The prices of food and other commodities have refused to react to the positive change recorded in the value of naira to the United States’ dollar in the last few weeks. Following the recent foreign exchange (FX) policy adjustments by the Central Bank of Nigeria (CBN), the value of the […]

…Empowers 20,000 entrepreneurs with $100m seed capital …Beneficiaries create 400,000 jobs Tony Elumelu, founder, Tony Elumelu Foundation and group chairman, United Bank for Africa (UBA), has said that the Foundation was aimed to spread prosperity across Africa. Elumelu, who also said redistribution of wealth was the Foundation’s overarching mission, was […]

In Nigeria’s foreign currency sector, turmoil brews. Once-powerful players in the foreign exchange market now evade authorities, their erstwhile dominance shattered. Resolve of both the Central Bank of Nigeria to begin forex sales to Bureau De Change (BDC) vendors after over three years break, and the crackdown on illegal traders […]

The federal government has released a sum of N90 billion to subsidise the 2024 pilgrimage to the Kingdom of Saudi Arabia, Daily Trust has learnt. An impeccable source within the National Hajj Commission of Nigeria (NAHCON) revealed this to Daily Trust on Thursday. The source, who asked not to be named, […]

Going by the new capital requirements released by the Central Bank of Nigeria (CBN) for commercial, non-interest and merchant banks on Thursday night, 25 banks operating in Nigeria would need to raise not less than N3.894 trillion in fresh capital to meet up with the new minimum capital base. This is […]

The Nigerian economy had an inflow of over $1.5bn in the past few days. This, according to the Central Bank of Nigeria (CBN) indicates that its monetary policy efforts are working. The Bank’s Acting Director, Corporate Communications Department, Hakama Ali, stated these in a statement on Friday. Ali noted that data […]

The naira, on Friday, appreciated to N1,280 per dollar at the parallel section of the foreign exchange (FX) market. The current FX rate signifies a 5.19 percent appreciation from the N1,350/$ reported on March 27. Currency traders in Lagos, also known as bureau de change (BDCs) operators, quoted the buying […]

Nigerians have expressed excitement as Air Peace on Saturday operated full flight to London. The airline which operated a Boeing 777 for the maiden flight, held a brief ceremony at the Muhammed International Airport (New Terminal) to celebrate the occasion. Some of the dignitaries present at the occasion include Festus Keyamo, the Minister of […]

The International Monetary Fund (IMF) has said that inflation caused by currency depreciation in Sub-Saharan African (SSA) countries is eight times stronger during a depreciation than an appreciation. This suggests that inflationary pressures may not come down as quickly when local currencies strengthen against hard currencies in SSA countries. In […]