Economy - Page 26

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Economy·Headlines

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

Nigeria’s Inflation Rises to 34.60% in November Amid Soaring Food Prices

Nigeria’s inflation rate rose to 34.60 percent in November 2024, up from 33.88 percent in October, further exacerbating economic hardships for citizens. The National Bureau of Statistics (NBS), in its latest Consumer Price Index and Inflation report, revealed a 0.72 percent month-on-month

December 17, 2024

Banks Face ₦150m Penalty from CBN for Issuing New Currency to Hawkers

The Central Bank of Nigeria has imposed a fine of ₦150 million on Deposit Money Banks that have been found guilty of distributing illegal mint naira notes to currency hawkers across the country. This action follows the apex bank’s efforts to address

December 16, 2024

Rate Cuts Fail to Ignite European Stock Market Activity

Europe’s main stock markets were little changed Thursday despite interest rate cuts by the eurozone and Swiss central banks as policymakers warned of economic and political woes in the region and beyond. Wall Street shares were mixed at the open, with the

December 15, 2024

Access Bank Secures Deal to Acquire Full Ownership of Biden Bank

Access Bank Plc has entered into a binding agreement with South African-based Bidest Group Limited for the acquisition of a 100 per cent equity stake in Bidvest Bank. A statement by the Head of Media Relations, Access Holdings Plc, Olakunle Aderinokun on

December 15, 2024

UK Economy Unexpectedly Contracts Again This October

Britain’s economy contracted for the second consecutive month in October, according to official data released on Friday. This downturn poses a challenge for the Labour government, which has prioritized economic growth. The Office for National Statistics (ONS) reported that gross domestic product

December 14, 2024

Equinor Sells Assets, Officially Ends 31-Year Ties with Nigeria

Norwegian energy giant, Equinor has announced the decision to end its almost 31-year business partnership with Nigeria, after finalising the sale of its oil assets. A statement by the company on Monday said the sale of its assets was completed on December

December 11, 2024

Transcorp Appoints Atinuke Kolade as Group Company Secretary

Transnational Corporation Plc (Transcorp) announced the appointment of Ms. Atinuke Kolade as the new Group Company Secretary, effective December 3, 2024. This development was disclosed in a notification signed by the Group Head, Marketing and Corporate Communication Deshola Shittu to the Nigerian

December 6, 2024

2024 Banker Awards: Zenith Bank Crowned ‘Bank of the Year’ in Nigeria

Zenith Bank Plc has emerged as ‘Bank of the Year, Nigeria’ in The Banker’s Bank of the Year Awards 2024. The award, announced by The Banker Magazine, Financial Times Group, United Kingdom, during the awards ceremony held in London on December 4,

December 5, 2024

OPEC+ Extends Oil Supply Cuts Through March

Several OPEC+ countries, including Saudi Arabia and Russia, agreed Thursday to extend oil supply cuts for three months through March to avoid a sharp drop in prices in a global market awash in crude. The decision had been widely expected, though dissension

December 5, 2024

Liquidity Crunch Hits Nigerian Banks: Borrowing from CBN Falls by 44.9% in November

Amid liquidity challenges in the financial sector, Nigerian banks borrowed an estimated N9.97 trillion from the Central Bank of Nigeria (CBN) in November 2024, about 44.90 per cent Month-on-Month (MoM) decline from the N18.09 trillion reported in October 2024, a report by

December 5, 2024

BAT Akpabio

Economy·News·Politics

Tax Reform Bills Not Withdrawn, Senate Not Intimidated – Akpabio

The Senate has reaffirmed its commitment to advancing the Tax Reform Bills, noting that no aspect of the legislative process has been suspended or withdrawn. Senate President, Senator Godswill Akpabio stated during plenary on Thursday that the upper chamber remains focused on

December 5, 2024

Bitcoin Hits $100,000 For First Time As Traders Cheer Trump Pick

Bitcoin broke $100,000 for the first time Thursday as traders cheered Donald Trump’s decision to pick a crypto fan to head the US securities regulator, reinforcing optimism the new president will push through measures to deregulate the sector. The cryptocurrency soared through

December 5, 2024

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Lafarge Africa Plc Reaffirms its Commitment Amid Transition

Lafarge Africa Plc Reaffirms its Commitment Amid Transition The Holcim Group announced that it signed an agreement to sell its 83.81% shareholding in Lafarge Africa Plc to Huaxin Cement Ltd on December 1, 2024. This transaction marks a significant milestone, ushering in

December 4, 2024

Nigeria, South Africa Set Up Advisory Council to Strengthen Trade, Investment

Nigeria and South Africa have fully activated the Joint Ministerial Advisory Council on Industry, Trade, and Investment to enhance economic cooperation between the two leading African economies. President Cyril Ramaphosa disclosed the decision on Tuesday in Cape Town, South Africa, at the

December 4, 2024

Tax reform bills

10 Ways Tax Bills Will Enhance State Revenues — Presidency

The Senior Special Assistant to the Presidency on Media and Publicity, Temitope Ajayi in an explanatory statement on Wednesday, has shed more light on the controversial tax bills. This was after President Bola Tinubu on Tuesday, directed the National Assembly and the

December 4, 2024

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