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Naira gains but black market decline continues

Naira gains but black market decline continues

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 [...]

May 21, 2022 Finance
Dollar breaks N600/$ ceiling ahead of party primaries

Dollar breaks N600/$ ceiling ahead of party primaries

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 [...]

May 19, 2022 Finance
Naira sees big fall against dollar

Naira sees big fall against dollar

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 [...]

May 17, 2022 Finance
Nigerian stocks rise higher amid rush for consumer goods shares

Stocks rise higher amid rush for consumer goods shares

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 [...]

May 10, 2022 Finance
RULAAC petitions IGP over alleged N9.5m fraud

RULAAC petitions IGP over alleged N9.5m fraud

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 [...]

May 7, 2022 Finance
Bitcoin is now official currency in Central African Republic

Bitcoin is now official currency in Central African Republic

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, [...]

April 28, 2022 Africa, Finance
Stakeholders canvass stronger recovery plans for IOC debts

Stakeholders canvass stronger recovery plans for IOC debts

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 [...]

April 21, 2022 Finance
Investors want more slice of ₦13.76tr pension assets in stocks

Investors want more slice of ₦13.76tr pension assets in stocks

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) [...]

April 20, 2022 Economy, Finance
Elon Musk Offers To Buy Twitter For $43 Bn

Elon Musk Offers To Buy Twitter For $43 Bn

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 [...]

April 14, 2022 Finance
Shell, AFC, seven Nigerian banks battle Aiteo over $2 billion loan

Shell, AFC, seven Nigerian banks battle Aiteo over $2 billion loan

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 [...]

April 6, 2022 Business, Finance
Emefiele explains Naira stability at I&E window

Emefiele explains Naira stability at I&E window

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 [...]

March 25, 2022 Finance
Nigeria has raised $1.25 billion through the issuance of a seven-year Eurobonds.

Nigeria raises $1.25 billion via Eurobond

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 [...]

March 19, 2022 Finance
CBN in fresh plan to wean banks off cash handling risks, costs

CBN in fresh plan to wean banks off cash handling risks, costs

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 [...]

March 16, 2022 Finance
Why southeast ranks low in VAT collection

Why southeast ranks low in VAT collection

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 [...]

March 12, 2022 Finance
Naira extends gain at official market

Naira extends gain at official market

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, [...]

February 23, 2022 Business, Finance
Seven UN agencies accused of tax evasion in Borno

Seven UN agencies accused of tax evasion in Borno

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 [...]

January 29, 2022 Finance
Rivers floors FG over police trust fund deductions

Rivers floors FG over police trust fund deductions

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 [...]

January 28, 2022 Finance
2022 Budget: Senate approves N215.8bn for FIRS

2022 Budget: Senate approves N215.8bn for FIRS

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 [...]

January 27, 2022 Finance
Oyetola: Osun, FG Spent ₦5 Billion On Social Interventions

Osun, FG Spent ₦5 Billion On Social Interventions

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 [...]

January 25, 2022 Finance
Nigeria Needs To Borrow To Fund 2022 Budget

Nigeria Needs To Borrow To Fund 2022 Budget

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 [...]

January 19, 2022 Finance
Ekiti Partners World Bank To Check Perennial Erosion

Ekiti Partners World Bank To Check Perennial Erosion

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 [...]

January 12, 2022 Finance
Reps Raise 2022 Budget By ₦735 Billion To ₦17.13 Trillion

Reps Raise 2022 Budget By ₦735 Billion To ₦17.13 Trillion

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 [...]

December 22, 2021 Finance
Nigerian stocks close flat as trade volume falls 30%

Nigerian stocks close flat as trade volume falls 30%

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 [...]

December 21, 2021 Finance
Nigerian govt ministries can’t account for N324 billion

Nigerian govt ministries can’t account for N324 billion

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 [...]

December 18, 2021 Finance
FG To Stop Customs From Revenue Collection

FG To Stop Customs From Revenue Collection

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 [...]

December 17, 2021 Economy, Finance
Emefiele, Sanwo-Olu task banks on resilient growth

Emefiele, Sanwo-Olu task banks on resilient growth

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 [...]

December 15, 2021 Economy, Finance
Over N77 billion loans, bad governance kill agric bank

Over N77 billion loans, bad governance kill agric bank

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 [...]

December 14, 2021 Economy, Finance
Inflation still far above CBN’s 9% target, says Emefiele

Inflation still far above CBN’s 9% target, says Emefiele

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 [...]

November 25, 2021 Business, Economy, Finance
CBN Keeps Benchmark Interest Rate At 11.5%

CBN Keeps Benchmark Interest Rate At 11.5%

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 [...]

November 24, 2021 Finance
Low transparency may hamper debt restructuring

Low transparency may hamper debt restructuring

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 [...]

November 20, 2021 Economy, Finance