Naira Weakens to N1,660 in Parallel Market as Gap with Official Rate Widens The Naira down to N1,660 in the parallel market marks a significant depreciation from its previous level of N1,645 per dollar last Friday. This downturn highlights the growing pressure on the Nigerian currency, which continues to fluctuate in informal markets. However, despite…
Aba businesses are experiencing significant growth, thanks to ongoing infrastructure improvements in the city. Under Governor Alex Otti’s leadership, these developments are reshaping the commercial landscape of Abia State’s most prominent business hub. This transformation has enhanced the ease of doing business, attracting investors and ensuring that Aba’s bustling markets, like Ariaria International and Ekeoha…
In a remarkable financial turn, Company Income Tax revenue in Nigeria surged by 151% during the second quarter of 2024, climbing from N984.61 billion in Q1 to an impressive N2.47 trillion. This significant growth, reported by the National Bureau of Statistics (NBS), reflects the increasing contributions from both local and foreign companies. This leap highlights…
The Central Bank of Nigeria raises N9.27 trillion through NTBs, driven by investor demand for longer maturities and higher yields. In a move to meet rising investor demand, the Central Bank of Nigeria (CBN) successfully raised N9.27 trillion through Nigerian Treasury Bills (NTBs). The strong interest in NTBs in Nigeria reflects investors’ appetite for longer…
FCT Residents Express Frustration Over Difficulties in Locating Subsidised Rice Sales Points Residents of Nigeria’s Federal Capital Territory (FCT) are finding it increasingly difficult to access the N40,000 subsidised rice, an initiative launched by the government to alleviate food costs. Although the sale of 30,000 metric tonnes of milled rice at this reduced rate was…
Chiefs Lead Effort to Regulate Prices in Agbalata Market, Badagry In a bold move to control rising costs in Badagry, Lagos, local traditional leaders have taken direct action to regulate food and goods prices at Agbalata Market. The intervention follows directives issued by the Aholu Menu Toyi 1, traditional ruler of Badagry, who disbanded the…
The financial crisis facing Nigeria’s data centres is reaching a critical point due to the ongoing devaluation of the naira. This sector, vital for the country’s digital infrastructure, is grappling with severe financial strain as operators struggle with the dual challenges of currency depreciation and inadequate long-term funding. As explained by Ikechukwu Nnamani, CEO of…
NNPC’s Refusal to Be Sole Buyer May Drive Dangote Refinery to Focus on Exporting Petrol The ongoing dispute between Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPC) has cast doubt on the future of local petrol supplies. The NNPC has declared it will not purchase petrol from Dangote’s facility unless it is priced…
Effective September 9, 2024, a one-time N50 fee will be applied to all OPay transactions above N10,000, as mandated by the federal government. Starting September 9, 2024, a N50 transfer levy will be imposed on OPay transactions exceeding N10,000, in compliance with the Federal Inland Revenue Service (FIRS) regulations. This new charge is part of…
Nigeria Strengthens Economic Partnership with China Through $3.3 Billion Industrial Agreement Nigeria has taken a significant step in enhancing its economic partnership with China, marked by the signing of a $3.3 billion industrial agreement. This Nigeria-China Economic Partnership centers around the development of the Brass Industrial Park and Methanol Complex, a project set to boost…
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