Business

Breaking the three-day losing streak, the equities market on Thursday posted a gain of N390 billion on bargain hunting in Guaranty Trust Holding Company (GTCO) Plc and 36 others to close trading activities for the month of February. The Nigerian Exchange Limited All-Share Index (NGX ASI) gained 714.28 basis points or 0.72 per cent to close at 99,980.30 basis points.…

Bank depositors whose accounts do not have a Bank Verification Number (BVN) or National Identity Number (NIN) or both risk having them frozen in compliance with the Central Bank of Nigeria’s (CBN) directive which takes effect on Friday, March 1, 2024. The apex bank on December 2, 2023, directed all commercial, merchant, non-interest, payment service banks, Other Financial Institutions (OFIs)…

MTN Nigeria Communication Plc has reacted to its network glitch on Wednesday. Recall that its subscribers   suffered   glitch that impacted user’s efforts across the country.  The glitch caused an uproar among many customers who were not able to carry out business activities using their sims. In a statement published on social media, the telecommunications giant said its engineers are working…

 The negative sentiment continued to dominate the Nigerian equities market as the overall capitalisation lost N721 billion at the end of yesterday’s trading following the Central Bank of Nigeria (CBN) increase in interest rate to 22.75per cent. The All-Share Index declined by 1,316.87 points, representing a decline of 1.31 per cent, to close at 99,266.02 points. Similarly, the overall market…

The group chief executive officer (GCEO),Nigerian National Petroleum Company (NNPC) Limited,  Mele Kyari said all indicators show the country’s energy scarcity will be resolved within the next 10 years. He also said  its role in the divestment of international oil companies (IOCs) from onshore and shallow water assets in the country is that of a facilitator. Kyari spoke during the…

The governor, Central Bank of Nigeria (CBN), Olayemi Cardoso revealed that a total of $400 million was paid on Tuesday to settle some outstanding foreign exchange (FX) commitments. Cardoso disclosed this during a press conference after heading his first monetary policy committee (MPC) meeting of the apex bank. According to him, “…and I can tell you, just today, we paid…

The Governor. Central Bank of Nigeria (CBN), Olayemi Cardoso on Tuesday said $26 billion passed through Binance Nigeria from unidentified sources in one year. Cardoso disclosed this to journalists after the committee’s meeting at the CBN headquarters in Abuja. In June 2023, the Securities and Exchange Commission (SEC) had said the operation of Binance Nigeria Limited, a subsidiary of Binance,…

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) at its first meeting of 2024 voted to raise Monetary Policy Rate (MPR) by 400 basis points to 22.75per cent from 18.75 per cent. The members after the two-day meeting in Abuja increase the asymmetric corridor to +100 basis points /-700 basis points (Previously: +100 basis points /-300…

In a move aimed at rectifying the persisting distortions in the retail segment of Nigeria’s foreign exchange market, the Central Bank of Nigeria (CBN) has revealed plans to allocate $20,000 to each eligible Bureau De Change (BDC) operator across the country. The Director of Trade & Exchange Department, CBN, Dr Hassan Mahmud in a circular on Tuesday. This initiative is…

The Honourable Minister of Industry, Trade, and Investment, Dr. Doris Uzoka-Anite has hinted that the WTO Investment Facilitation for Development (IFD) Agreement would complement Nigeria’s ongoing reforms and initiatives towards unlocking opportunities within its economy. Speaking at the 13th World Trade Organization (WTO) Ministerial Conference (MC 13), held in United Arab Emirates, the Minister in her speech said the Government…