Some financial analysts have supported the Central Bank of Nigeria (CBN)’s move to eliminate foreign currency-denominated collateral, expecting it to stabilize the economy by improving dollar availability in the foreign exchange (FX) market while addressing currency liquidity challenges. The Central Bank of Nigeria (CBN) has prohibited the utilization of foreign […]

Data showing the Central Bank of Nigeria (CBN)’s rare interventions in the foreign exchange market prove that it is not defending the naira with its foreign reserves. Data from FMDQ Securities Exchange shows the CBN has only sold $581 million in the official market, otherwise known as NAFEM, this year. […]

The non-operating income of eTranzact International Plc, a Nigerian-based technology company, surged by 1,987.5 percent to N8.35 million last year from N400,000 in 2022, according to its latest financial statement. The surge in other operating income was driven by net realised foreign exchange gain on cash and cash equivalent and […]

The International Air Transport Association (IATA) released data for February 2024 global air cargo markets showing double digit growth, indicating continuing strong annual growth in demand. Part of the drivers for this growth is global cross-border trade which increased by 0.9 percent in January. Also in February, the manufacturing output […]

The Nigerian Army has confirmed the arrest of two soldiers for their alleged involvement in the theft of armoured cables at Dangote Refinery in Lagos State. The soldiers identified as CPL Innocent Joseph and L/CPL Jacob Gani, were arrested last Sunday after they were allegedly caught moving out of the facility with 897 […]

The Minister of State for Petroleum Resources and the Nigerian National Petroleum Company Limited have denied reports claiming that petroleum subsidy has been reinstated by the Tinubu-led government.   Recall that the immediate past governor of Kaduna state, Nasir El-Rufari, recently claimed that the Federal government is still paying subsidy […]

Nigerian banks can pull back on loans to businesses after a new directive by the Central Bank aimed at reducing an inflation rate that rose to a 28-year high in March. The CBN in a circular to banks Wednesday slashed their loan to deposit ratio- a percentage of deposits they […]

Central Bank of Nigeria (CBN) has reviewed the loan-to-deposit ratio (LDR) policy to align with its current monetary tightening, reducing the LDR by 15 percentage points to 50 percent. The apex bank disclosed this in a circular titled: ‘Re: Regulatory Measures to Improve Lending to the Sector of the Nigerian […]

The foreign reserve has depleted to $32.29 billion, which is a six-year low in the Central Bank’s course to save the naira. This is the lowest level the reserves have been since September 25, 2017, when it was $32.28 billion. The country’s foreign reserves declined by 6.2 percent losing $2.6 […]

The Nigerian Civil Aviation Authority (NCAA) is urging caution as the rainy season arrives, highlighting the dangers of severe weather conditions for air travel. A recent letter from Chris Najomo, the NCAA Director General, emphasided the increased risk of thunderstorms, microbursts, low-level wind shear, and heavy rain during this period. […]