Business

The Minister of Finance, Wale Edun, has disclosed that the Federal Executive Council approved a fresh $2.2 billion borrowing plan for Nigeria to enable the country’s access to the international capital market for a combination of the Euro bond and SUKUK financing. Edun disclosed this on Thursday, while briefing journalists at the Presidential Villa, where be explained that the fresh borrowing plan is made up of $1.7 billion and SUKUK […]

The naira returned to depreciation against the dollar at the foreign exchange market barely 24 hours after respite. Obtained data showed that the naira depreciated to N1,650.20 per dollar on Thursday from N1,645.45 exchanged on Wednesday. On the black market, the naira traded between N1,738 and N1,745 to the dollar on Thursday. This comes as FX transaction turnover dropped to $214.73 million on Thursday from $236.84 million recorded the previous […]

Investors in the Nigerian Exchange Limited gained N96bn at the close of trading on Wednesday, thus reversing the N68bn loss recorded in the previous trading session. Appreciations in the share value of International Energy Insurance, JohnHolt and Eunisell boosted the market capitalisation of the local bourse by N96bn to settle at N59.03tn. Similarly, the benchmark index of the exchange, All Share Index rose by 0.16 percent to 97,418.83 points. Sectoral […]

Information says Federal Government spent $3.58 billion servicing the country’s foreign debt in the first nine months of 2024. Data sourced from the Central Bank of Nigeria (CBN) report on international payment statistics showed that the amount represents a 39.77 per cent increase from the $2.56 billion spent during the same period in 2023. According to the report, while the highest monthly debt servicing payment in 2024 occurred in May, […]

Majority of Nigerians believed that the country’s inflation would rise further in October 2024. This is according to the Inflation Expectation Survey released on Tuesday by the Central Bank of Nigeria, CBN. This comes ahead of Nigeria’s October inflation figure to be released by the National Bureau of Statistics on Friday, 15 November 2024. The CBN report had indicated that October inflation will rise further from 32.70 per cent recorded […]

Nigeria’s naira has been projected to depreciate further to N1,993 per dollar in the coming days according to BMI, a Fitch Solutions subsidiary report on Weak Naira and Structural Challenges to Constrain Nigeria’s Medical Devices Market Growth. The report noted that the forecasted depreciation will be predicated on the 95 percent dependence on imports for pharmaceuticals in Nigeria, a development it noted would erode both the health system and patient […]

The Nigerian National Petroleum Company Limited (NNPCL) said it has stopped importing refined petroleum products and is now off-taking fuel from the Dangote Petroleum Refinery and other local refineries. NNPC’s Group Chief Executive Officer, Mele Kyari, disclosed this on Monday at the ongoing conference of the Nigerian Association of Petroleum Explorationists, which was held in Lagos. This is coming at a time when some petroleum marketers insisted that they would […]

The Nigeria Deposit Insurance Corporation (NDIC) has begun a nationwide auction of properties and assets previously owned by the defunct Heritage Bank. Bashir Nuhu, NDIC’s Director of Communication and Public Affairs, announced on Monday that the auction, set to start on December 4, will cover 36 locations across the country. Following the Central Bank of Nigeria's revocation of Heritage Bank's license on June 3 due to financial instability, NDIC is […]

The estimated cost of landing Premium Motor Spirit, commonly known as petrol, on Nigeria’s shores has seen a considerable reduction of 20.34 per cent, dropping to N971.57 per litre over the past three months. This decline in landing cost, which reflects the price of importing and distributing the product, indicates some relief in terms of global market fluctuations and supply chain factors. However, despite this reduction, the retail price of […]