Business

Naira at the Investors & Exporters Foreign Exchange Window (I &E FX) depreciated to N663.04 against the dollar from the N472.50 it opened the week, reflecting the impact of the foreign exchange market liberalisation announced by the Central Bank of Nigeria (CBN). The naira traded high at N791 against the dollar and N461 low on Friday. This means that the…

The naira depreciated against the dollar at the Investors & Exporters (I & E FX) window on Thursday over high demand. The naira depreciated by 5.4per cent to N702.19 against the dollar, down from N664.04 against the dollar it traded on Wednesday. However, the Nigerian equities market on Thursday experienced a bearish turn after two consecutive days of bullish momentum…

Nigeria’s headline inflation rate sustained its uptrend in May, increasing by 19 basis points to 22.41per cent from 22.22 per cent reported in April 2023. The National Bureau of Statistic (NBS) on Thursday in its latest Consumer Price Index report said: “Looking at the movement, the May 2023 inflation rate showed an increase of 0.19 per cent points when compared…

The Central Bank of Nigeria (CBN) on Wednesday announced the unification of all segments of the foreign exchange (FX) market. In a circular signed by director, CBN financial markets department, Angela Sere-Ejembi stated that all FX windows are now collapsed into the investors & exporters (I&E) window. The CBN said the move is part of a series of immediate changes…

The domestic equities market on Wednesday sustained its upward trend by N992 billion, spurred by positive investors’ sentiment following reports of the Central Bank of Nigeria (CBN) allowing the naira to freely float at the I&E Window and the well-received suspension of the apex bank Governor, Mr. Godwin Emefiele. The All Share Index (ASI) gained 1,821.51 basis points or 3.13…

As the world continues to evolve, the need for sustainable food production has become a key imperative for most countries that had previously, not prioritized food self-sufficiency. And as both existing and emerging data proffers possible population growth in Nigeria, the need to sustainably drive food production in the country has become increasingly pertinent. In this quest for food security,…

Ecobank through its representative office in Ethiopia, has partnered with Ethiopia’s Dashen Bank to enable Ethiopians living in the diaspora, specifically Europe, to send money instantly to any Dashen Bank account, other local bank accounts, mobile money wallet and cash pick up using Ecobank’s Rapidtransfer International app (RTI). The cross-border remittance solution app which is available in the rest of…

The Court of Appeal, Lagos Division, has dismissed an appeal brought before it by Barrister Jimoh Ibrahim, the chairman of Global Fleet Group who is challenging the seizure of 12 of his assets by the Asset Management Corporation of Nigeria (AMCON), and freezing of all his accounts over his alleged N69.4billion debt. The judges upheld the arguments of AMCON’s lead…

The Lagos Internal Revenue Service (LIRS) and the Federal Inland Revenue Service (FIRS) have issued a public notice on the Memorandum of Understanding (MoU) signed by both agencies to establish a Joint FIRS and LIRS Audit and Investigation Team aimed at encouraging the exchange of information between both agencies. In a communique signed by Ayodele Subair, Executive Chairman, LIRS, and…

Bank customers applying for Form A and demanding foreign exchange (FX) are mandated to present Tax Clearance Certificate (TCC) alongside other required documents on the Central Bank of Nigeria (CBN)’s Trade Monitoring System Portal. Form A is an application form designed by the CBN to pay for service transactions (invisible trade) like foreign tuition, training courses and medical bills. FCMB…