The Central Bank of Nigeria (CBN) has instructed banks to remove the post-no-debit restrictions imposed on the bank accounts of 440 individuals and companies. A post-no-debit restriction means that debit transactions, including ATMs and cheques, are blocked on these accounts, … Continue reading CBN unfreezes 437 accounts, including Bamboo, Nairabet, and AbokiFX
The acting Governor of the Central Bank of Nigeria, Folashodun Shonubi, has expressed the bank’s commitment to tackle the mounting demand pressure on the country’s exchange rate as the naira continues to depreciate against the dollar. Shonubi made these assurances … Continue reading CBN commits to addressing forex pressure, raises lending rate
Travellers in Nigeria are increasingly dismayed as airfares soar, making it difficult for them to pursue their desired trips. The fluctuating foreign exchange rates, following the decision to float the naira at the Investor’s and Exporters’ Window, have further exacerbated … Continue reading Passengers suffer as foreign airlines raise fares amid forex crisis
The Nigerian naira sustained its downward trajectory against the US dollar, reaching 876/$ in the parallel market on Sunday, as reported by Bureau de Change (BDC) operators. Just a week earlier, the local currency had traded at 820/$, reflecting the … Continue reading Forex shortage worsens, dollar hits N876
Financial analysts have made predictions regarding an impending increase in lending rates in Nigeria as the two-day Monetary Policy Committee (MPC) meeting commences. During the last MPC meeting, the Monetary Policy Rate (MPR) had already been raised to 18.5 per … Continue reading Economists predict lending rate hike ahead of MPC meeting
According to recent findings, the Federal Government of Nigeria experienced a revenue shortfall of N13.33 billion from gas flaring penalties imposed on oil and gas firms in January and February 2023. The government had announced a $49 million (N22 billion) … Continue reading FG unable to recover N13.33bn gas flaring fines
The Chartered Institute of Taxation of Nigeria (CITN) has expressed its strong support for the Federal Government’s recent initiative to establish the Presidential Committee on Fiscal Policy and Tax Reforms. President Bola Tinubu signed four Executive Orders that included significant … Continue reading CITN backs Tinubu’s tax reforms
Dangote Cement, in accordance with its share buyback program announced earlier in July, has successfully concluded the first tranche of the buyback process. The company repurchased a total of 121,404,714 shares, equivalent to 0.71% of its issued and fully paid … Continue reading Dangote cement successfully concludes first tranche of share buyback
A civil liberty organization, Network for Advocacy and Good Leadership Initiative (NAGLI), has strongly criticized the Federal Government’s plan to increase electricity tariffs by 40%, stating that it will deepen the suffering of Nigerians. The group emphasized that the timing … Continue reading Group opposes proposed 40% electricity tariff hike, citing further suffering for Nigerians
The Nigerian naira experienced a positive upswing on Tuesday, strengthening by 6.58% to close at N742.93/$ at the investors and exporters (I&E) window. This improvement comes after the currency reached an all-time low of N803.9/$ just two sessions prior. Data … Continue reading Naira strengthens further at I&E window, closes at N742.9/$
The House of Representatives has expressed concern over the Nigerian National Petroleum Company Limited (NNPCL) allegedly withholding public revenue amounting to about N2 trillion. In a motion raised by Uduak Odudoh, the House accused the NNPCL of disrespecting the collective … Continue reading Lawmakers probe alleged N2 trillion non-remittance by NNPCL
Court orders Ecobank Nigeria to pay N72.2bn in damages to Honeywell Flour Mills, as ruled by Justice Mohammed Liman of the Federal High Court in Lagos. The legal battle between the two companies involved a series of allegations and counterclaims, … Continue reading Court orders Ecobank to pay Honeywell N72 billion in damages
The latest data released by the National Bureau of Statistics reveals that Nigeria’s headline inflation rate has increased for the sixth consecutive time, reaching 22.79% in June 2023. This marks a new 17-year high, surpassing the previous month’s rate of … Continue reading Economists concerned about high production costs as inflation reaches 22.79%
The Nigerian government expressed concern on Tuesday about the underperformance of the Value Added Tax (VAT) in the country, stating that it is the lowest in the West African region. This worrisome development has prompted the government to call for … Continue reading Nigeria’s VAT performance lags behind West African countries – FG
The Federal Competition and Consumer Protection Commission (FCCPC) has issued a warning that it will contact Google to permanently remove digital money lending apps that harass and defame customers from its Play Store. CEO of FCCPC, Babatunde Irukera, made this … Continue reading FCCPC vows to remove harassing digital lenders from Google play store
The Securities and Exchange Council is currently conducting an investigation into the acquisition of 4.7 billion shares of FBN Holdings by former Chairman Oba Otudeko. A source within the commission revealed that the contentious deal, which was published on the … Continue reading SEC initiates investigation into Otudeko’s acquisition of FBN shares
Many clearing agents who previously operated at the borders have abandoned land borders following the reopening ordered by former President Muhammadu Buhari, according to recent findings. Buhari had ordered the reopening of some land borders for business in December 2020 … Continue reading Clearing agents abandon land borders due to soaring charges and forex rates
A report by FITC has unveiled that bank customers in Nigeria encountered a loss of N472 million to fraudulent activities during the first quarter of 2023. The report, obtained from FITC’s website, also indicated that there were a total of … Continue reading Report reveals that bank customers in Nigeria lose N472m to fraudsters in three months
According to the Federal Government, the volume of Premium Motor Spirit (PMS), commonly known as petrol, consumed in Nigeria during the first half of 2023 amounted to 11.26 billion litres. However, after the subsidy on petrol was removed following President … Continue reading FG reports 18.5 million litres decrease in monthly fuel consumption following deregulation
Annual inflation in Egypt reached a historic high of 36.8% in June, according to official data released on Monday. This alarming figure underscores the severe economic crisis the country is currently facing. The previous record of 34.2% in July 2017 … Continue reading Egypt inflation surges to record high of 36.8% in June
Shell has recently announced the appointment of Ralph Gbobo as the new Managing Director of Shell Nigeria Gas Limited, the company’s gas distribution division. Effective from July 1, 2023, Ralph takes over the position from Ed Ubong, who has assumed … Continue reading Shell Nigeria appoints new MD of gas division
According to the Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof. Umar Danbatta, total investments in the country’s telecommunications sector reached $75.6 billion by the end of 2021. This figure encompasses both foreign direct investment and local investment. … Continue reading Telecoms investments soar to $76 billion as 5G subscriptions surpass 60,000 – NCC
Seplat Energy Plc, an oil company, has been fined N2 million by a Federal High Court in Abuja for filing a lawsuit against two members of its Statutory Audit Committee (STACO). The court, presided over by Justice Inyang Ekwo, ordered … Continue reading Seplat Energy fined N2m for suing incorrect individuals
The board of directors of the African Development Bank Group has given the green light for a $115 million loan to support a significant road rehabilitation project in Abia State. The project aims to rehabilitate roads, address erosion control, develop … Continue reading AfDB approves $115m loan for road rehabilitation project in Abia state
Stock investors kicked off the second half of the year on a positive note, as they accumulated gains of N533 billion on the first trading day. The All-Share Index rose by 1.61%, closing at 61,949.24 index points, while the market … Continue reading Stock investors kick off second half of the year with N533bn gain
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