Category: Business

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has announced a hike in the benchmark interest rate to 24.75 percent. This decision, revealed in a communique issued by CBN Governor Yemi Cardoso after the MPC meeting in Abuja, marks an increase from the previous rate of 22.75 percent set about a…

In February 2024, the financial sector’s credit to the economy witnessed a notable increase, rising by two percent to N114.7 trillion compared to N112.4 trillion in January 2024. Detailed insights from the Money and Credit Statistics report released by the Central Bank of Nigeria (CBN) indicate a six percent month-on-month surge in banks’ credit to…

By Milcah Tanimu Despite the recent appreciation of the Naira, concerns arise as the expected impact on the prices of goods and services remains elusive. Many express a desire for the exchange rate to stabilize at N1600 to a dollar, hoping for improved purchasing power. The disparity between the strengthening Naira and its reflection in…

By Milcah Tanimu The Minister of Power, Adebayo Adelabu, has sparked controversy following the Federal Government’s decision to award a N40 billion mass metering contract to a foreign firm, De Haryor Global, sidelining indigenous meter manufacturers. Despite the government’s assertion that the move aims to eliminate estimated billing in the sector, stakeholders have criticized the…

By Milcah Tanimu The United Arab Emirates (UAE) has announced a significant simplification of its visa regime, granting visa-on-arrival access to citizens of 87 countries. However, it’s notable that among African nations, only Mauritius and Seychelles are included in this update, while countries like Nigeria, Ghana, and Kenya are currently excluded. Previously, visitors from many…

By Milcah Tanimu Nigerian Breweries Plc, the leading brewer in Nigeria, faced a substantial financial setback in 2023, registering an after-tax loss of N106.31 billion. This stark reversal stemmed primarily from foreign exchange losses, as revealed in its latest financial report. The company transitioned from a profit of N105.8 billion in 2022 to this significant…

By Milcah Tanimu A Federal High Court in Abuja has issued a directive to Binance Holdings Limited, requiring the company to furnish the Economic and Financial Crimes Commission (EFCC) with information regarding Nigerians trading on its platform. The court’s decision came in response to an ex-parte motion filed by the EFCC, with the suit marked…

By Milcah Tanimmu Recent reports confirm that Tigran Gambaryan, Binance’s head of investigations, and Nadeem Anjarwalla, a British lawyer and manager overseeing Binance’s operations in Africa, have been detained by Nigerian authorities. The two executives traveled to Nigeria in response to the country’s crackdown on several cryptocurrency trading platforms. Upon their arrival, they were detained…

By Milcah Tanimu In 2023, Nigeria witnessed a remarkable surge in its total foreign trade, reaching N71.88 trillion, reflecting a substantial increase of 37.2% compared to the N52.38 trillion recorded in 2022. This encouraging growth is outlined in the fourth-quarter foreign trade report released by the National Bureau of Statistics (NBS). The report signals positive…

By Milcah Tanimu Emeka Obegolu, President of the ACCI, highlighted in an interview in Abuja the detrimental impact of illicit financial transactions on the naira, attributing its undervaluation to corrupt practices. He urged the government to swiftly address corruption within the financial system to alleviate the undue strain on the naira and penalize offenders identified…