Benin has blocked China’s first shipment of crude oil from Niger amid an ongoing border dispute between the two West African nations arising from a coup that has put a military junta in Niger in power which caused strained relations with other African nations[. China’s first imports of crude oil from […]

David Umahi, the Minister of Works, has expressed his readiness to face the House of Representatives probe regarding the controversial N15 trillion Lagos-Calabar Coastal Highway road project while emphasising that he has nothing to hide about the project. Umahi said he will ensure that the proceedings are televised live, to […]

The Economic and Financial Crimes Commission (EFCC) has issued a stern warning to foreign missions operating in Nigeria, prohibiting them from conducting financial transactions in foreign currencies. Instead, they are now required to use the Nigerian naira for all their financial dealings. The EFCC has also made it compulsory for […]

03 Capital , a Nigerian fintech and non-bank credit card issuer, has announced an agreement with American Express to issue four new credit cards. The cards launched are the 03 American Express Green Card for consumers, the 03 American Express Gold Card for consumers, and the 03 American Express Platinum […]

International Breweries, an alcoholic beverage maker in Nigeria, reported an after-tax loss of N60.4 billion in the first quarter of this year, up from N2.31 billion in the same period of 2023, according to its latest financial statement. BusinessDay analysis shows that the firm’s revenue from contracts with customers surged to N103.2 billion […]

The International Monetary Fund (IMF) on Thursday urged the Central Bank of Nigeria (CBN) to adopt a well-designed foreign exchange intervention framework to ensure the stability of the currency. The Washington-based Fund applauded the removal of foreign exchange market distortions and encouraged the authorities to continue improving the functioning of […]

Streaming income for Nigerian artists on Spotify has grown by 2,500 per cent in the last seven years, underscoring the increasing uptake of musical platforms in the country. In 2023, Nigerian artists earned N25 billion, double what they did in 2022, and there was a 2,500 per cent increase from 2017. Spotify revealed this […]

Businesses and manufacturers that import critical production inputs are now paying 23 percent more as Customs import duties with the naira retreating against the United States dollar after weeks of stability in April. The cost of clearing imports went up by 23 percent to N1,412.573/$ as of May 8 compared to a […]

Foreign exchange losses overshadowed strong underlying performances by Nigerian telecommunication companies listed on the stock exchange in the first quarter of 2024. MTN Nigeria and Airtel Africa recorded a combined loss of N511.27 billion, mainly due to a near 30 percent devaluation of the naira this year. Airtel Africa’s Q1 loss after […]

Nigerians have continued to ignore the eNaira, which has now been used for only N29.3 billion worth of transactions since its October 2021 launch. Unveiled by former president Muhammadu Buhari as a tool to promote financial inclusion and reduce reliance on cash, the digital equivalent of the naira has recorded slow adoption. For context, […]