Finance

The Central Bank of Nigeria, CBN yesterday, announced the resumption of dollar sales to bureaux de change, BDCs, a development that reversed the sharp depreciation of the Naira to N1,640 per dollar in the parallel market. The dollar sales to BDCs is coming   two months after the last one in April. In a circular signed by the […]

Nigeria and other African nations are losing $50 billion a year to illegal financial outflows, according to the Nigerian Shippers’ Council. The Executive Secretary/Chief Executive Officer of the NSC, Pius Akutah, stated this in Lagos recently during a debate competition organised by some members of the National Youth Service Corps in collaboration with industrial trainees […]

Despite the harsh operating business environment in the economy, insurance companies were able to grow their total assets by 36.9 per cent year-on-year, YoY, to N3.3 trillion in Q1’24 from N2.4 trillion  in the corresponding period of Q1’23. The National Insurance Commission, NAICOM, disclosed this yesterday, in its first quarter Q1’24 report of the insurance sector. […]

The International Monetary Fund (IMF) says global growth is projected to remain unchanged at 3.2 per cent in 2024 and 3.3 per cent in 2025. This is according to the IMF’s latest World Economic Outlook (WEO) Update Report for July 2024: “The Global Economy in a Sticky Spot” released on Tuesday. The report said though […]

Justice Dehinde Dipeolu of the Federal High Court in Lagos has directed the former Minister of Humanitarian Affairs, Disasters Management and Social Development, Sadia Umar-Farouk, to give details of how N729bn allegedly disbursed to 24.3 million poor Nigerians was carried out. The court ruled that the ex-minister should provide a list of all the beneficiaries, […]

Analysts at Proshare Nigeria, an online news media, have projected increased bank loans and advances among other things following banks’ recapitalization. Presenting a book, “ Beyond Profit: How a Nigerian company built a culture of credibility”, in Lagos Mr. Teslim Shitta-Bey, Managing Editor/Chief Economist, Proshare Nigeria, said: “Banks will increase loans and advances. Those will result […]

The Naira yesterday depreciated in the parallel market to N1,520 per dollar from N1,515 per dollar on Tuesday. Similarly, the Naira depreciated to N1,512.61 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,512.61 per dollar from N1,509.45 per dollar on […]

The Central Bank of Nigeria (CBN) has threatened to sanction Deposit Money Banks (DMBs) for rejecting old and small denominations of the United States of America Dollars. In a circular issued by the Ag. Director, Currency Operations Department, CBN, Mr. Mohammed Solaja,   the apex bank said its market intelligence had revealed the continued rejection of the […]

The volume of dollars traded (turnover) in the Nigerian Foreign Exchange Market, NAFEM, rose year-on-year (YoY) by 74 percent to $22.88 billion in the first half of  2024 (H1’24) from $13.11 billion in H1’23. Vanguard analysis of quarterly transactions in the market as published by FMDQ showed that turnover stood at   $12.64 billion in the first quarter of […]