The Federal Government has announced plans to delist the naira from all peer-to-peer (P2P) platforms. The Director General of the Securities and Exchange Commission, Emomotimi Agama, made this disclosure in a virtual meeting with blockchain stakeholders on Monday. This decision aims to tackle the manipulation of the local currency’s value in the […]

Dollarization is a phenomenon that has become increasingly familiar to inhabitants of weak or troubled economies, invariably developing or underdeveloped economies. It is the official adoption by a country of the United States dollar (USD) as a legal tender side by side with its national currency or as the only and […]

Money outside the banking system, also known as currency outside banks (COBs) rose by 10.67 percent in the first quarter of 2024, despite a decline in money supply (M2). Data from the Central Bank of Nigeria (CBN) showed that COBs increased to N3.63 trillion in March 2024 compared to N3.28 trillion recorded in January […]

As Big Oil returns this week to the industry’s annual showcase for offshore energy projects and equipment in Houston, deepwater discoveries off Guyana, Namibia and the US Gulf Coast will take the spotlight. Nigeria Africa’s top producer is missing from the ambitious list hobbled by years of bad policies and […]

The low asset base of Nigerian banks relative to peers makes a compelling case for a recapitalisation exercise, according to Ike Chioke, group managing director, Afrinvest West Africa Limited. Banks’ total assets is only 16.4 percent of the country’s $0.5 trillion Gross Domestic Product (GDP) according to Afrinvest data, well […]

The implementation of an electronic system that enables real-time generation of vital data on ship and cargo traffic in and out of Africa’s biggest economy has been stifled by corruption and internal power struggles, according to leaked documents and extensive interviews with sources familiar with the matter. Asides the billions […]

The Naira depreciated by N130 against the United States dollar at the parallel foreign exchange market on Sunday. A Bureau De Change operator, Mistila Dayyabu, disclosed this to the DAILY POST in an interview. He noted that Naira dropped to N,1420 per dollar from N1,290 in less than 48 hours at the […]

Nigeria’s debt rating outlook was lifted by Fitch Ratings to positive from stable, six months after it said that reform progress since President Bola Tinubu came to power in May of last year was faster than it anticipated. “The Positive Outlook partly reflects reforms over the last year to support […]

FCMB Group Plc announced impressive first-quarter 2024 financial results, with profit before tax rising 192.6% Year-on-Year to N31.3 billion compared to N10.7 billion in the same period in 2023. All of the Group’s business segments demonstrated significant growth, with Investment Banking leading at 228.1%, Consumer Finance at 165.4%, Banking Group […]