Money
4 days ago
The naira further appreciated at the official market on Wednesday, trading at N1,510.72 to a dollar. Data from the FMDQ Security Exchange official forex trading platform revealed that the local currency gained N11.96. This represented a 0.78 per cent gain, compared to the trading figure on Tuesday, when the naira closed trading at N1,522.68 to…
22 Jan
Nigeria's total public debt rose by 5.97 per cent, or N8.02 trillion, to N142.3 trillion as of September 30, 2024, the Debt Management Office (DMO) has said. Nigeria has been battling a rising debt profile, for which experts have expressed concern that the debt may not be sustainable. The DMO said the rise was driven…
21 Jan
US President Donald Trump's decision to withdraw from a global minimum tax agreement on his first day in office has unnerved EU officials, who expressed "regret" over the move. Trump signed a flurry of executive orders within hours of taking the oath of office on Monday, pulling the United States out of the Paris Climate…
15 Jan
Telecommunications operators have been authorised to disconnect the Unstructured Supplementary Service Data (USSD) codes assigned to nine financial institutions due to unpaid debts. This directive was given by the Nigerian Communications Commission (NCC) in a public notice, Wednesday, signed by the Commission’s Director of Public Affairs, Reuben Muoka. The NCC said affected banks must settle…
15 Jan
Samuel Ojerinde, the Co-founder of Fintava, a leading banking-as-a-service platform, has predicted that Nigeria's card payment sector will experience significant growth in 2025, fueled by the country’s ongoing transition to a cashless economy. Ojerinde explained in a statement that this surge would be driven by a combination of global trends, supportive government policies, and an…
2 Jan
In spite of the efforts of the Central Bank of Nigeria (CBN) to control the money supply through its tightening measures, the latest report from the apex bank shows that Nigeria’s Broad Money Supply (M2) soared by 51 per cent year-on-year (YoY) to reach ₦108.96 trillion in November 2024. The surge, according to the CBN,…
1 Jan
A report has shown that the naira depreciated by 40.9% per dollar in 2024 after ending the year at N1,535 to the United States (US) currency. "The exchange rate between the naira and the US dollar closed at N1,535/$1 by the end of 2024, representing a 40.9% depreciation over the year," News Central TV wrote…
31 Dec
The Central Bank of Nigeria (CBN) said that Nigeria's Broad Money Supply (M2) increased by 51% year-over-year (YoY) to N108.96 trillion in November 2024 as a result of the Federal Government's increased borrowings. The increase was from N72.03 trillion in the same period of 2023 was made public in CBN's Money and Credit Statistics Monday.…
30 Dec
FCMB Group Plc (“FCMB Group” or the “Group”), a leading financial services group, is pleased to announce the successful completion of its public offer, following the approvals of the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).The offer was oversubscribed by 33%, attracting 42,800 investors with 92% subscribing via more convenient…
29 Dec
As Nigeria heads into 2025, the Central Bank of Nigeria (CBN) has been advised to soften its tightening stance to support investment growth and job creation in the economy. The Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, gave this advice in his Nigeria 2024 review and…
17 Dec
The Central Bank of Nigeria (CBN) has violated the provisions of the CBN Act by withholding its annual reports. When The Guardian reviewed the CBN website on Monday morning, it was discovered that the apex bank had published financial documents for only eight years between 2000 and 2016. Financial statements for 2002, 2003, 2004, 2005,…
16 Dec
The Independent Media and Policy Initiatives (IMPI) has thrown its weight behind the tax reform bills currently awaiting approval by the National Assembly, hailing it as a bold move to revamp Nigeria's economy. Speaking during the organisation’s press conference in Abuja yesterday, Chairman of IMPI, Omoniyi Akinsiju, stressed the significance of the proposed legislation, stating…
14 Dec
The Central Bank of Nigeria (CBN) has imposed a fine of ₦150 million on Deposit Money Banks (DMBs) found guilty of aiding the illegal distribution of mint naira notes to currency hawkers. CBN, in a circular issued on Friday and signed by Mohammed Olayemi, Acting Director of the Currency Operations Department, said it was concerned…
1 day ago
To foster collaboration among key stakeholders in addressing environmental challenges in the Niger-Delta, Ashoka Africa
1 day ago
The Securities and Exchange Commission (SEC) has reaffirmed its commitment to ensure investors get equitable access to financial services and investment opportunities. A statement by SEC said the commission’s Executive Commissioner, Corporate Services, Mrs Samiya Usman, made the commitment on Sunday. Usman said the commission’s dedication to fostering an inclusive financial ecosystem that empowered women…
1 day ago
The police in Ogun have arrested a 38-year-old cleric for allegedly defiling a 12-year-old girl. The command’s spokesperson, CSP Omolola Odutola, said this in a statement in Abeokuta on Sunday. The suspect was said to be serving in a branch of the Cherubim and Seraphim Church in Ijebu Igbo. According to Odutola, the suspect committed…
1 day ago
The Police in Ebonyi have confirmed 10 persons dead in an attack launched by suspected gunmen at Amagu village in Ishielu Local Government Area of the state, The spokesman of the command, SP Joshua Ukandu, confirmed the incident on Sunday in Abakaliki while speaking with the News Agency of Nigeria (NAN). Ukandu said that the…
1 day ago
Following are the results of Match Day 22 fixtures in the 2024/2025 Nigeria Premier Football League (NPFL), played on Sunday: Plateau United FC 1-1 Shooting Stars FC Kano Pillars FC 0-0 Bayelsa United FC Nasarawa United FC 2-0 Niger Tornadoes FC Heartland FC 2-0 Rivers United FC Abia Warriors FC 2-0 Akwa United FC The…
2 days ago
The Nigerian stock market has entered a new era of stability and growth as the 37 percent growth in the market index in 2024, coupled with the sustained rally in 2025, has been largely driven by strong participation from local retail and institutional investors, the Managing Director of Arthur Stephen Asset Management Limited, Olatunde Amolegbe has said.
2 days ago
..As firm targets cost optimisation, efficiency others to consolidate performance Oando Plc, Africa’s leading integrated energy company listed on both the Nigerian Exchange Grpup (NGX) and Johannesburg Stock Exchange (JSE), announced a strong financial performance for the Full Year (FY) 2024 as the company's Profit After Tax (PAT) hits N65 5 billion. The company also…
2 days ago
The Nigeria Customs Service (NCS) has intensified its crackdown on fuel smuggling, seizing nearly 200,000 litres of petroleum products in Adamawa State under Operation Whirlwind.
2 days ago
The Minister of State, Petroleum Resources (Gas), Ekperikpe Ekpo, has lamented Nigeria's paradoxical situation as a major gas-endowed nation with alarmingly low natural gas utilization, saying operators like SEPNU should partner with the government to correct the trend.
2 days ago
The World Customs Organisation (WCO) has commended SIFAX Group a “Certificate of Merit” at this year’s International Customs Day celebration in Abuja, Nigeria, themed “Customs Delivering on its Commitment to Efficiency, Security, and Prosperity.