Category: Business

The Corporate Affairs Commission (CAC) has released updated regulations to aid Deposit Money Banks in the current recapitalisation process. According to a statement released by the commission’s management and shared on its official Facebook page on Friday, the new directive is in line with its authority as outlined in Section 8 (1) (e) of the […]

The post CAC Issues Fresh Guidelines For Banks Recapitalization, Merger appeared first on Naija News.

In a move to stabilize the foreign exchange market and counteract the recent depreciation of the naira, the Central Bank of Nigeria (CBN) has disbursed $148 million to 29 authorized dealers. This was disclosed in a statement posted on the apex bank’s website on Friday. The statement highlighted that the sales were conducted on Monday, […]

The post CBN Sells $148 Million To 29 Authorised Dealers appeared first on Naija News.

The Hands and Knees Vocational and Youth Centre, the fully registered, not-for-profit arm of Emmanuel Baptist Church, Sabo-Oke, Ilorin, Kwara State, is set to host the 2024 edition of the annual The Edge Summit. The summit is a melting pot where visionary leaders converge to inspire change, cultivate growth, and create impact across personal life, […]

The post High Expectations As Hands And Knees Centre Hosts 5th Edition Of The Edge Summit appeared first on Naija News.

The Nigeria Economic Summit Group (NESG) has expressed concerns regarding the escalation of inflationary pressures within the Nigerian economy, attributing this to the escalating costs of food prices. During a quarterly briefing on the nation’s economic forecast, the Chief Executive Officer (CEO) of the NESG, Dr Tayo Aduloju, articulated these concerns. He anticipates that the […]

The post Price Of Garri, Guinea Corn, Bread, Yam, Palm Oil, Others Reason For Increasing Inflation Rate – NESG appeared first on Naija News.

The Central Bank of Nigeria (CBN) has given the green light for the exchange of foreign currency (FX) to qualified Bureau de Change (BDC) agents at a rate of ₦1,450 naira to the dollar. The central bank announced on Thursday that a total of $20,000 will be distributed among each BDC, with the transaction taking […]

The post CBN To Sell $20,000 To Each BDC Operator At ₦1,450/$1 appeared first on Naija News.

The national average retail price for Premium Motor Spirit, commonly known as petrol, saw a significant year-on-year increase of 37.44%, rising to  ₦750.17 per litre in June 2024 from  ₦545.83 per litre in June 2023. This data was revealed in a recent report by the Nigerian National Petroleum Corporation (NNPC). Despite this substantial annual increase, […]

The post Average Fuel Price Rises To ₦750.17 Per Litre appeared first on Naija News.

Cryptocurrency exchange, OKX has announced it will cease operations in Nigeria due to recent changes in local laws and regulations. In a statement sent to its users on Wednesday, OKX explained that the decision follows its ongoing evaluation of market policies. The statement announced that OKX services in Nigeria will be discontinued due to recent […]

The post Crypto Exchange, OKX Shuts Down Operations In Nigeria appeared first on Naija News.

The latest data from the National Bureau of State Statistics (NBS) has revealed that Nigeria’s inflation figure has reached a new high, hitting 34.19 % for June 2024. Naija News reports that the development comes amid the rising cost of food items across the country, pushing essential commodities beyond the reach of millions. The new […]

The post Breaking: Nigeria’s Inflation Rate Hits 34.19% Amid Soaring Food Prices appeared first on Naija News.

Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), in a meeting with President Bola Tinubu, disclosed that there is a guarantee of 20 days of petroleum sufficiency for the country. The Chief Executive Officer of NMDPRA, Farouk Ahmed, said this on Tuesday, after meeting with Nigeria’s president to discuss fuel scarcity that hit Abuja and […]

The post We Have 20 Days Petroleum Sufficiency – NMDPRA To Tinubu appeared first on Naija News.

The Naira maintained its position at ₦1,535 per dollar in the parallel market yesterday, showcasing a surprising stability amidst broader market volatility. In contrast, the Nigerian Autonomous Foreign Exchange Market (NAFEM) witnessed a depreciation of the ₦aira, slipping to ₦1,532.58 per dollar. According to FMDQ data, the indicative exchange rate for NAFEM rose from ₦1,523.85 […]

The post Naira Maintains ₦1,535/$ Rate In Parallel Market appeared first on Naija News.

Professor of Political Economics, Patrick Utomi, has said the new policy on 150 days import duty-free window for rice, maize, wheat and other cereals by President Bola Tinubu is wrong. Pat Utomi said the new policy announced by the Minister of Agriculture and Food Security, Abubakar Kyari, on Monday, was an invitation to famine. On […]

The post 150-Day Import Duty Free Window Is Wrong Policy – Utomi appeared first on Naija News.

The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has hailed President Bola Tinubu-led administration for the 150-day import duty-free window for rice, maize and wheat. The Minister of Agriculture and Food Security on Monday announced that the federal government approved 150 days of import duty-free for rice, maize, wheat and other […]

The post NACCIMA Hails FG For 150-days Import Free Window For Rice, Maize appeared first on Naija News.

NGX Regulation, the regulatory division of the NGX Group, has halted trading in the stocks of eight companies due to their failure to submit their respective accounts for 2023. In an announcement released on Monday, the Head of the Issuer Regulation Department, Godstime Iwenekhai, stated that the suspension would take effect immediately. The companies affected […]

The post NGX Suspends Unity Bank, NPF Microfinance, Six Others’ Trading appeared first on Naija News.

Some of the details of the 2024 budget causing reactions amongst Nigerians include over 2,558 projects that are worth ₦624 billion. Tracka, in a statement on Monday, said most agencies of the federal government allocated millions and billions of naira for projects that are not within their mandates. Recall that Naija News had reported that […]

The post Nigerians React As Some Details Of 2024 Budget Emerge appeared first on Naija News.

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has allocated ₦5 billion for procurement of vehicles for selected traditional rulers in the six geo-political zones of Nigeria. This was disclosed on Monday, in a statement by Tracka, a subsidiary of BudgIT, a non-governmental organization tracking government expenditures and project implementation. Tracka said over […]

The post 2024 Budget: ‘SMEDAN Allocates ₦5 Billion To Buy Vehicles For Traditional Rulers’ appeared first on Naija News.

Nigeria’s Foreign Exchange (FX) reserves climbed to a peak of $34.7 billion based on figures from the Central Bank of Nigeria’s website. Naija News reports that this marks a rise of $110 million from the day before, which stood at $34.5 billion. Over the last seven days, the reserves have been on the rise, accumulating an increase […]

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President of the Petroleum Products Retail Outlets Owners Association (PETROAN), Billy Gillis-Harry, has revealed the cause of the recent fuel scarcity across the nation. Gillis-Harry identified the shortage of Premium Motor Spirit (Petrol) supply from the Nigerian National Petroleum Company Limited (NNPCL) as the cause of the recent fuel scarcity in Abuja, Nasarawa, and other […]

The post Fuel Scarcity: Marketers Reveals Reason Behind Return Of Fuel Queues In Nigeria appeared first on Naija News.

The United Nations has issued a stark warning that 82 million Nigerians, accounting for about 64% of the country’s population, could face hunger by 2030. The UN has urged the Nigerian government to address climate change, pest infestations, and other threats to agricultural productivity to avert this crisis. Naija News reports that this warning comes […]

The post ’82 Million Nigerians At Risk Of Hunger’ – UN Warns Of Impending Food Crisis appeared first on Naija News.

Petrol stations across Nigeria are experiencing lengthy queues, reflecting concerns about fuel shortages due to the Nigerian National Petroleum Company (NNPC) Limited‘s $6 billion backlog in petrol payments. BusinessDay’s investigation revealed that NNPC owes around $6 billion to international traders for imported petrol, with payments now delayed beyond the typical 90 days. Reuters reported that […]

The post Lagos, Abuja, Others Hit With Fuel Queues Amid NNPC’s $6 Billion Petrol Payment Issues appeared first on Naija News.