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Suspected fraudster has explained how he allegedly stole bank customers’ PINs by pretending to help them operate automated teller machines in Calabar, Cross River State. Though his identity was not disclosed in a statement by the Cross River State Police Command, the suspect said he targeted customers who needed assistance at ATM points, withheld their […]
Continue ReadingInternational Monetary Fund (IMF) has advised Nigeria against restoring broad petrol subsidies, recommending targeted financial assistance and social protection programmes to cushion vulnerable households against rising energy costs. The fund said blanket fuel subsidies were fiscally expensive, disproportionately benefited higher-income consumers and could worsen pressure on public finances amid rising borrowing costs. Rodrigo Valdés, director […]
Continue ReadingNigerian Naira continues to exhibit stable movements across both the official and parallel foreign exchange markets as trading gets underway on Tuesday, October 13, 2026. At the official Nigerian Foreign Exchange Market (NFEM), the Naira maintains a steady position, trading at approximately 1,332.49 to the US dollar. Market data and tracker insights from the Central […]
Continue ReadingNigerian Naira maintained a stable posture across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market as trading commenced for the week. The United States Dollar traded at approximately ₦1,327.08 at the official NFEM window, holding steady following a stretch of robust liquidity inflows and increased turnover supported by the Central Bank […]
Continue ReadingFederal Government has opened discussions with the World Bank for three new loans totalling $1.5bn, even as Nigeria’s public debt climbed to a record N166.79tn at the end of June 2026. Documents obtained from the World Bank show that the proposed financing comprises three separate $500m facilities for climate resilience, social protection and early childhood […]
Continue ReadingChairman of Dangote Industries Limited, Aliko Dangote, on Monday sounded the gong at the Nigerian Exchange to formally launch the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals. Held on the trading floor of the NGX in Lagos, the ceremony marked the first time a refinery has been offered on the Nigerian stock […]
Continue ReadingBitcoin rebounded above $79,000 on Wednesday, recovering from losses in the previous session as renewed interest in cryptocurrency investment products helped support the market. Bitcoin was last trading at around $79,491, up about 0.8% at the time of the latest market report. The recovery came as investors showed stronger interest in crypto exchange-traded products, including […]
Continue ReadingMany companies have decided to shut down their business operations in Nigeria in the last five years due to varying reasons such as economic decline, inflation, difficult economy, economic pressure, naira devaluation, theft, insecurity and so on. List of companies that exited Nigeria in the past five years, and why: 1. ShopRite (Economic Decline) * […]
Continue ReadingThe global technology platform that connects riders with independent drivers and couriers, Uber, has announced the shutdown of its operations in Nigeria following a review of its business, saying it will cease operations in the country effective September 2, 2026. In a message to its drivers on Wednesday, the company informed them that they would […]
Continue ReadingConsidering many of Nigerian students, choosing a university course is one of the biggest decisions they will ever make. Even though passion remains important, earning potential has become an increasingly more important factor as families grapple with rising living costs and graduates a competitive job market. What cannot be denied is that no course guarantees […]
Continue ReadingBitcoin surged Friday on optimism over US cryptocurrency legislation and the US Treasury’s surprise move to buy back more of its own bonds, which fuelled a shift to riskier assets. The world’s biggest cryptocurrency by market value climbed 6.9 percent to $77,675.94, after reaching its highest level since May, and is up more than 20 […]
Continue ReadingUnited States has imposed a 12.5 per cent tariff on imports from Nigeria as part of a new trade measure targeting countries it says have failed to prohibit the importation of goods produced with forced labour. The tariff affects imports from 60 economies that Washington says have not “imposed and effectively enforced a prohibition on […]
Continue ReadingCentral Bank of Nigeria (CBN) has revoked the operating licenses of forty-six (46) Microfinance Banks with effect from July 1, 2026, in accordance with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020,” the statement read. The CBN said the revocation was approved after the affected institutions […]
Continue ReadingChief Executive Officer (CEO) of Tesla, Elon Musk, is no longer a trillionaire after a sharp decline in SpaceX shares erased more than $150 billion from his fortune, ending a historic but short-lived stint above the $1 trillion mark. The technology billionaire became the first person to surpass a net worth of $1 trillion earlier this month following […]
Continue ReadingOlamide Adee, a Nigerian tech founder, has stirred reactions online after publicly stating that supporters of the ruling All Progressives Congress (APC) should not apply to join her team or send their CVs. In a series of posts shared on social media, Adee said she would not use her hard-earned money to employ APC supporters, […]
Continue ReadingThe World Bank has raised concerns over Nigeria’s fiscal framework, revealing that more than yearsN34.53 trillion was diverted from federation revenue over the past three years through pre-distribution deductions. In its latest Nigeria Development Update obtained from its website, the global lender disclosed that although total federation revenue rose sharply to about N84 trillion between […]
Continue ReadingCentral Bank of Nigeria (CBN) has directed all International Money Transfer Operators (IMTOs) in Nigeria to open and maintain naira settlement accounts with authorised dealer banks as part of efforts to improve transparency and oversight in the foreign exchange market. The directive was contained in a circular dated March 24, 2026, signed by the Director […]
Continue ReadingUnited 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 […]
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