The Petroleum Products Retail Owners Association of Nigeria (PETROAN) has advised President Bola Ahmed Tinubu to exercise caution regarding the proposed ban on foreign goods imports. PETROAN cautioned that this ban, part of the Nigeria First Policy, could result in rising prices for premium motor spirit and other imported products. Gillis-Harry, the national president of…
In 2024, the Lagos State government, through the Lagos State Employment Trust Fund (LSETF), allocated N1.17 billion in loans to 4,600 Micro, Small, and Medium Enterprises (MSMEs) as part of its initiative to combat unemployment in the region. During a media briefing marking the sixth anniversary of Governor Babajide Sanwo-Olu’s administration, the Commissioner for Wealth…
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…
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…
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…
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…
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…
