Business

The Naira on Thursday depreciated by 0.1per cent to N1,449 against the dollar at the Nigerian Foreign Exchange Market (NFEM) rate from N1,447.50 against the dollar it opened for trading.  According to the Central Bank of Nigeria (CBN), the local currency on Thursday reached the highest and lowest rate of N1,450/ $ and N1,446/$, respectively to eventually close at N1,449/$.…

The equities market on Thursday extended its positive momentum with the market capitalization increased by N97 billion. The Nigerian Exchange Limited All Share Index (NGX ASI) gained by 152.28 points or 0.10 per cent to close at 145,476.15 points. Also, market capitalisation gained N97 billion to close at N 92.726 trillion. However, market sentiment was bearish as 28 declining stocks…

The Securities and Exchange Commission (SEC) has issued a strong warning to Nigerians against investing in an online platform known as Glorious Wealth Fund (GWF), describing its operations as illegal and potentially fraudulent. In a statement on Thursday, the Commission said GWF, which operates via the website gloriouswealthfund.com, is neither registered nor licensed to offer any capital market services in…

Business mogul and Executive Chairman of Oriental Energy, Alhaji Mohammed Indimi, has described Akwa Ibom State as Nigeria’s top investment destination, citing its peace, security, and the hospitality of its people. Indimi stated this during a courtesy visit by the management team of Oriental Energy to Governor Umo Eno at Government House, Uyo. He said the company had operated in…

In alignment with the Commission’s commitment to deepening market accessibility, the Securities and Exchange Commission (SEC) is set to unveil two innovative products: a USSD Service and ISA Audio, designed to democratize information dissemination and enhance investor engagement. According to the Commission, the unveiling will take place at the forthcoming Capital Market Committee Meeting scheduled for this month.   The SEC…

Nigerian Exchange Limited (NGX) has introduced Commercial Paper (CP) listings, following approval from the Securities and Exchange Commission, marking another significant expansion of its product suite in a year defined by accelerated innovation.  This development deepens Nigeria’s short-term debt market and reinforces NGX’s role as a versatile hub for capital formation. The new listing window enables corporates and issuers to…

The Central Bank of Nigeria (CBN) has increased cash withdrawal limits on all channels to N500,000 weekly for individuals and N5 million for corporates. Announcing the policy revision in a circular on Tuesday, the regulator pegged automated teller machine (ATM) withdrawals at N100,000 daily, with a weekly cumulative withdrawal of N500,000. The development is a major shift from tighter cash…

The Naira closed November 2025 on a slightly weaker note, continuing the pattern of volatility that has defined the foreign exchange market in recent months. The naira traded at N1,446.9/$1 on November 28, compared to N1,438/$1 at the opening of the month. This marks a depreciation from N1,427.5/$1 recorded on October 31, demonstrating the currency’s fragile stability despite aggressive monetary…

The Central Bank of Nigeria (CBN) has published draft guidelines that could require banks and other financial institutions to refund victims of Authorised Push Payment (APP) fraud within 48 hours after investigations are concluded. The document released recently marks one of the strongest consumer-protection measures introduced by the apex bank in response to rising social-engineering scams and payment-manipulation cases across…

 The Alternative Bank (AltBank) has emphasised its commitment to tailored export-finance solutions for MSMEs in across the health, education, agriculture, renewable energy and transportation value chains. The pledge, which comes on the backdrop of the ongoing Nigeria International Trade Fair 2025, reinforces the Bank’s role as a key driver of economic expansion and a catalyst for stronger trade systems across…