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…
The Federal Government has clarified that its naira-for-crude initiative with local refineries is not a temporary solution but a crucial policy aimed at promoting sustainable local refining. Officials stated that the initiative is still operational and will resume immediately, countering the previous decision made by the NNPCL under former CEO Mele Kyari, which had suspended…
Nigeria’s external debt service obligations reached $1.08 billion in the fourth quarter of 2024, marking a notable increase from the previous quarter. This information was revealed by the Debt Management Office (DMO) in its latest report. According to earlier data from the DMO, Nigeria’s total debt service costs rose to N3.57 trillion in the third…
International Monetary Fund (IMF) has raised alarms regarding the new tariffs introduced by the United States, cautioning that they could negatively affect the global economy. On April 2, designated as “Liberation Day” by President Donald Trump, he announced a minimum baseline tariff of 10 percent, along with various reciprocal tariffs. In light of this development,…
President Donald Trump has announced that a 14% tariff will be applied to exports from Nigeria to the United States. This decision, revealed during a “Make America Wealthy Again” event in the Rose Garden on Wednesday, is part of a broader strategy to rebalance global trade and address perceived unfair trade practices. The introduction of…
Fidelity Bank Plc, a leading financial institution, has announced its audited financial results for the full year 2024, showcasing a remarkable 210% increase in Profit Before Tax (PBT), which now stands at N385.2 billion. The results, disclosed on the Nigerian Exchange (NGX) on March 28, 2025, reveal that Gross Earnings surged by 87.7% to N1,043.4…
On Friday, investors in the Nigerian stock market celebrated a gain of N148 billion, marking a positive end to the week. By the close of trading on Friday, market capitalization increased by N148 billion, or 0.22 percent, reaching N66.257 trillion, up from N66.109 trillion on Thursday. The All-Share Index (ASI) also rose by 234.52 points,…
A Federal High Court in Nigeria has directed Keystone Bank to take control of Bacita Sugar Company due to the company’s failure to settle an outstanding debt of N25.5 billion. In addition, the court has ordered the freezing of 21 accounts associated with KIA Africa. This decision follows a previous ruling from the Federal High…
Flutterwave, Africa’s premier payments technology firm, is now facilitating digital tax collection for the Federal Inland Revenue Service (FIRS), positioning itself as one of the few fintech companies aiding the government in the modernization of tax payment systems. This partnership enables the FIRS to utilize Flutterwave’s efficient and secure payment infrastructure to collect taxes, levies,…
On Tuesday, the Nigerian Senate conducted the first reading of a bill aimed at amending the Nigerian Data Protection Act of 2023. This amendment intends to require major social media platforms—including Facebook, X (formerly Twitter), Instagram, WhatsApp, YouTube, TikTok, and independent bloggers—to establish physical offices within Nigeria. The proposed legislation is titled “A Bill for…
