Lagos, the most populous city in Africa has been ranked 5th among 20 wealthiest cities in the continent with 4,200 millionaires, Africa Wealth Report 2024, by Henley & Partners, shows. The industrial hub of Nigeria dropped from the fourth spot it was in 2023 with 5,400 millionaires, leading to 1,200 people now out […]

Aminu Gwadabe, president, Association of Bureaux De Change Operators of Nigeria has said BDC operators now sell US dollars at N1,020/$ while they buy at N980/$. Gwadabe who featured as a guest on Channels’ Business Incorporated program on Tuesday said that the appreciation of the naira happened faster than expected, commending the central […]

The Nigerian Civil Aviation Authority (NCAA) has cracked down on private jet operators violating their permits by suspending the Permit for Non-Commercial Flights (PNCF) of three operators for conducting commercial flights. This enforcement comes after warnings were issued in March 2024. In a statement, the Acting Director General, Capt. Chris […]

The Ministry of Industry, Trade and Investment says it has begun disbursement of the Presidential Conditional Grant Scheme to verified applicants after an exhaustive selection process. The government, through the Bank of Industry, had said it would be disbursing three categories of funding totalling N200bn to support manufacturers and businesses across […]

Having opened at N1,130 to the dollar on Monday morning, the value of the naira gained strength midday as traders anticipate another round of dollar sales to Bureau de Change (BDC) operators this week. By noon on Monday, the naira was selling at N1,000 to the dollar at the parallel […]

The naira sustained gains against the US currency at the official foreign exchange (FX) market, despite a drop in dollar supply by market players on Monday. The summary of the FX transactions published by the FMDQ Securities Exchange revealed that the naira appreciated by 0.56 percent as the dollar was quoted at […]

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said Nigeria’s crude oil reserves increased from 36.96 billion barrels (bb) on January 1, 2023, to 37.50 bb on January 1, 2024. Selling point news reports that the NUPRC Chief Executive Officer (CEO), Gbenga Komolafe, stated this while speaking with reporters in […]

The Federal Government has eventually complied with the demands of domestic crude oil refiners and other operators in the sector, as it declared on Monday that indigenous refineries can now buy crude oil in naira or dollars. It also declared that the total crude oil and condensate reserves in Nigeria […]

…records largest drop on top 10 Africa’s richest list Nigeria experienced a decline in millionaire growth of 45 percent in one decade, resulting in 6,800 individuals losing their millionaire status, a new report showed on Tuesday. The 2024 Africa Wealth Report compiled by Henley and Partners, a London investment migration […]

While the naira has appreciated against the dollar in recent weeks to become the world’s best-performing currency, food inflation in the country jumped to a historic high last month. Naira’s appreciation, driven by a series of measures taken by the Central Bank of Nigeria including the clearing of foreign exchange backlogs, has yet […]