Business

The Supreme Court will today deliver ruling on the naira swap policy of the Central Bank of Nigeria (CBN). It will be recalled that the court had on February 22 fixed today for judgment in a suit by 17 states challenging the policy which has for months caused naira scarcity and untold hardship to Nigerians and their business. This was ...

Nigerian Breweries Plc has announced that its revenue in 2022 grew to N550.84 billion as against N437.29 billion recorded in 2021. This is even as the Board of Directors declared a total dividend of N13.87 billion for its shareholders for the financial year ending December 31, 2022. The dividend, which is subject to shareholders’ approval at the company’s forthcoming Annual ...

For weeks, there has been chaos in Nigeria’s micro and macroeconomic sectors as commercial banks, business owners and Nigerians continued to count their revenue losses owing to the untamed naira crisis. The pain of Naira scarcity has been on the lips of many Nigerians, including corporate, small-scale businesses, petty traders, transporters and the high and low in the Nigerian economy. ...

The Securities and Exchange Commission (SEC) has stated it is working to ensure that the commodities market gets all the support required to grow and support the economy, its Director General, Lamido Yuguda, revealed in a statement on Monday. Yuguda said that Nigeria currently has about six commodities exchanges and is doing more to bring them up to standard. He ...

Ecobank Group, the leading pan-Africanbank, has won the Best Place to Work inAfrica 2022 Award from the BestWork. The Award honours organisations that exhibit the highest standards of excellence in Human Resources (HR) practices and employees’ experience. Ecobank is the first Pan-African bank to have been awarded the certification. Ade Ayeyemi, Chief Executive Officer, Ecobank Group, said: “At Ecobank, we ...

The Central Bank of Nigeria, CBN, has directed commercials banks start collecting old N500, and N1,000 notes from customers. It was gathered that the branches received a directive from the head office some hours ago that they should collect the old notes from their customers who have enrolled and generated reference code from the CBN website. A top CBN official ...

Farmers who live in rural areas far away from the banks are currently finding it difficult to adapt to the new Naira policy as some do not have existing bank accounts, while others do not know how to use internet banking. Findings by The Nation reveal that some farmers now engage in trade-by-barter just to meet their daily dietary needs. ...

NATIONAL BROADCAST BY HIS EXCELLENCY MUHAMMADU BUHARI, PRESIDENT, FEDERAL REPUBLIC OF NIGERIA ON THE CHALLENGES OF THE CURRENCY SWAP AND STATE OF THE NATION, ON 16th FEBRUARY, 2023 My Dear Compatriots, I have found it necessary to address you today, on the state of the nation and to render account on the efforts of our administration to sustain and strengthen ...

Nigeria’s January inflation figure rose from 21.34 per cent in December to 21.82 per cent in January, according to National Bureau of Statistics, NBS recent data. The January 2023 inflation rate showed an increase of 0.47% points when compared to December 2022 inflation rate. However, on a year-on-year basis, the headline inflation rate was 6.22% points higher compared to the ...

As Nigerians continue to feel the pains of the Naira swap crisis, the apex court, Supreme Court has said its February 8 order barring the Federal Government and its agencies from enforcing the February 10 deadline for the use of old 200, 500 and 1000 naira notes still subsist. The court made the clarification on Wednesday following complaint by lawyer ...