Commercial banks in Nigeria closed 2.021 million bank accounts in the first quarter of 2024, Q1’24, to clean their books of questionable accounts and comply with regulatory orders on the linkage of bank... Read more »
Despite the court order restraining pay TV company, Multichoice, from increasing its tariffs on DStv and GOtv as planned, millions of subscribers in Nigeria are already planning to abandon the services and... Read more »
The Nigerian Naira closed the month of April in a steep decline, closing at N1,390.96/$1 in the NAFEM, where the exchange rate trades officially. This rate represents a 5.8% depreciation from the... Read more »
OPay, a leading financial service company in Nigeria, has clarified that the new Central Bank of Nigeria’s (CBN) directive does not affect existing accounts, while assuring its customers that their funds were... Read more »
Four Nigerian fintech companies have been directed by the Central Bank of Nigeria (CBN) to suspend onboarding new customers. The affected fintech are OPay, Palmpay, Kuda Bank, and Moniepoint. This directive comes... Read more »
The Dangote Industries Limited has said that its target is to ensure that Nigeria becomes self-sufficient in all the sectors, including cement, agriculture, mining and petroleum. The group also reiterated its commitment... Read more »
The Naira depreciated to N1,405 per dollar in the parallel market, from N1,305 per dollar on Wednesday. Similarly, the Naira depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,309.88 per dollar.... Read more »
The Naira yesterday depreciated to N1,305 per dollar in the parallel market, from N1,255 per dollar on Tuesday. Similarly, the Naira depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,308.52 per... Read more »
The Minister of Aviation, Festus Keyamo has suspended Dana Airline operations in the country. The directive followed the incident involving a Dana Air plane at Lagos airport on April 23, which forced... Read more »
The Central Bank of Nigeria (CBN) started fresh and direct sales of US dollars at N1,021 per dollar to Bureau De Change operators. Nigeria’s apex bank disclosed this in a circular signed... Read more »
Dangote Petroleum Refinery has again announced a further reduction in the prices of both diesel and aviation fuel to N940, N980 per litre respectively. This is coming at the wake of its... Read more »
The Naira, yesterday, depreciated to N1,250 per dollar in the parallel market, from N1,140 per dollar on Thursday. Similarly, the Naira depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,234.49 per... Read more »
Olusegun Alebiosu has been appointed as the Acting Managing Director/Chief Executive Officer of First Bank of Nigeria Limited (FirstBank Group), effective April 2024. Alebiosu steps into this pivotal role from his previous... Read more »
The Federal Government is set to receive around $2.2 billion single-digit interest loan from the World bank and another budget support facility from the African Development Bank. Minister of Finance, Wale Edun,... Read more »
The Central Bank of Nigeria (CBN) governor Yemi Cardoso says the apex bank’s FX reforms have made the naira the best-performing currency globally. Nigeria’s currency lost massively against major currencies in the... Read more »
The Economic and Financial Crimes Commission has instituted a further crackdown on currency speculators and cryptocurrency platforms manipulating the naira. Impeccable sources within the commission said the EFCC was not only going... Read more »
Nigeria is projected to slip to the fourth largest economy in Africa in 2024, behind South Africa, Egypt, and Algeria, according to IMF forecasts for April 2024. Nigeria which has held the... Read more »
The 650,000 barrels per day Dangote Petroleum Refinery has been able to ramp up production leveraging on cheaper crude imports from the United States, a report has said. The report by Bloomberg... Read more »
The naira recorded N81.34 depreciation against the US dollar in a single day at the foreign exchange market. FMDQ data showed that the naira tumbled to N1,154.08 per dollar on Thursday from N1,072.74 on... Read more »
The National Bureau of Statistics (NBS) has said that the average retail price of a litre of diesel increased from N840.81 in March 2023 to N1341.16 in March 2024. NBS stated this... Read more »