Naira Appreciates To ₦1,530/$ In Parallel Market
The Nigerian Naira showed mixed performance in the foreign exchange market today. It appreciated in the parallel market, trading at ₦1,530 per dollar, an improvement from ₦1,540 per dollar on Thursday. However, in the Nigerian Foreign Exchange Market (NFEM), the Naira depreciated to ₦1,502.5 per dollar, down from ₦1,496 per dollar the previous day. This […]
CBN orders banks to publish details of dormant accounts, unclaimed balances
The Central Bank of Nigeria (CBN) has introduced a new rule that requires all banks and financial institutions to display details of dormant accounts and unclaimed balances on their official websites. This move is aimed at improving transparency and ensuring that funds in inactive accounts are properly managed. A dormant account is a bank account […]
Nigeria’s inflation drops massively to 24.48% after CPI rebase
Nigeria’s inflation rate has dropped significantly to 24.48% in January 2024, down from 34.80% in December 2024. This sharp decline follows the rebased Consumer Price Index (CPI) introduced by the National Bureau of Statistics (NBS). The rebased CPI now uses 2024 as the base year and 2023 as the weight reference period, leading to a […]
$23bn refinery biggest risk of my life. If it didn’t work, I was dead – Dangote
Billionaire Aliko Dangote has shared that his $23 billion refinery project was the biggest risk he has ever taken. In an exclusive interview with Forbes on February 17, Dangote admitted that if the project had failed, it would have been disastrous for him. The Dangote Refinery, which has the capacity to process 650,000 barrels of […]
First HoldCo: First Bank Announces New Name, Shareholders Approve New Identity
First Bank, one of Nigeria’s oldest and most respected financial institutions, has unveiled a new identity. FBN Holdings Plc, the company’s holding arm, is now officially called First HoldCo Plc (FirstHoldCo). This rebranding effort aims to create a more unified identity for the company and its various subsidiaries, both in Africa and Europe. Over the […]
NNPC reduces PMS price
The Nigerian National Petroleum Company Limited (NNPCL) is under increasing pressure to lower its petrol prices. This comes after MRS filling station, in partnership with Dangote Refinery, announced a significant reduction in fuel pump prices. On February 9, 2025, MRS filling station lowered its petrol price to N925 per litre in Lagos, with slight variations […]
Naira sustains gains, appreciates to N1,595/$
The Naira continues to gain strength, appreciating to N1,595 per dollar in the parallel market. This marks an improvement from N1,610 per dollar on Monday. Compared to last week’s rate of N1,640 per dollar, the currency has gained N45 in just one week. In the official Nigerian Foreign Exchange Market (NFEM), the Naira remained stable […]
Comply with FG’s cash policy or risk access to funding – Edun warns MDAs
The Nigerian government has issued a strong warning to ministries, departments, and agencies (MDAs) to comply with the revised cash management and bottom-up cash planning policies. Failure to do so could result in losing access to capital funding. At a recent stakeholders’ review meeting, Finance Minister Wale Edun expressed concern that some MDAs were not […]
Nigeria secures $1.1 AfDB loan to provide electricity for 5m people
Nigeria has taken a big step toward solving its electricity shortage by securing a $1.1 billion loan from the African Development Bank (AfDB). This funding will help provide electricity to 5 million people by the end of 2026. President Bola Ahmed Tinubu announced this through the Minister of Power, Adebayo Adelabu, during the Mission 300 […]
NNPC jerks up fuel price
The Nigerian National Petroleum Company Limited (NNPC) has increased the price of petrol across its retail outlets. This sudden hike has left many Nigerians frustrated as they deal with the rising cost of living. Reports indicate that NNPC filling stations in Abuja and Akwa Ibom State now sell petrol at N999 per litre, up from […]