The naira today depreciated to N927.19 per dollar in the Nigerian Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N927.19 per…
Category: BUSINESS
CBN freezes accounts without BVN, NIN March 2024
Bank accounts without Bank Verification Number (BVN) and National Identity Number (NIN) will be frozen by the Central Bank of Nigeria (CBN) with effect from March next year. This is…
NNPCL explains FAAC claim, NEITI’s 2021 report
The Nigerian National Petroleum Company Limited (NNPCL) yesterday explained its position on the Nigeria Extractive Industries Transparency Initiative (NEITI) 2021 report and the allegation that it withheld contribution into the…
Naira crashes to 1,030/$ as speculators react
The naira crashed against the dollar on Monday, falling to 1, 030/$ on the average in the parallel market, losing the momentum it gathered last week. This represents a N80…
British International Investment votes $26.5m for food security in Nigeria, others
British International Investment (BII), the UK’s development finance institution (DFI) and impact investor, have announced a $26.5 million commitment to AFEX Commodities Exchange to help it address food security in…
FG oil revenue down by 36% in May, says CBN
The Federal Government’s oil revenue target for May dropped from N804bn to N223bn, representing about 72 per cent reduction in federal earnings; statistics from the Central Bank of Nigeria’s Monthly…
Stock market’s 70,000 points set new record
Share prices at the Nigerian stock market rallied to their highest level yesterday. A positive sentiment on ongoing economic reforms and corporate earnings drove the pricing gauge for the Nigerian…
Naira exchanges 1,185/$, liquidity concerns persist
The naira exchanged at 1,185/$ on Wednesday at the parallel market, as liquidity challenge persisted, according to some Bureau de Change Operators. Some BDC operators who spoke to The PUNCH,…
Price of rice increases 60%, yam 45% as transport fare spikes — NBS
The National Bureau of Statistics, NBS, yesterday, said the price of one kilogram (kg) of local rice sold loose increased year-on-year (YoY) by 60.5 percent to N757.06 in September 2023…
Naira to regain true value before December 2023 – Oyedele
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has assured Nigerians that the ongoing plan by the Federal Government to introduce new foreign exchange…