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United States Supreme Court struck down President Donald Trump’s far-reaching global tariffs on Friday, handing him a stinging loss that sparked a furious attack on the court he helped shape. Trump said he was “absolutely ashamed” of some justices who ruled 6-3 against him, calling them “disloyal to our Constitution” and “lapdogs.” At one point he even raised […]
Continue ReadingNigerian naira has surged to one of its strongest levels in nearly two years, closing at 1,347.78 per $1 in the official market on Monday, according to a macroeconomic update by CardinalStone. The currency has appreciated by 6.9 per cent year-to-date in the official window, reflecting improved liquidity conditions in the foreign exchange market. But, […]
Continue ReadingNigeria’s Naira yesterday depreciated to N1,455 per dollar in the parallel market from N1,440 per dollar on Monday. But the naira appreciated to N1,349.5 per dollar in the Nigerian Foreign Exchange Market (NFEM). Central Bank of Nigeria (CBN) data showed that the indicative exchange rate fell for the naira to N1,349.5 per dollar from N1,354.9 […]
Continue ReadingBitcoin (BTC-USD) crashed over 13% on Thursday, sinking below $64,000 to touch its lowest levels since October 2024 as a steep sell-off accelerated. The token is down nearly 50% from last year’s all-time high, erasing all of the gains made during President Trump’s second term. Investors had been optimistic that the administration’s crypto-friendly policies would […]
Continue ReadingReports coming in say that the Nigerian Naira extended its winning streak against the United States Dollar during the early hours of Thursday, February 5, 2026. Building on the momentum from the start of the week, the local currency has significantly improved its position in the official market, as liquidity levels remain robust. Naira opened […]
Continue ReadingFemi Otedola, the Group Chairman of First Bank Holdings, has explained the rationale behind the decision to write off N748bn in legacy non-performing loans, describing it as a calculated move to secure the bank’s long-term financial health, despite its heavy impact on profits. Otedola disclosed this in a post on his X handle on Saturday […]
Continue ReadingSome of Nigerian banks are racing to meet the new capital requirements mandated by the central bank, a policy shift that is expected to strengthen the lenders’ resilience against shocks and enable them to make meaningful contributions to the country’s growth agenda. The recapitalisation exercise, which began in 2024, sets N500 billion for commercial banks […]
Continue ReadingDangote Petroleum Refinery (DPR) has again reduced its petrol gantry price, substantially slashing the ex-depot rate from N828 to N699 per litre. Real-time market data published on Petroleumprice.ng on Friday showed that the refinery implemented another major downward review, cutting the Premium Motor Spirit benchmark price by N129 per litre — a 15.58 per cent […]
Continue ReadingAfrican richest businessman, Aliko Dangote has called on wealthy Nigerians to redirect funds currently spent on luxury items such as Rolls-Royce cars and private jets into establishing industries that drive economic growth and create employment opportunities. Dangote spoke after a meeting with President Bola Tinubu at Aso Rock Villa on Saturday, he lamented the culture […]
Continue ReadingLoans from the World Bank to Nigeria between 2023 and 2025 are projected to reach $9.65bn by the end of this year as fresh approvals, ongoing negotiations, and disbursements gather pace across key sectors. The amount covers International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA) loans only, according to an analysis […]
Continue ReadingIn a circular signed by the Director, Financial Policy & Regulation Department, Dr. Rita I. Sike, on December 2, 2025, the Central Bank of Nigeria (CBN) announced a comprehensive revision of cash-related policies, introducing new nationwide withdrawal limits and scrapping the cumulative deposit cap for bank customers. She said the policy overhaul was necessary to […]
Continue ReadingNigeria’s Naira has been ranked as the ninth weakest currency in Africa, according to a Forbes currency calculator report for September 2025, underscoring the lingering pressure on Nigeria’s economy despite recent signs of easing inflation. Forbes currency calculator, which sources real-time foreign exchange market data via the Open Exchange Rates API, updates every five minutes […]
Continue ReadingLarry Ellison, Oracle co-founder, has toppled Elon Musk to become the world’s richest person, ending the Tesla boss’s nearly year-long reign at the top of the Bloomberg Billionaires Index. According to Bloomberg, Ellison’s fortune surged by a record $101bn on Wednesday after Oracle reported quarterly results that beat expectations and signalled further growth in its […]
Continue ReadingNigeria’s currency, the naira has appreciated to N1,530 per dollar in the parallel market, up from N1,535 per dollar recorded last week. But, in the Nigerian Foreign Exchange Market (NFEM), the naira depreciated slightly, trading at N1,513 per dollar, compared to N1,511.5 per dollar last week. This represents a drop of N1.5. Data from the […]
Continue ReadingAccess Holdings Plc has appointed Mr. Innocent Ike as its substantive Group Managing Director/Chief Executive Officer, effective August 29, 2025, following regulatory approval. The announcement, contained in a statement released on Wednesday and signed by the company secretary, Sunday Ekwochi, comes hours after Roosevelt Ogbonna resigned from the company’s board in compliance with new corporate […]
Continue ReadingNigeria’s Naira fell further at the close of work on Tuesday, August 26, trading at N1,550 per dollar at the parallel market, down from N1,540 per dollar recorded on Monday. In the Nigerian Foreign Exchange Market (NFEM), the local currency also weakened slightly to N1,537 per dollar, compared to N1,536.99 per dollar the previous day, […]
Continue ReadingBitcoin surged to an all-time high of $124,000 on Thursday, August 14 fueled by growing demand from U.S. retirement accounts, institutional investors, and treasury firms. The move coincided with a rally in American stocks, reflecting heightened global risk appetite. The world’s largest cryptocurrency by market value rose 0.9% from its July peak, while Ethereum hit […]
Continue ReadingThe Naira on Friday closed the week slightly weaker, as it lost 19 kobo against the U.S. dollar at the official market, trading at N1,533.74. Data released on the official website of the Central Bank of Nigeria (CBN) showed that the Naira traded on Thursday at N1,533.55, according to News Agency of Nigeria (NAN). On […]
Continue ReadingNigeria’s Naira closed the week on a positive note, gaining 4.52 kobo against the U.S. dollar at the official market on Friday. According to the latest figures from the Central Bank of Nigeria (CBN), the Naira traded at N1,534.72 per dollar. The figure represents a modest gain of 0.05 per cent on Thursday, when it […]
Continue ReadingNigerian naira extended its recent gains on Monday, strengthening to a four-month high against the US dollar to close at 1518 per $1 on the official market, the Nigerian Foreign Exchange Market. Data from the Central Bank of Nigeria (CBN) revealed that the naira gained 0.74 per cent to close at 1518 per $1 on […]
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