Economy - Page 25

Nigeria’s Forex Reserves Hit $41bn, Highest in 44 Months

Nigeria’s foreign exchange reserves rose to $41 billion on Tuesday, their highest level in 44 months, according to figures released by the Central Bank of Nigeria (CBN). The reserves are now sufficient to cover around 10 months of imports, marking a major

August 23, 2025

Economy·News

CBN Fines Nine Banks N150m Each for Failing to Dispense Cash via ATMs

The Central Bank of Nigeria (CBN) has imposed sanctions totaling N1.35 billion on nine Deposit Money Banks (DMBs) for failing to ensure the availability of Naira notes through Automated Teller Machines (ATMs) during the 2024 festive season, a period of heightened demand

by News Editor

January 15, 2025

Economy·News

FG to Finalise Bank of Agriculture Recapitalisation by Q1 2025

The Federal Government has announced its commitment to finalising the long-awaited recapitalisation of the Bank of Agriculture (BoA) by the end of the first quarter of 2025. The initiative is aimed at addressing the persistent funding challenges faced by smallholder farmers and

by News Editor

January 15, 2025

Economy·News

We Are Not Owing First Bank $225 Million, Claims ‘Misleading and Malicious’—GHL

General Hydrocarbons Limited (GHL) has officially disputed claims regarding an alleged debt to First Bank of Nigeria (FBN) Plc. The management asserts that the company does not owe any money to the bank, including the claimed sum of $225 million. Setting the

by News Editor

January 13, 2025

Economy

CBN Announces End of Export Proceeds Repatriation Extension

The Central Bank of Nigeria (CBN) has suspended the approval of extensions for the repatriation of export proceeds on behalf of exporters. CBN noted this directive which was issued through a circular dated January 8, 2025, takes immediate effect. The suspension applies

by News Editor

January 10, 2025

Economy

Inflation Rate May Decline to 27% by December — Report

Nigeria’s headline inflation rate is projected to average 30.5% year-on-year in 2025 and settle at 27.1% by December 2025. According to the latest NESG-Stanbic IBTC Business Confidence Monitor report, the forecast is based on the premise that headline inflation is expected to

by News Editor

January 10, 2025

Economy·News

FBN Holdings Addresses Call for Extraordinary General Meeting, Reassures Stakeholders

FBN Holdings Plc has released a statement to address a media report regarding two of its shareholders’ calls for an Extraordinary General Meeting (EGM). The company has assured its stakeholders that this development will not affect its operations, as all businesses within

by News Editor

January 10, 2025

Economy·Politics

Biden Blocks US Steel Sale To Japan’s Nippon Steel

US Steel and Nippon Steel threatened legal action Friday after President Joe Biden blocked a controversial $14.9 billion deal for the Japanese company to buy its American rival. Biden cited a strategic need to protect domestic industry — but the move drew

by News Editor

January 8, 2025

Economy·News

Telecom Operators Back 100% Tariff Hike, Says MTN CEO

The Chief Executive Officer of MTN Nigeria, Karl Toriola, says telecommunication companies are unanimously proposing a 100 per cent increase in tariffs to the Nigerian government. He noted that the rising operational cost, inflation, and naira devaluation have made the increase in

by News Editor

January 6, 2025

Economy·News

Landmark Africa to relocate headquarters from Lagos following beach demolition, Plans Expansion into Two African Nations

Landmark Africa, owner of the Landmark Beach Resort in Lagos, has announced plans to relocate its Nigerian headquarters and expand its operations. Paul Onwuanibe, CEO and Founder revealed that the company will extend its reach into two other African countries, establish a

by News Editor

January 6, 2025

Economy·News

Governor Yemi Cardoso On CBN Severance Program.

The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, announced yesterday that the staff members who departed in December last year did so voluntarily and received their full benefits. During a resumed investigative hearing regarding the departure of 1,000

by News Room

January 4, 2025

Economy

FCMB Group Plc Raises N147.5bn with 33% Oversubscribed Public Offer

FCMB Group Plc has announced the successful completion of its public offer, raising N147.5bn with an impressive 33% oversubscription. The offer, which received the necessary approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC), attracted 42,800

by News Editor

December 31, 2024

Economy

Ogun Police Officers Arrested for Extortion in Missing Girl Case

Some officers attached to the Ogun State Police Command have been arrested for allegedly demanding money from the family of a missing girl before taking action on the case. The Public Relations Officer for the Nigeria Police Force, Muyiwa Adejobi, disclosed this

by News Editor

December 30, 2024

Economy·News

Nigeria, China Renew Currency Swap Agreement

China’s Central Bank on Friday said that it has renewed a bilateral currency swap agreement with the Central Bank of Nigeria. The total value of the agreement is 15 billion yuan (about 2.09 billion U.S. dollars), or N3.28 trillion, the People’s Bank

by News Editor

December 28, 2024

Economy·News

Nigeria’s Economy Shows Positive Growth in Q3 2024, Says CBN

The economy grew by 3.46 per cent in Q32024, with output reaching ₦20.115 trillion, up from 3.19 per cent (₦18.285 trillion) in Q2 2024, driven mainly by the non-oil sector. This was revealed in the Central Bank of Nigeria’s newly released Economic

by News Editor

December 23, 2024

Economy

Financial Statements of Public Companies Now Required to be Online, Says SEC

The Securities and Exchange Commission has ordered all publicly listed companies to publish their financial statements on their official websites from January 2025. According to the Commission, the directive aims to ensure seamless public access to financial information, which is critical for

by News Editor

December 20, 2024

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Economy - Page 25

Nigeria’s Forex Reserves Hit $41bn, Highest in 44 Months

CBN Fines Nine Banks N150m Each for Failing to Dispense Cash via ATMs

FG to Finalise Bank of Agriculture Recapitalisation by Q1 2025

We Are Not Owing First Bank $225 Million, Claims ‘Misleading and Malicious’—GHL

CBN Announces End of Export Proceeds Repatriation Extension

Inflation Rate May Decline to 27% by December — Report

FBN Holdings Addresses Call for Extraordinary General Meeting, Reassures Stakeholders

Biden Blocks US Steel Sale To Japan’s Nippon Steel

Telecom Operators Back 100% Tariff Hike, Says MTN CEO

Landmark Africa to relocate headquarters from Lagos following beach demolition, Plans Expansion into Two African Nations

Governor Yemi Cardoso On CBN Severance Program.

FCMB Group Plc Raises N147.5bn with 33% Oversubscribed Public Offer

Ogun Police Officers Arrested for Extortion in Missing Girl Case

Nigeria, China Renew Currency Swap Agreement

Nigeria’s Economy Shows Positive Growth in Q3 2024, Says CBN

Financial Statements of Public Companies Now Required to be Online, Says SEC

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