Financial news, market trends, investment insights, and tips to manage personal and corporate finances.
Lagos, Nigeria — The Economic and Financial Crimes Commission (EFCC) has withdrawn earlier allegations of fraudulent conversion of funds against gospel music producer Ezekiel Onyedikachi, popularly known as EeZeeTee, filed by gospel singer Mercy Chinwo. In a statement following court proceedings on Wednesday, the EFCC confirmed the filing of a revised eight-count charge against…
Nigeria —The Naira yesterday depreciated to N1,495 per dollar in the parallel market from N1,490 per dollar on Wednesday. Similarly, the Naira depreciated to N1,496 per dollar in the Nigerian Foreign Exchange Market (NFEM). According to data published by the Central Bank of Nigeria, CBN, the indicative exchange rate for the naira rose to N1,496…
Nigeria _ Nigeria’s headline inflation rate dropped to 24.48% in January 2025, down from 34.80% in December 2024, according to the National Bureau of Statistics (NBS). The Statistician-General, Prince Adeyemi Adeniran, attributed the decline to the rebased Consumer Price Index (CPI), which provides a more accurate reflection of current inflationary pressures and consumption patterns. The…
NIGERIA – The Naira yesterday appreciated to N1,555 per dollar in the parallel market from N1,570 per dollar last week Friday. But the Naira depreciated to N1,512 per dollar in the Nigerian Foreign Exchange Market (NFEM). https://thepinpointnews.com/fg-suspends-registration-of-new-polytechnics-monotechnics-for-one-year/ Data published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the…
Nigeria – The Nigerian stock market closed last week on a positive note, driven by high demand for MTN Nigeria shares following the Nigeria Communications Commission, NCC’s approval of a 50.0% tariff hike for telecommunication services and also Transcorp Power, which recorded impressive earnings in its 2024 financial results. Analysts noted that the market…
NIGERIA – The federal government through the Ministry of Steel Development has sought World Bank’s support for the development of Steel Roadmap and other critical areas of the sector in Nigeria. The Minister of Steel Development, Prince Shaiubu Abubakar Audu, in a meeting with World Bank delegation at the ministry’s headquarters disclosed that…
UNIVERSITY OF NIGERIA, NSUKKA – The University of Nigeria, Nsukka, (UNN), says Nigeria estimated over two billion dollars on carbon market activation programme by 2030. Prof. Nnaemeka Chukwuone, Director, Resource and Environmental Policy Research (REPRC), UNN, Environment for Development (EfD) initiative, Nigeria, disclosed this at a one-day workshop in Abuja on Monday. The…
CBN, Nigeria – The Naira recorded a slight loss at the official market on Wednesday, trading at N1,539.39 per dollar. Data from the Central Bank of Nigeria (CBN) showed that the Naira closed the trading session at N1,539.39 to the dollar. This represents a slight loss as the local currency traded on…
CBN – The Naira yesterday depreciated to N1,665 per dollar in the parallel market from N1,660 per dollar last weekend. But the Naira appreciated to N1,534.56 per dollar in the official foreign exchange market. https://youtu.be/N-LGDjN2qOg?si=nf_xX51KR3u0ANlt Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for Nigerian Foreign Exchange Market…
Nigeria – Guaranty Trust Holding Company Plc (GTCO) has announced the successful completion of the first tranche of its equity capital raise programme, following the completion of the capital verification exercise conducted by the Central Bank of Nigeria (CBN) and the approval of the basis of allotment of the Offer by the Securities and…
By Damilola Adeleke Zenith Bank Zenith Bank has been recognised as “Bank of the Year” for its exceptional leadership, innovation, and unwavering commitment to sustainable banking. Under the strategic direction of its leadership, notably with the appointment of Dame Adaora Umeoji as the first female Group CEO, the bank has demonstrated remarkable resilience and…
By Damilola Adeleke Walter Akpani With several decades of banking experience, Walter Akpani is likened to a fine wine that improves with age. Akpani has grown in stature and influence throughout his extensive career. As the Managing Director and CEO of Providus Bank, he stands out as one of the most accomplished bankers…
By Damilola Adeleke African Export-Import Bank (Afreximbank) Recently, African Export-Import Bank (Afreximbank) signed a Memorandum of Understanding (MoU) with the World Trade Organization (WTO) to amplify the impact of their strategically aligned joint efforts of promoting global trade leveraging Africa’s unique resource endowment. The MoU is one of the many efforts towards deepening key…
The Naira yesterday depreciated to N1,668 per dollar in the parallel market from N1,600 per dollar on Wednesday. However, the Naira appreciated to N1,534.6 per dollar in the official foreign exchange market. Data from the Daily Nigerian Foreign Exchange Market (NFEM) published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate…
The Federal Government on Tuesday revealed a plan to establish a National Youth Development Bank and a Youth Data Bank. President Bola Tinubu, represented by his Vice, Kashim Shettima, disclosed this at a Stakeholders Roundtable on Northern Youth Development organised by the Sir Ahmadu Bello Memorial Foundation, in Abuja. The President described the banks as…
The Naira yesterday appreciated to N1,730 per dollar in the parallel market from N1,740 per dollar on wednesday. However, the Naira depreciated to N1,650.2 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ reveals that the indicative exchange rate for NAFEM rose to N1,650.2 per dollar from N1,645.4 per dollar on…
The House of Representatives has called on the Central Bank of Nigeria (CBN) to begin the gradual withdrawal of old N200, N500, and N1,000 notes from circulation ahead of the December 31, 2024 deadline. During a plenary session on Thursday, lawmakers also asked the CBN to increase the issuance of the new banknotes to ensure…
Otedola acquires additional N16.2bn shares to further increase stake in FBN Holdin Femi Otedola, the chairman of First Bank of Nigeria (FBN) Holdings and majority shareholder, has further increased his stake in the company to 13.15 percent. According to a statement signed by the Acting Secretary, FBNH, Adewale Arogundare released by the Nigerian Exchange,…
Nigeria’s foreign exchange (Forex) market has come under fresh pressure as scarcity worsens. Consequently, demand pressures which has been building up since August have compelled huge depreciation of the Naira to N1,660 per dollar in the parallel market. The market had closed high last weekend at N1,645 per dollar, significantly above the N1,625 it…
In efforts to further ease financial barriers to air travel, Qatar Airlines has extended its discount partnership deal with Access Bank till December 2024. The deal involves up to 12% discount on both business and economy class tickets purchase by Access Bank customers who book their flights online using Qatar Airways’ website. …
Dangote Petroleum Refinery, has given reasons the company could not determine its petrol price. Anthony Chiejina, Group Chief Branding and Communications Officer, in a statement on Thursday, noted that PMS market is strictly regulated, which is known to all oil marketers and stakeholders in the sector, hence the reason Dangote cannot determine, fix,…
The Naira yesterday appreciated to N1,615 per dollar in the parallel market from N1,620 per dollar on Wednesday. Similarly, the Naira yesterday appreciated to N1,593.93 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,593.93 per dollar from N1,606.56 per dollar…
The Central Bank of Nigeria (CBN) has lifted the suspension of the standing lending facility for banks in the country and fixed interest on their deposits between 19 and 25.75 per cent, having adjusted the asymmetric corridor at the last monetary policy committee (MPC) meeting. The apex bank said that the adjusted Standing…
One of the challenges of the financial landscape, as echoed by many consumers, is security, even as OPay is leading the charge with the launch of its innovative Nightguard feature. Previously, financial services adopted the use of two-factor authentication with short USSD strings and OTPs. However, a surge in illicit financial activities and…
The Naira yesterday appreciated to N1, 600 per dollar in the parallel market from N1,615 per dollar on Wednesday. The Naira, however, depreciated to N1,586.11 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,586.11 per dollar from N1,543.84 per dollar…
The Federation Account Allocation Committee (FAAC) has shared the sum of N1.358 trillion to the three tiers of government. According to the statement by the Director of Press and Public Relations of the Office of the Accountant-General of the Federation, Mr. Bawa Mokwa, in Abuja, last night, the funds was said to come from the…
The Nigeria Customs Services (NCS) has said that the recent policy statement on removal of import duties on staple foods by President Bola Tinubu will cost the government up to N188.37 billion in revenue for the six-month period of implementation of the presidential directive. President Tinubu had in July this year announced suspension of…
The Naira yesterday depreciated to N1,603.8 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,603.8 per dollar from N1,586.71 per dollar on Wednesday, indicating N37.95 depreciation for the naira. The volume of dollars traded (turnover) in the market fell by…
The House of Representatives has urged the Federal Government to withhold allocation to states running a Transition Implementation Committee (TIC). The House also urged the Revenue Mobilisation, Allocation Fiscal Commission (RMAFC) to create a special account where allocations due to local governments run by unelected officials would be paid. The House stated that the money…
Osun State Governor, Ademola Adeleke, has urged the Federal Government to ensure that beneficiaries of the student loan funds are not plunged into huge debts. The governor gave the charge on Tuesday while hosting a delegation from the leadership and management of the Nigeria Education Loans Fund (NELFUND) at his office in Osogbo. According to…
The Naira yesterday depreciated in the parallel market to N1,520 per dollar from N1,515 per dollar on Tuesday. Similarly, the Naira depreciated to N1,512.61 per dollar in the Nigerian Autonomous Foreign Exchange. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,512.61 per dollar from N1,509.45 per dollar on Tuesday, indicating…
