Categories Archives: Business

Naira Hits 385/Dollar in Parallel Market.

The naira has continued to soar high in the last few weeks, following the intervention of the Central Bank in the foreign exchange market. And according to forex experts, there are indications that the naira may gain more as the CBN narrows the gap betwee ...

Naira Set To Appreciate Further This Week – CBN.

The Central Bank of Nigeria has stated that the naira is expected to appreciate further this week as they are set to inject more foreign exchange into the market in a bid to ensure the availability of forex. This is a move by the CBN that has reaped benef ...

MTN Declares Loss of $200m‎ in 2016.

South African Telecoms giant, MTN, on Thursday announced its first ever loss since they began operations in Nigeria as they stated that they lost over $200m in the year under review, 2016 This was expected considering the huge fine the company had to pay ...

Naira Gains N85 Against Dollar in One Week.

The Nigeria Naira currency has gained over N85 against Dollar in less than one week. This is due to the increased liquidity in the foreign exchange market as Central Bank of Nigeria pumps about $180 million to the parallel market. On Monday, N430 was exch ...

Cashless Policy Extended To 30 More States.

The cashless policy put in place by the Central Bank of Nigeria on withdrawals and deposits has been extended by the Apex bank to 30 more states across the federation. A circular which was issued at the end of the 493rd meeting of the Bankers’ Committee ...

OPEC Reaches Over 90% Compliance in Production Cuts.

Over 90 per cent of the members of the Organisation of Petroleum Exporting Countries (OPEC), have complied to the cartel’s output cuts which were pledged in January. This is according to figures the exporter group uses to monitor its supply, thereby mak ...

Arik Air Vows To Challenge Takeover By FG.

The management of troubled airline, Arik Air has said that they would challenge the takeover of the airline by the federal government via the Assets Management Company of Nigeria (AMCON) in court. This was disclosed by Capt. Ado Sanusi, the airlines Senio ...

Dangote To Invest More in Zambia.

Africa’s richest man, Aliko Dangote, has stated that his group plans to further consolidate on his existing investments in Zambia as well as other African countries as he is set to explore opportunities in the energy and agriculture sectors. He disc ...

CBN To Begin Selling Forex To BDC.

The Central Bank of Nigeria (CBN), has commenced the sale of about 250 million dollars to the 3147 registered Bureau De Change (BDCs), nationwide on Wednesday 18 January. This was disclosed by the President of the Association of Bureau De Change Operators ...

New Domestic Airlines To Prop Up in 2017.

2017 is really looking like a year when Nigeria would make some economic gains as predicted by global financial watchers as one of the most affected sectors of the economy, the aviation sector is set to have some major boost. More airlines are expected to ...

Inflation Hits 18.5 Percent in Nigeria.

Inflation in Nigeria has hit 18.55 per cent in the month of December as announced on Friday by the National Bureau of Statistics which stated that the rise was observed as the Consumer Price Index, which measures inflation was used as the measuring factor ...

Dangote To Resume Production in Tomatoes Factory.

After production was halted in February 2016, due to lack of enough raw materials, the Dangote Tomato Processing Factory in Kadawa, Kura Local Government Area of Kano State is to resume production of the produce in February 2017 This was revealed by Alh. ...