Financial news, market trends, investment insights, and tips to manage personal and corporate finances.
Nigeria — The Nigeria’s external reserves have inflated to $41.046 billion, the highest in four years, driving further appreciation of the Naira in the parallel market. Data from the Central Bank of Nigeria, CBN showed that the external reserves rose steadily to $41.046 billion from $37.21 billion on June 30. This translates to $3.836 billion…
NIGERIA – Globacom has announced ongoing network upgrade efforts aimed at enhancing the customer experience. The company disclosed that it has been working nonstop to guarantee that customers nationwide continue to receive good value, particularly in light of the most recent tariff increase that was authorised by the Nigerian Communications Commission (NCC). In order to…
NIGERIA – Banks, insurance companies and other financial institutions will henceforth report monthly transactions above N25 million for individuals and N100 million for firms to the tax authorities. This directive was contained in the Nigeria Tax Administration Act, NTAA section 29, titled, “ Information to be delivered by bankers and others” The NTAA is among…
Abuja, Nigeria— The Nigerian currency, Naira, ended the week on a positive trajectory, strengthening slightly against the U.S. dollar at the official market, according to the Central Bank of Nigeria (CBN). The CBN’s latest data released on Friday showed the Naira trading at N1,534.72 per dollar, reflecting a gain of 4.52 kobo or 0.05 per…
Abuja, Nigeria — A new fiscal review has raised fresh concerns over the financial health of Nigerian states, as twelve sub-national governments failed to meet their 2025 first-quarter revenue targets despite collectively spending over N117 billion on debt servicing. This was revealed through Q1 budget implementation reports obtained from state portals and the Open Nigerian…
Flutterwave, Africa’s leading payments technology company, today announced the relaunch of its flagship remittance solution, Send App, across US states following its newly acquired Money Transmitter Licenses (MTLs). This comes after Flutterwave secured 20 additional MTLs in the US, adding to the 14 licenses the brand has held since 2023. Altogether, this achievement raises Flutterwave’s…
ABUJA – The Nigerian National Petroleum Company Limited (NNPCL) has reported a profit after tax of ₦1.054 trillion for the month of May 2025, marking a significant 40.37 percent increase from the ₦748 billion posted in April. According to its latest Monthly Report Summary for May 2025, released on Tuesday, the national oil company also…
Nigeria – In a development for Nigeria’s digital financial services, thirteen commercial banks have fully settled their outstanding debts for Unstructured Supplementary Service Data, USSD, services owed to Mobile Network Operators, MNOs, paving the way for a new, streamlined billing structure. The remaining three banks are nearing completion of their payments, having cleared over 95…
Abuja, Nigeria—The Peoples Democratic Party (PDP) has called on President Bola Tinubu to urgently review and reverse economic policies burdening Nigerians, particularly high fuel prices, electricity tariffs, and charges on essential services. In a statement issued Friday by its National Publicity Secretary, Debo Ologunagba, the PDP urged the government to use the Eid-el-Kabir season to…
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…
