Naira clinched a meagre gain against the U.S. dollar at the official market on Friday, after it fell for two days. The currency, which opened trading at N418.35 on Friday, closed at N419.02 to a dollar, data published by FMDQ, where [...]
Less than two weeks to the presidential primaries of the political parties ahead of the 2023 elections, the US dollar has broken the N600/$ mark at the parallel market and set the tone for a possible uptick in the coming [...]
Naira plunged against the U.S. dollar on Monday with a 0.60 per cent depreciation at the official market. According to FMDQ, where forex is officially traded, the naira which opened trading at N417.30 closed at N421.50 to a dollar at [...]
Nigerian stocks advanced for the thirty-first day on Monday as the benchmark index jumped by 1.9 per cent, strengthening the positive sentiment that has seen a great deal of investors’ cash chase equities for a number of weeks. Consumer goods shares [...]
Rule of Law and Accountability Advocacy Centre (RULAAC) has appealed to the Inspector-General of Police (IGP), Usman Baba, to intervene in the case of N9.5 million fraud on a Lagos-based businesswoman. According to the petition signed by the Executive Director [...]
The Central African Republic has adopted Bitcoin as an official currency, the presidency said on Wednesday, making it the first country in Africa and only the second in the world to do so. Despite rich reserves of gold and diamonds, [...]
Players in the financial and oil sector were yesterday, divided over-indebtedness of oil companies operating in Nigeria to the government, amidst the country’s borrowing spree. No less than 55 oil firms operating in Nigeria failed to pay N1.32 trillion to [...]
Despite last week’s launch of Nigerian Exchange Limited (NGX) Exchange Traded Derivatives (ETDs) Market, with the listing of two Equity Index Futures Contracts, NGX 30 Index Futures and NGX Pension Index Futures, poor participation of the Pension Funds Administrators (PFAs) [...]
Elon Musk has made a “best and final” offer to buy Twitter Inc., saying the company has extraordinary potential and he will unlock it. The world’s richest man will pay $54.20 per share in cash, representing a 54% premium over [...]
A high court in England has ruled that Shell Plc, Africa Finance Corporation, and seven Nigerian banks have established their right to block Aiteo Eastern E&P Company Limited from taking legal action when a suit initiated by them against the oil firm [...]
Mr Godwin Emefiele, Governor, Central Bank of Nigeria (CBN) says the discontinuation of FX allocation to Bureau De Change operators had helped the Naira to remain stable at the Investors and Exporters Window (I&E) window. Emefiele said this at the [...]
Nigeria has raised $1.25 billion through the issuance of a seven-year Eurobonds. The director-general of the Debt Management Office (DMO), Patience Oniha, made this known in a statement on Thursday. Mrs Oniha said that with this feat, Nigeria has become the [...]
The Central Bank of Nigeria (CBN) has commenced a grand plan to wean deposit money banks (DMBs) off the historical risk and cost of cash management, a new document issued by the regulator has revealed. The apex bank, experts and [...]
As the debate over whether the state or Federal Government should collect Value Added Tax (TAX) is yet to settle, inability to invest at home, rising insecurity, high migration rate and exportation among others have been identified as possible reasons [...]
Naira clinched a meagre gain against the U.S. dollar at the official market on Tuesday, extending its appreciation at the spot market segment to a second day. The local unit closed at N416.00 on the dot per $1 on Tuesday, [...]
Seven agencies of the United Nations (UN) were on Wednesday indicted for tax evasion by the Borno State Internal Revenue Service (BO-IRS). The seven agencies, according to the state’s revenue service, are the United Nations Office for the Coordination of [...]
A Federal High Court, Abuja has declared as unconstitutional the Federal Government’s deduction of funds directly from the Federation Account to fund the Nigeria Police Force (NPF) in line with Section 4(1)(a) and (b) of the Nigeria Police Trust Fund [...]
The Senate has approved N215.8 billion as budget for the Federal Inland Revenue Service (FIRS) for the 2022 fiscal year. The budget was approved in plenary on Wednesday. It was sequel consideration of a report by the Senate Committee on Finance, presented [...]
The Osun State Governor, Adegboyega Oyetola, has said his administration, in collaboration with the Federal Government, has facilitated and disbursed social intervention funds of about N5bn to residents of the state. Oyetola disclosed this at a rural community engagement organised [...]
Nigeria’s Senate President, Ahmad Lawan, has said that government will have to borrow to fund the infrastructural development in the country. Lawan made the comments on Tuesday upon the resumption of the lawmakers from recess. He added that for the [...]
Ekiti State Governor, Dr Kayode Fayemi, has said the state’s partnership with the World Bank, through the Nigeria Erosion and Watershed Management Project (NEW-MAP), would put an end to perennial flooding in some areas of the state. Dr Fayemi stated [...]
The house of representatives has passed N17.126 trillion as budget for the 2022 fiscal year. The budget was increased by N735.8 billion. The appropriation bill was passed by the lower legislative chamber on Tuesday after Muktar Betara, chairman of the [...]
Nigerian stocks’ rise on Monday could hardly pass as gain as the benchmark index managed to add 0.1 per cent amid a drop in the volume of trade by 30 per cent. The little appreciation would not have been possible [...]
Federal ministries, departments and agencies failed to account for N323.5 billion in 2019, with many offices violating rules on payments, remittances and tax, the government’s latest audit report has said. The dubious spending included unapproved allowances, unretired advances, irregular award [...]
The Federal Government has proposed a legislative framework that would stop the Nigerian Customs Service (NCS) from revenue collection, saying the role was a distraction to the service. According to the government, the sole responsibility of collecting revenue should be [...]
Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, and Lagos State Governor, Babajide Sanwo-Olu, have commended commercial banks for standing up to the challenge of supporting the country to weather the storm at the height of COVID-19 but [...]
Strong indications have emerged that the Bank of Agriculture (BoA) has technically become unsustainable and riddled with bad debt to the tune of N77.1 billion. This is amid failed restructuring and recapitalisation plans that had been proposed since 2019. More [...]
Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, yesterday, said inflation was still above the six to nine per cent target set by the monetary authority, saying cautious effort must be made to continue to tame it. This [...]
The monetary policy committee of the Central Bank of Nigeria (CBN) has voted to retain the monetary policy rate (MPR), which measures interest rate, at 11.5 percent. Addressing journalists on Tuesday after the committee’s two-day meeting at the CBN headquarters [...]
Limited transparency will delay critical debt reconciliation and restructuring of the poorest countries, the World Bank Group President, David Malpass, has warned. He argued that improving debt transparency required a sound public debt-management legal framework, integrated debt recording and management [...]
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