reading NLNG attributes high cooking gas prices to forex factors
Despite recent efforts by the Central Bank of Nigeria (CBN) to stabilize the foreign exchange market, the naira concluded trading on the Investor & Exporter forex window on Thursday at N996.75/$. This marks a significant 13.95% decrease from the N874.71/$ … Continue reading Naira slumps to N1,000/$ in official market
The board of directors at PZ Cussons Nigeria Plc has increased the proposed offer price for the buyback of shares from minority shareholders, upping it from N21 to N23 per unit. This adjustment was disclosed in the latest update submitted … Continue reading PZ Cussons raises share buyback offer to N23 per unit
The Central Bank of Nigeria (CBN) has emphasized that all banknotes issued by the institution remain legal tender and should not be rejected. In response to reports of cash scarcity in major cities, the CBN has directed its branches nationwide … Continue reading CBN confirms continued validity of old banknotes as legal tender
The Nigerian Naira faced another significant depreciation against the US Dollar on Tuesday, reaching a rate of N1,080/$ in the parallel market. This marked a 4.85% decline when compared to the N1,030/$ rate observed on the previous day. This marks … Continue reading Naira extends decline, hits N1,080 against US dollar
The Nigerian National Petroleum Company Limited (NNPC) announced on Tuesday that it has introduced a new crude oil grade called ‘Nembe’ and has already shipped its inaugural cargo in October, comprising two shipments of 950,000 barrels each. The first cargoes … Continue reading NNPC introduces new crude grade and ships 1.9 million barrels in October
Government records obtained from the Nigeria Governors Forum and National Bureau of Statistics websites reveal that the federal government has managed to save approximately N1.45 trillion from the removal of the subsidy on Premium Motor Spirit, commonly known as petrol, … Continue reading Federal government achieves N1.45 trillion savings through subsidy removal
At a recent stakeholders’ forum organized by the Minister of Aviation and Aerospace Development, Festus Keyamo, in Lagos, foreign airlines have revealed that approximately 90 percent of their $783 million trapped funds in Nigeria have yet to be disbursed. According … Continue reading Foreign airlines struggle as over $700m remains trapped in Nigeria
The Federal Government has disclosed that over a period of five years, more than N4.3 trillion worth of crude oil was stolen in 7,143 pipeline vandalism cases. This revelation came during the Nigeria International Pipeline Technology and Security Conference in … Continue reading Nigeria suffers N4.3 trillion loss due to oil theft over five years – FG
The ongoing instability of the Naira in relation to the US dollar has been causing waves of uncertainty in Nigeria’s economy, leading to concerns among investors. Last week, there was a temporary relief as the country’s currency gained strength against … Continue reading Nigeria’s economy and investor confidence affected by naira fluctuations and exchange rate challenges
Six major Nigerian banks have collectively increased their profits by an impressive 214%, totaling N2.06 trillion in the third quarter of 2023 compared to N656.15 billion in the same period of 2022. Despite the challenging economic environment, these financial institutions … Continue reading Top Nigerian banks achieve N2.1tn in profits for Q3, 214% growth
Dangote Industries Limited disclosed that it has successfully repatriated a total of $687.98 million through various Nigerian banks. This includes $576,008,672.41 channeled through Nigerian banks and an additional $111,968,109.38 facilitated through a cash swap arrangement between Dangote Cement Plc and … Continue reading Dangote industries returns $688 million from African ventures
Warren Buffett’s Berkshire Hathaway announced impressive Q3 2023 operating earnings of $10.8 billion, marking a 40.6% increase from the previous year’s $7.7 billion. However, Berkshire reported a net loss of $12.8 billion for the quarter, compared to a loss of … Continue reading Berkshire Hathaway reports 40% surge in operating earnings and record cash pile
In its Millionaire Promo Season 9, First City Monument Bank (FCMB) has turned the dreams of two lucky winners into reality. Inspector Afolayan Kayode, a Nigerian Police Force officer based in Lagos, and Brigadier General Umar Abdulkadir, an Officer of … Continue reading FCMB’s millionaire promo season 9: New winners celebrated
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