On Tuesday, the naira saw a slight appreciation against the dollar in the official foreign exchange market. According to data from the Central Bank of Nigeria, the naira rose to N1,599.70, up from N1,599.94 on Monday. This indicates a marginal increase of N0.20 per dollar compared to the previous day. Unlike Monday, the naira strengthened…
The Nigeria Deposit Insurance Corporation (NDIC) has begun distributing ₦46.6 billion as the initial payment of liquidation dividends to depositors whose funds exceed the insured limit. In a statement issued by Hawwau Gambo, the Acting Head of Communication & Public Affairs, the initiative aims to ensure that depositors of the now-defunct Heritage Bank receive full…
Olayemi Cardoso, the Governor of the Central Bank of Nigeria, has emphasized that the primary goal of the apex bank is to reduce the country’s inflation rate to single digits in the medium term. Cardoso made this statement at the conclusion of the 2025 International Monetary Fund and World Bank Spring Meetings held in Washington,…
The Federal Competition and Consumer Protection Commission (FCCPC) has praised the Competition and Consumer Protection Tribunal for its ruling on the appeal brought by Meta Platforms Incorporated (Facebook) and WhatsApp LLC. This announcement was made in a statement by Mr. Ondaje Ijagwu, the FCCPC Director of Corporate Affairs, on Friday in Abuja. Ijagwu noted that…
Apple Inc. is reportedly planning to relocate the assembly of all iPhones sold in the United States to India, potentially as early as next year, as part of a strategic shift away from China, according to the Financial Times. This decision is largely influenced by ongoing trade tensions between the U.S. and China. The Financial…
As of March 2025, Nigeria’s broad money supply has surged to N114.22 trillion, countering the Central Bank of Nigeria’s (CBN) recent monetary policy tightening efforts from the previous quarter. This information comes from the latest money and credit statistics released by the CBN for the first quarter of 2025. The current figure marks a 24…
In 2024, nine Nigerian banks collectively earned N14.26 trillion in interest income, according to an analysis of their audited financial results. In contrast, the manufacturing sector, often referred to as the real sector, is facing rising operational costs, which totaled N2.5 trillion in 2024 alone. The analysis, which examined the financial results of First Holdco,…
On Wednesday, Dangote Refinery announced a reduction in the ex-depot price of Premium Motor Spirit to N835 per litre, down from N865. The $20 billion refinery communicated this change to its customers in a notice issued on Wednesday morning, reflecting a decrease of N30 in the price of Dangote petrol. Just six days prior, the…
By Ajibola Olarinoye Nigeria has become a prime target for Ponzi schemes, resulting in millions of unsuspecting investors losing their life savings in a cycle of financial deceit and broken promises. From digital platforms to agriculture-based investments, these fraudulent schemes continue to exploit the desire for quick returns, particularly in a country facing significant economic…
The Central Bank of Nigeria (CBN) has reported a Balance of Payments (BOP) surplus of $6.83 billion for the 2024 financial year, a significant recovery from the deficits of $3.34 billion in 2023 and $3.32 billion in 2022. This announcement was made in a statement by Sidi-Ali Hakama, the Acting Director of Corporate Communications at…
