Banks’ borrowings from CBN drop 97% to ₦380 billion in April
In April 2025, banks’ borrowing from the Central Bank of Nigeria (CBN) dropped sharply by 97.6%, falling to ₦380 billion from ₦16.5 trillion in March. This significant decline suggests that the liquidity situation in the banking sector has improved. Data from the CBN shows that banks borrowed a total of ₦50.46 trillion in the first […]
‘Cabals’ still fighting against our refinery — Dangote
The Chairman of Dangote Group, Alhaji Aliko Dangote, has revealed that certain powerful individuals in Nigeria’s oil and gas sector are still working against the success of his $20 billion refinery project. Despite these challenges, Dangote remains optimistic about overcoming them. He expressed his unwavering commitment to ensuring the refinery succeeds, stating that he is […]
CBN’s Gold Reserves Gain Over N1 Trillion In 2024 As Prices Hit Record Levels
The Central Bank of Nigeria (CBN) reported a significant rise in its gold reserves in 2024. By the end of December 2024, the value of its gold holdings reached N2.77 trillion, up from N1.28 trillion at the close of 2023. This growth was primarily due to a sharp increase in global gold prices. While the […]
NNPCL reduces fuel price to N910 per litre
The Nigerian National Petroleum Company Limited (NNPCL) has lowered the price of petrol at its stations. The new pump price is now N910 per litre, down from N935. This change was noticed at several NNPCL outlets in Abuja, including Kubwa Expressway, Zone 4, and Gudu. The N20 price drop has attracted many drivers to NNPCL […]
Naira records highest depreciation against dollar at official market
The Naira saw a significant drop against the dollar in the official foreign exchange market on Friday, closing the week on a negative note. According to data from the Central Bank of Nigeria, the Naira fell to N1,602.18 per dollar on Friday, down from N1,596.68 on Thursday. This shows a daily decline of N5.492, marking […]
Meta threatens to shut down Facebook, Instagram in Nigeria
Meta, the company behind Facebook and Instagram, has indicated that it might stop offering its services in Nigeria. This announcement follows substantial fines imposed by several regulatory agencies in the country. The Nigerian government has issued nearly $300 million in fines to Meta. The company referred to these penalties as “unrealistic,” emphasizing that they could […]
Bank Customers Weigh Options Over Hike In SMS Alert Charges
Many bank customers in Nigeria are unhappy with the latest increase in SMS alert fees. From May 1, 2025, banks started charging ₦6 per SMS alert instead of the previous ₦4. Banks say this is because telecom companies have raised their prices by 50%, and they are passing the cost to customers. Nigerian bank users […]
EFCC traces CBEX funds to four countries
The Economic and Financial Crimes Commission (EFCC) has found that money from the failed CBEX crypto exchange was sent to at least four countries. The EFCC chairman, Ola Olukoyede, shared this news during an interview on Channels Television on Wednesday, April 30. Olukoyede said the agency had frozen several bank accounts linked to the fraud […]
CBEX reportedly resumes operations despite N1.2tn EFCC probe
CBEX, a popular crypto trading platform that collapsed in April 2025, is back online even though it is being investigated for a massive fraud case involving over N1.2 trillion. The platform reportedly affected more than 600,000 Nigerian investors. According to Punch, some traders on the platform said CBEX has quietly resumed operations. New users can […]
Naira appreciates against dollar at official market
On Tuesday, the naira appreciated a bit against the dollar at the official foreign exchange market. According to data from the Central Bank of Nigeria, the naira’s value increased slightly, reaching N1,599.70 per dollar, up from N1,599.94 on Monday. This shows that the naira strengthened by N0.20 against the dollar in just one day. However, […]