The Naira this weekend depreciated against the dollar in the official foreign exchange market, concluding the week on a low note. According to data from the Central Bank of Nigeria, the Naira fell to N1,602.18 per dollar on Friday, down from N1,596.68 on Thursday. This decline of N5.492 marks the largest depreciation since April 22,…
The Central Bank of Nigeria (CBN) has announced that the country’s external reserves rose by 5.6%, or approximately $2.2 billion, reaching a total of $38.8 billion in 2024. This information was revealed in the CBN’s recently published consolidated and separate financial statements for the year ending December 2024. The increase marks a notable rise in…
Early this week, the stock market remained in a bearish trend, resulting in a loss of N81 billion for investors in the Nigerian Exchange Limited. Market capitalization fell by 0.12 percent, decreasing from N66.577 trillion on Tuesday to N66.496 trillion on Wednesday. The All-Share Index also experienced a decline of 0.12 percent, dropping 130.33 points…
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,…
