ASSETS & FINANCIALS

Nigeria’s external reserves dropped by $915m after the Central Bank of Nigeria officially floated the naira and liberalised the foreign exchange market. CBN data obtained on Sunday showed that the reserves, which stood at $34.66bn as of June 14, 2023, …

Stakeholders have stated that e-commerce has the potential to boost the $3.4tn African Continental Free Trade Area market. They said this at a workshop in Lagos on Wednesday, which was aimed at examining how Nigeria can take advantage of the …

Google, Netflix, Facebook and other foreign companies operating in Nigeria have paid over N1.98tn in taxes to the account of the Federal Government in 15 months, according to findings by media. The figure includes both Company Income Tax and Value Added …

Mobile fraud, computer/web fraud, and Point of Sale fraud cases made Nigerian banks to record 24,232 fraud cases in the first six months of 2023, a report by FITC has disclosed. The report was titled, “Reports of Fraud and Forgeries …

President Bola Tinubu The Federal Government plans to re-introduce the national tax amnesty scheme, according to a statement on Thursday. The statement was signed by the Director of Press and Public Relations of the Ministry of Finance, Stephen Kilebi. It …

The naira tumbled against the United States dollar at the parallel market on Wednesday, closing at 900/dollar. This came barely two weeks after the local currency was sold 960/dollar at the black market. The naira, which had gained in recent …

According to analysts at Cordros Capital, the loan is a favourable short-term fix in providing near-term FX supply to support the market and stabilise the local currency. However, the analysts stated that the amount is not sufficient to significantly support …

Govt not subsidising petrol at current prices’ J.P. Morgan says Nigeria’s headline inflation will continue to trend upwards as policy reforms “feed through” and that it could reach 28 per cent by the end of the year. The American leading …

The Central Bank of Nigeria has introduced a foreign exchange price verification system designed for importers to have access to forex. The apex bank in a statement from its Trade and Exchange Department on Thursday night, said a price verification …

The naira rebounded against the United States dollar at the parallel market on Wednesday, closing at 850/dollar. This came about two days after the Central Bank of Nigeria announced its planned intervention in the foreign exchange market. The naira was …

The Nigerian Content Development and Monitoring Board has vowed to back the campaign against corruption in the workplace. The board made this pledge as it announced a partnership with the Anti-Corruption Agency of Nigeria on zero-tolerance for corruption in the …

• Experts demand centralisation of tax collection process The Federal Government accumulated a total of N44.062 trillion in fiscal deficits from 1999 to 2023, records compiled by Statisense, a data analytic platform, disclosed. According to the document, the Olusegun Obasanjo …

Following the tumbling of the naira at the parallel market in recent times, the Central Bank of Nigeria has started introducing foreign exchange intervention measures aimed at clamping down on currency speculators in the foreign exchange markets. Acting Governor of …

As the naira continues to freefall against major currencies, especially the dollar, airlines, according to the Chief Operating Officer of Ibom Air, Mr George Uriesi, are feeling the brunt more than expected as many don’t have enough foreign currency to …

The Securities and Exchange Commission has opened an investigation into the ongoing tussle at First Bank of Nigeria Holdings Plc. Some minority investors had staged a protest at the headquarters of the bank on Monday, calling for regulatory intervention and …

Following the freefall of the naira against the US greenback, the dollar, the Central Bank of Nigeria (CBN), has attributed this fall to the diversion of diaspora remittances to the unofficial markets. Acting Governor of CBN, Folashodun Shonubi, made this …

The Central Bank of Nigeria (CBN), yesterday, released the 2022 audited financial statement, showing a profit of N65.63 billion for the year. In the period, the Group’s performance recorded a profit of N103.85 billion. The performances were modestly higher than …

Increased video streaming and talk time raised the amount spent on telecom services to N3.86tn in 2022. The Nigerian Communications Commission disclosed this in its newly released ‘2022 Subscriber/Network Data Annual Report.’ It noted that this was 18.74 per cent …

The International Labour Organisation has that global employment growth will be only by one per cent in 2023, less than half of 2022. According to ILO, global unemployment is expected to rise by around three million in 2023 to 208 …

Irish Nigeria Business Hub The rising interest in investment partnerships in education, technology, aviation is expected to form the centrepiece of Nigeria-Irish investment confab. The organisers said the confab, ‘Irish -Nigerian Partnership Investment Conference’ is aimed at promoting economic growth …