News and analysis of global and local business trends, markets, and industry developments.
The Nigeria Customs exchange rate of import duties and cargo clearance has dropped below the official market of N1251/$. Checks on the Nigeria Customs foreign exchange portal reveal that the exchange rate of import duties is N1246.66/$- a difference of around N5 from the exchange rate at the close of business on Friday. The decline in…
The Federal Government is advocating for mining companies to adopt the Segilola gold project’s international best practices, as recommended by the Minister of Solid Minerals Development, Dr. Dele Alake. During a recent visit to Segilola Resources Operating Limited (SROL), an indigenous gold mining company in Ilesha, Osun State, Dr. Alake praised the extensive efforts invested…
The Nigerian stock market gained 39.8 per in the first quarter of 2024, becoming the second best-performing stock amid economic headwinds. This is according to March ending data by NGX. With the feat, NGX became the second best-performing stock after the Zimbabwe Stock Exchange (ZSE) All Share Index, which had about 314.19 per cent Year-to-date…
Detained Binance executive, Tigran Gambaryan, has initiated a legal action against key Nigerian authorities. Gambaryan, represented by legal counsel from Aluko and Oyebode Law Firm, has approached a Federal High Court in Abuja for the enforcement of his rights. Also, Nadeem Anjarwalla, the Binance Africa regional manager, who escaped from lawful custody on March 22,…
The national currency, naira, showcased further resilience against the US dollar, settling at an impressive N1,300.43 per dollar in the official foreign exchange market on Wednesday. Data from FMDQ revealed a notable surge, with the naira climbing to N1,300.43 per USD, marking a substantial gain of N82.52 compared to the preceding day’s rate of N1,382.95….
Mohammed Idris, Minister of Information and National Orientation, declared that Nadeem Anjarwalla, a Director at Binance, will face the full force of the law despite his escape from Nigerian custody. Anjarwalla, accused in an ongoing investigation into Binance’s activities, managed to flee the country, prompting a pursuit by Interpol, as confirmed by Idris. The Office…
Chairman of Fidelity Bank Plc, Mustafa Chike-Obi has been honoured with the prestigious African Leadership Commendation for Corporate Governance at the African Leadership Persons of the Year Award Ceremony. The event, themed “Building Resilient African Economies,” kicked off March 14th and 15th. Chike-Obi, a Nigerian economist and investment banker, and former managing director/CEO of the…
The Central Bank of Nigeria (CBN) has removed the restrictions on the importation of milk and dairy products. This decision was made after initially adding milk and dairy products to the list of items not eligible for foreign exchange (forex) on February 11, 2020. In a notice to customers, Zenith Bank confirmed that the CBN…
Exploration activities in Nigeria’s oil and gas sector have increased by 23% in February 2024 compared to the same period in 2023, with a total of 16 rigs in operation. This growth represents a 6% increase from January 2024, according to the March 2023 Monthly Oil Market Report by OPEC. The Chief Executive of the…
In a monumental stride towards transforming Africa’s export landscape, one of Africa’s leading commercial banks with reach across Africa and beyond, Zenith bank, has announced a groundbreaking partnership and Investment into Niteon Inc. This partnership marks a pivotal moment in Niteon’s journey, propelling them to be the third-largest digital export infrastructure of African products in…
The Nigeria Labour Congress (NLC) has pressed for the immediate disbursement of the four months’ salaries withheld from the Non-Academic Staff Union of Educational (NASU) and Associated Institutions, as well as the Senior Staff Association of Nigerian Universities (SSANU). Comrade Joe Ajaero, NLC President, emphasized in a statement that the rationale behind withholding their salaries…
The National Bureau of Statistics (NBS) has reported a surge in Nigeria’s headline inflation rate, reaching 31.70 percent in February, a notable increase from January’s 29.90 percent. According to the Consumer Price Index and Inflation Report for February released by the NBS on Friday afternoon, there was a 1.80 percent rise from January’s figures. Comparatively,…
Foreign direct investment outflows are expected to persist in Nigeria, according to the Economist Intelligence Unit (EIU). The EIU report highlights that local oil companies acquiring assets from exiting international counterparts may struggle to match their financial capabilities. The challenging business environment in Nigeria, characterized by corruption, cronyism, insecurity, and infrastructure deficiencies, contributes to multinational…
Nigeria’s total foreign trade increased by 37.8 per cent to N71.88 trillion in the fourth quarter of 2023, from N52.38 trillion recorded in 2022. The National Bureau of Statistics, NBS, disclosed this in its latest report titled, ‘Foreign Trade in Goods Statistics’ (Q4 2023). In the fourth quarter of 2023, Nigeria’s total trade reached N26.81.95…
Binance will discontinue all services for Nigeria’s fiat currency, the naira, amid an ongoing regulatory conflict in the country. The crypto exchange will automatically convert naira balances to USDT from March 8 at 8:00 a.m. UTC but will cease support for NGN deposits after 14:00 UTC today. Withdrawals will become unsupported after March 8 at…
MTN Nigeria Plc announced a N177.8 billion pre-tax loss as compared to a N518.8 billion pre-tax profit in the previous year. The losses resulted in a wipe-out of shareholders’ funds. The telcos blamed the losses on a significant foreign exchange loss that increased from N81 billion in 2022 to N740 billion. In its 2023 financial…
Crypto trading platform, Binance has been slammed with a $10 billion fine by the Federal Government over allegations of influencing the country’s forex crisis. The special adviser to President Bola Tinubu on information and strategy, Bayo Onanuga, disclosed this F in an interview with the BBC on Friday. According to Onanuga, Binance profited substantially from…
Two senior executives of Binance have been detained in Nigeria as Federal Government tries to rein in speculation on the Naira by cracking down on cryptocurrency exchanges. The executives flew to Nigeria following the country’s decision to ban several cryptocurrency trading websites last week but they were detained by the Office of the National Security…
Presidential spokesperson Bayo Onanuga has voiced concerns over the potential economic fallout from cryptocurrency giant Binance, warning of its capacity to disrupt the Nigerian economy through unchecked manipulation of foreign exchange rates. During an appearance on Channels Television’s Politics Today program, Onanuga highlighted the urgent need to address what he termed as “saboteurs” operating within…
In anticipation of Nigeria’s potential interest rate hike, the Central Bank of Nigeria Monetary Policy Committee convenes today, 26th February, in Abuja. Scheduled for 26th and 27th February, this two-day session marks the inaugural meeting under the stewardship of CBN Governor, Olayemi Cardoso, following his appointment in September of the previous year. The previous MPC…
The Nigeria Agricultural Quarantine Service (NAQS) has increased the deployment of officers to both land and sea borders in order to deter hoarders and smugglers of food items and other agricultural produce. This decision, announced by the agency in a statement on Monday, aims to complement the Federal Government’s initiatives to stabilize food prices across…
“In the latest report by the National Bureau of Statistics, it’s revealed that in the fourth quarter of 2023, the total capital imported into the country surged to US$1,088.48 million. This marks a significant increase of 66.27% from the third quarter of 2023, hitting US$654.65 million. Additionally, compared to the same period in the previous…
The Cement Producers’ Association of Nigeria, CEPAN, has expressed readiness to support the President Bola Tinubu administration in reducing the price of cement in 30 days. The Chairman of CEPAN, Prince David Iweta, said on Monday that the current hike in price of the product is due to production being overwhelmed by demand. He said…
Renowned nonagenarian business magnate, Alhaji Aminu Dantata, lends his weighty support to the parliamentary system of government, deeming it the most favorable course of action for Nigeria. Having previously served as a parliamentarian during the First Republic, Dantata expressed his sentiments on Thursday as he welcomed a delegation of 60 House of Representatives members advocating…
Amidst escalating economic challenges, the Nigeria Labour Congress (NLC) announces a two-day nationwide protest slated for February 27 and 28. NLC President Joe Ajaero revealed this development during a press conference at Labour House, Abuja, on Friday. The NLC, in conjunction with the Trade Union Congress (TUC), had issued a 14-day ultimatum to the Federal…
President Bola Tinubu has officially endorsed the Electricity Act (Amendment) Bill 2024, solidifying its status as law. The announcement came from Ajuri Ngelale, Special Adviser to the President, in a statement issued on Friday. The legislative journey of the bill saw the House of Representatives passing it on July 27, 2023, followed by the Senate…
In a recent market development, the Nigerian Naira experienced a marginal uptick against the US dollar and other global currencies as the week concluded. According to data from FMDQ, the Naira strengthened, trading at N1,469.97 per US dollar on Wednesday, marking a noteworthy 0.6 percent gain of N9.5 in comparison to Friday’s rate of N1,479.47….
By Ayeloja Khaleed D. H22 / Mac /0005 The Polytechnic Ile-Ife, Osun State President Bola Tinubu’s appointment of Dr. Dele Alake as Minister of Solid Minerals Development marked a pivotal moment in Nigeria’s pursuit of economic diversification. The believed ambitious “Agenda for the Transformation of Solid Minerals” seeks to elevate the mining sector’s contribution to…
The Central Bank of Nigeria Governor, Yemi Cardoso, and Finance Minister, Wale Edun, are presently addressing the House of Representatives in the ongoing economic sector debate. Simultaneously, the Federal Inland Revenue Service (FIRS) Executive Chairman, Zacch Adedeji, and Minister of Budget and National Planning, Abubakar Bagudu, are also engaging with lawmakers. This parliamentary session is…
By Johnson Olajumoke, H22/MC/0074 Department of Mass Communication. The Polythenic Ile-Ife, Osun State Nigeria, a nation with a population of 211.4 million, grappled with a significant challenge – the alarming surge in youth unemployment. The working-age population, constituting 53.9% of the total, encompasses both the labor force and those not actively seeking employment. However, the…
The Naira concluded the week on a positive note, experiencing a marginal appreciation against the US Dollar in the Foreign Market, driven by strategic interventions by the Central Bank of Nigeria. According to data from FMDQ, the Naira strengthened to N1,435.53 per US Dollar on Friday, marking a noteworthy 1.8% or 26.37 gain compared to…
