Economy
Nigeria’s oil production climbs to 1.6m barrels
Nigeria’s crude oil production is recovering, climbing right back to about 1.6 million barrels. Chief Upstream Investment Officer, NNPC Upstream...
Read more59% of Nigerian E-banking Customers Have Been Victim to Fraud
A survey carried out by Agusto&Co has revealed that 59 per cent of bank customers sampled indicated that they have...
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Nigerians with NIN rise to 92 million
The number of individuals with National Identification Numbers grew to 92.63 million in November, according to new industry statistics from...
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Naira depreciation adds N9tn to foreign debt burden
The value of naira to dollar fell from N196.92 in June 2015 to N414.72 in June 2022, worsening Nigeria’s foreign...
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Fuel scarcity: We have 2billion litres available – NNPC
The Nigerian National Petroleum Company Limited says it has two billion litres of Premium Motor Spirit in stock. This is...
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Fuel Scarcity: No planned price hike, says FG, queues spread
For the first time in weeks since the scarcity of Premium Motor Spirit, popularly called petrol, began, the Federal Government...
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TAX BURDEN: Beverages sector revenue to decline 40%
The Manufacturers Association of Nigeria, MAN has said that the Nigerian beverage subsector will decline by 40 percent and lose...
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Excess Crude Account falls by 89% to $472,513
Nigeria’s excess crude account has declined by 89 per cent in the last eight years, moving from $4.1bn in November...
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New naira notes for circulation before Dec 15
The Governor of the Central Bank of Nigeria, Godwin Emefiele, has announced that the President, Major General Muhammadu Buhari, will...
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Oil theft: Nigeria loses $2bn in eight months
The ad-hoc committee set up by the Senate to investigate oil theft and consequent damage on the nation’s economy said...
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16.5% interest rate: Private sector predicts factories shutdown, higher bad loans
The Monetary Policy Committee of the Central Bank of Nigeria has raised the benchmark interest rate from 15.5 to 16.5...
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The Central Bank of Nigeria (CBN), on 25 October 2022, announced that it would redesign the four higher value notes...
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FG disagrees as court stops Nigeria Air deal
The Federal High Court, Lagos Judicial Division, on Tuesday, issued an order of interim injunction restraining the Federal Government from...
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FX scarcity, fuel hike push inflation to 21.09%
The increase in the price of fuel, scarcity of foreign exchange, and disruption in food supply chain pushed headline inflation...
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Dollar demand surge on new naira hits small businesses
Many micro, small and medium enterprises as well as retail traders are reviewing the prices of their products or temporarily...
Read moreCBN releases $3.5bn for foreign education under Buhari
Data obtained from the website of the Central Bank of Nigeria on Sunday revealed that Nigeria’s educational sector suffered massive...
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Telcos, banks to collect VAT on taxable supplies
MTN, Airtel and deposit money banks in Nigeria have been appointed by the Federal Inland Revenue Service to withhold or...
Read moreCBN plans Naira redesign to counter counterfeiting, kidnapping
The Governor, the Central Bank of Nigeria, Godwin Emefiele, announced on Wednesday that the bank would release re-designed naira notes...
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External debt rises to $40bn under Buhari
Nigeria’s total external debt has risen from $10.32bn on June 30, 2015, to $40.06bn as at June 30, 2022. This...
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Stock investors lose N1.7tn in one week
Investors lost N1.7tn at the end of trading on the floor of the Nigerian Exchange Limited last week, following major...
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Budget deficit: Govt may sell TBS, NIPPs, 25 key assets
Amid Nigeria’s fiscal crisis, the Federal Government is compiling the list of assets that will be either sold or ‘concessioned’...
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OPEC decision on oil production cut, unanimous – FG
The Federal Government on Tuesday said the decision by the Organisation of Petroleum Exporting Countries to cut two million barrels...
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Forex policy widened exchange gap by N300 – ABCON
The President, Association of Bureau De Change Operators of Nigeria, Aminu Gwadabe, has said the unorthodox foreign exchange policy of...
Read moreCBN grants Xpress Payments mobile money licenceCb
A subsidiary of Xpress Holdings Limited, Xpress Payments, has been granted a mobile money operator licence by the Central Bank...
Read moreOPEC eyes oil price hike, 2mbpd cut
The price of Brent, the global benchmark for crude, gained $1.62 by rising to $93.4/barrel at 6.23pm Nigerian time on...
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