Business

The Federal Ministry of Solid Minerals Development, has given its fact-finding committee a seven-day ultimatum to evaluate the impact of gold mining site operations on Osun State communities. The Minister of Solid Minerals Development, Dele Alake, disclosed this on Wednesday, October 9, 2024 through his X page. This comes just four days after the minister cautioned the Osun State Government against jeopardizing the Federal Government’s efforts to attract Foreign Direct […]

A recent audit report by the Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed that the debt owed by oil companies to the Federal Government has escalated to $6.175 billion. The report, released on Friday in Abuja, indicates that as of August 31, 2024, unpaid royalties and gas flare penalties owed to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) totaled $6.071 billion and ₦66.4 billion. Additionally, as of June 2024, […]

The Central Bank of Nigeria has announced its decision to sell foreign exchange worth $20,000 to eligible Bureau De Change operator across the country. This was disclosed by the apex bank in a statement signed by the Acting Director of Trade and Exchange Department, J. Kanya, on Wednesday. Kanya noted that the sales will help operators meet retail market demand for eligible invisible transactions. The latest intervention of the central […]

The Central Bank of Nigeria (CBN) Monetary Policy Committee has made the decision to raise the interest rate by 50 basis points to 27.25%. The Governor of the CBN, Yemi Cardoso who doubles as the Chairman of the Monetary Policy Committee (MPC)disclosed this at the end of the MPC meeting held in Abuja. The apex bank further increased the Cash Reserve Ratio (CRR) of commercial banks by 500 basis points […]

The number of companies authorized to provide digital loans to Nigerians, commonly referred to as loan apps, has increased to 320 in September, up from 284 in May. The 320 companies now operating in the digital loan market have received approval from either the Federal Competition and Consumer Protection Commission (FCCPC) or the Central Bank of Nigeria (CBN) to provide these services. A review of the FCCPC database shows that […]

The Naira has lost over half of its value in the last one year. According to data from the FMDQ, the value of the local currency dropped from N747.76/$1 on September 22, 2023, to N1,541.52/$1 as of September 20, 2024, representing a 51.49% depreciation. This decline in the value of the naira has occurred amid efforts by the CBN to stabilize the currency, including a notable increase in Nigeria’s foreign […]

The Crude Oil Refiners Association of Nigeria (CORAN) on Friday has criticized plans by petroleum marketers to import Premium Motor Spirit (PMS), despite the availability of petrol from the Dangote Refinery. CORAN's Publicity Secretary, Eche Idoko, warned against importing substandard petrol often blended in Malta and Togo. This follows reports that 141 million liters of PMS are being shipped to Nigeria amid the Federal Government’s deregulation of the oil sector. […]

The Central Bank of Nigeria (CBN) has confirmed the enforcement of the controversial cybercrime levy at 0.005 percent on all electronic transactions under its new guidelines for the 2024-2025 fiscal year. The Apex Bank disclosed this in its recently released Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024-2025. The development comes after the levy was purportedly suspended following the debate it sparked among Nigerians. The Cybercrime […]

The Federal Accounts Allocation Committee has said it disbursed N1.2 trillion earned as revenue in August 2024 to the Federal Government, States, and Local Government councils in Nigeria, the revenue distribution was announced at the September 2024 FAAC meeting in Abuja, a statement by the Director of Press and Public Relations at the Office of the Accountant-General of the Federation, Bawa Mokwa, stated on Tuesday. The figure represents a decrease […]