Saturday, March 15, 2025
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 […]
Heirs Technologies, a subsidiary of the Tony Elumelu majority-owned holding company, wants to become like Tek Experts which outsources IT support for businesses whose cores are not tech-oriented but need tech for their operations. It intends to offer this service through the Managed IT Services segment of its business, which […]
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 […]
Troops have uncovered a staggering 102 dugout wells believed to be used in oil theft activities, in a major crackdown in the Niger Delta area. This revelation came to light during a press briefing held by Edward Buba, Director of Defence Media Operations, in Abuja on Thursday. During the operation, […]
brands, including American jeweler Tiffany & Co in 2021 for $15.8 billion. Arnault’s five children all work at LVMH. Mukesh Ambani Ranked as the 11th richest person globally, Mukesh Ambani’s net worth stands at $117.1 billion. Mukesh Ambani is the chairman and CEO of Reliance Industries, a company with a […]
The Central Bank of Nigeria (CBN) has removed limits placed on trade and payment services transactions on the Pan African Payment and Settlement System (PAPSS). PAPSS is a cross-border, financial market infrastructure enabling payment transactions across Africa. Read also: CBN limits transactions on PAPSS by dealer banks to $200,000 The CBN […]
Some Nigerians who benefited from the Central Bank of Nigeria (CBN) and NIRSAL Microfinance Bank’s targeted credit facility (TCF) have failed to pay N261.07bn out of N419.42bn given out. Daily Trust reports that the facility launched in April 2020 was to cushion the effects of the COVID-19 pandemic on households […]