Economy

On Wednesday, the Nigerian Naira hit a new time low as it is now exchanging between N562 and N570 for 1$ in parallel markets. Though data recorded on the FMDQ securities exchange window where forex is officially traded, showed that the naira closed at N412.06 per $1 at the official …

The Nigerian naira hit an all-time low after exchanging for N543 against the dollar, at the parallel market on Thursday.   Similarly, the domestic currency fell slightly against the U.S. dollar at the official Investors and Exporters (I&E) window as the foreign exchange supply decreased sharply. The naira staged an …

Data obtained from the National Bureau of Statistics (NBS) reveals that the amount spent on the importation of Premium Motor Spirit (petrol) in the first half of this year, jumped to N1.47trn, which is more than 73 per cent of what was incurred in the whole of last year. The …

Fidelity Bank Plc under the leadership of Nneka Onyeali-Ikpe has reportedly sacked over 200 staff amidst the economic crisis rocking the country. The development is however in defiance to the Central Bank of Nigeria (CBN)’s order directing money deposit banks in the country to stop further retrenchment of their staff. The …

The Central Bank of Nigeria has threatened to arrest and prosecute anyone who abuses the Nigerian Naira in Public.The CBN issued a stern warning on Monday against spraying or stepping on the nation’s currency at public events. The statement, signed by the Ag. Director, Corporate Communications, CBN, Osita Nwanisobi, read: …

The Senate has approved the Federal Government’s request for a $6.1 billion (N2.343 trillion) loan request. The Senate gave the approval on Wednesday after it considered a report from its Committee on Local and Foreign Debt which it earlier directed to work on the loan request. Presenting the report on …

The Petroleum Industry Bill has been passed by the Senate and House of Representatives.   At the House of Representatives, the bill was passed after clauses of the bill were considered based on the recommendation of the Committee on PIB.   Chairman of the House Adhoc Committee on the PIB, Rep. Mohammed Tahir …

Vice president Yemi Osinbajo has announced that the Nigerian Government and the United Nations Development Programme will launch a job training fellowship for Nigerian graduates. Osinbajo made the announcement on Wednesday while speaking at an event in Abuja Tagged, ‘Nigeria Jubilee Fellows Programme (NJFP).’ According to the vice president, the …

Africa’s biggest grocery retailer and South Africa-owned chain of stores, Shoprite, has finally left Nigeria–Africa’s most populous nation and biggest market–after 16 years. This is as Ketron Investment Limited–a subsidiary of Persianas Investment Limited–has completed the acquisition of Shoprite operations in Nigeria, after winning a bidding war involving three other …

The Central Bank of Nigeria has set capital benchmarks for firms involved financial technology and payment operations. Those in the top category, dealing with switching and processing, as well as mobile money operation, will have a N2 billion shareholders’ funds unimpaired by losses, the regulator announced. According to a document …