Economy
Naira depreciation, inflation eroding value of insured assets
The recent sharp depreciation of the Naira in the foreign exchange market as well as the rising inflation rate has...
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Naira weakens as banks’ dollar sales plunge by $252m
Dollar sales by Deposit Money Banks and other entities at the Nigeria Autonomous Foreign Exchange Market dropped by $252 million...
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Banks induce customers on conversion of dollar deposits to naira
Banks are inducing their customers to sell the foreign currencies domiciled in their branches, Some of the banks, it was...
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Insurers’ premium income rise 25.9% amid economic hardship
Nigeria’s insurance sector appears to be copping well with the adverse economic environment as leading operators in the industry have...
Read moreNaira gains at official market, weakens to N1500/$ parallel market
The naira gained marginally against the United States dollar on Tuesday, appreciating to N1,499/ from an all-time low of N1,534/$...
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Agusto & Co: Petroleum Sector Will Grow, Manufacturing Will Suffer In 2024
Ratings agency, Agusto & Co., has projected that Nigeria’s oil sector will likely grow this year, curtailing FX efflux on...
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AFEX, PFA to expand pension fund investment in commodities sector
AFEX and the Pension Fund Administrators (PFA) have concluded plans to expand market participation in the commodities sector by driving...
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Bank directors back CBN over sale of excess dollars
Bank Directors Association of Nigeria says it is supportive of a directive by the Central Bank of Nigeria asking commercial...
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Nigerians seek relief as states get N3.3tn allocations
Statutory allocations from the Federal Account Allocation Committee to the 36 states and 774 local government areas from July to...
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NAFEM: Dollar supply rises by 180% as banks sell $440m
Dollar supply in the official foreign exchange market rose by 180.59 percent to $440.13m on Friday. This is as the...
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Equity market rebounds with N902bn gain
Bullish trading resurfaced on the stock market on Thursday leading to a gain of N902bn. This came after two bearish...
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Naira plunges in ‘official market’, CBN warns forex dealers
The naira plunged further at the official window on Tuesday, closing at an all-time-low of N1,482 against the United States...
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Power supply worsens as generation drops to 3,134MW
The poor electricity situation nationwide has worsened with the decline of power supply to the national grid. Many communities across...
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Tinubu: Our interventions in oil, gas sector will enhance investment value
President Bola Tinubu, yesterday spoke of his administration’s commitment to continue providing the needed interventions in the oil and gas...
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Stakeholders seek incentives for FX-generating firms
To prevent business collapse arising from the lingering foreign exchange (FX) challenges, operators have stressed the need for the government...
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Currency Outside Banks Surges to N3tn, 92% of Currency in Circulation
Recent data released by the Central Bank of Nigeria (CBN) has revealed a notable spike in currency outside the banks...
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Diesel price rise by 6.74% amid Dangote refinery takeoff
As Nigerians wait eagerly for the impact Dangote Petroleum Refinery will have on the energy sector, the prices of automotive...
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No plan to exit Nigeria, says Shell
Shell PLC has denied speculations that it was leaving Nigeria after selling its onshore business in the Niger Delta. The...
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NCC suspends barring of Glo subscribers from calling MTN lines
Shell PLC has denied speculations that it was leaving Nigeria after selling its onshore business in the Niger Delta. The...
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NNPCL uncovers 83 illegal refineries, 22 suspects arrested
The Nigerian National Petroleum Company Limited says it has in the past one week uncovered no fewer than 83 illegal...
Read moreNaira plunges to 1300/$ at parallel market
The naira tumbled to N1,300/$ at the parallel market on Tuesday. This is as it closed trading on the Peer-to-Peer...
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Nigeria’s inflation ends 2023 at 28.9% as naira anxiety worsens outlook
Nigeria’s headline inflation closed 2023 slightly below the 30 percent market projected by many economists and research organisations, including KPMG....
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Anxiety as CBN sacks boards of Union, Keystone, Polaris banks
The federal government has taken over three commercial banks – Union, Polaris and Keystone – following the dissolution of their...
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NGX All-Share Index Crosses Historic 80,000 Basis Points Mark
The Nigerian equities market opened the second week of January 2024 on a positive note yesterday as it crossed the...
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The World Bank has projected Nigeria’s economy to grow at 3.3 per cent this year, about 0.4 percentage points higher...
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