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Nigeria’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 […]
Continue ReadingGovernor of Enugu State, Peter Mbah, has unveiled the state-owned airline, Enugu Air, describing it as a giant leap for the state and a gold standard for government-private sector partnership. Mba said the airline will start off with three Embraer aircraft and will first begin with Enugu to Abuja to Lagos before stretching its wings […]
Continue ReadingNigerian National Petroleum Company (NNPC) Limited has slashed the pump price of Premium Motor Spirit (PMS), bringing the rate down to N910 per litre from the previous N945. It was gathered that the revised price took effect on Saturday at NNPC outlets across key locations in Abuja, including Zone 6 on Kubwa Expressway, Wuse Zone […]
Continue ReadingNigeria’s Corporate Affairs Commission (CAC) has announced a new list of reviewed service fees scheduled to take effect from August 1, 2025. The reviewed service fees, according to a public notice issued on Tuesday, are the result of a comprehensive review of economic realities, rising operational costs, and consultations with stakeholders. According to the Commission, […]
Continue ReadingIt is like the pidgin saying: “monkey dey work, baboon dey chop” when one considers the amount of Value Added Tax (VAT) each State in Nigeria generated in Q1, 2025 and how much each State got back when the total VAT was shared among the States. See the VAT contribution and distribution per State below: More […]
Continue ReadingNigeria’s naira yesterday appreciated to N1,600 per dollar in the parallel market from N1,605 per dollar last week. Similarly, the Naira appreciated to N1,540 per dollar in the Nigerian Foreign Exchange Market (NFEM). The Naira has maintained its appreciation trend since May 29th, gaining N47 against the dollar till date in the official market. Data […]
Continue ReadingNigerian currency, the naira depreciated to ₦1,620 per dollar in the parallel market as at clos of work on Tuesday, June 3, down from ₦1,610 per dollar on Monday. But, in the Nigerian Foreign Exchange Market (NFEM), the naira appreciated slightly, trading at ₦1,579 per dollar compared to ₦1,580 per dollar the previous day — […]
Continue ReadingLatest data published by the Central Bank of Nigeria (CBN) shows that the Nigerian banking industry (NBI) pays its customers an average interest rate of 5.32% on savings in their bank accounts. The figures released on its website capture deposit rates across 31 commercial and merchant banks. Commercial Banks’ average interest rate on customers’ deposit […]
Continue ReadingAccess Bank Plc and KCB Group Plc have officially announced the completion of the sale of National Bank of Kenya Limited to Access Bank Plc, marking the conclusion of a transaction initiated in March 2024. The acquisition, according to Access Bank’s statement on Friday, followed the receipt of all necessary regulatory approvals, solidifying the bank’s […]
Continue ReadingCentral Bank of Nigeria (CBN), in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), has launched the Non-Resident Bank Verification Number (NRBVN) platform, a significant initiative aimed at enhancing financial access for Nigerians in the diaspora. The platform, which enables Nigerians abroad to obtain their BVN remotely, removes the need for physical presence in Nigeria. […]
Continue ReadingUnited States Federal Bureau of Investigation (FBI) has revealed that investment scams involving cryptocurrency led to a huge loss of $5.8 billion in 2024. Report by the FBI’s Internet Crime Complaint Center (ICCC), says total losses from internet crimes in 2024 reached $16.6 billion. This shows a sharp rise of 33% from the previous year. […]
Continue ReadingBitcoin surged above $90,000 for the first time since March, rising over 5% to $91,605.01 on Tuesday, according to Coin Metrics. It briefly touched $91,752.00 and is now up more than 8% over two days, rebounding 22% from its April low. The rally comes amid continued stock market turbulence and a weakening dollar. U.S. equities […]
Continue ReadingOver the years, Nigerians have fallen victim to a series of Ponzi schemes that promised quick riches but ended in devastating losses. From the infamous Mavrodi Mundial Moneybox, popularly known as MMM that crashed in 2016, leaving millions of investors stranded, to the recent collapse of CBEX and other crypto-based platforms, the allure of high […]
Continue ReadingCryptoBridge Exchange known as CBEX may have joined a long list of successful scams in Nigeria. According to Nigerian investors, the people behind the digital platform have carted away over N1.3 trillion from their wallets after crashing on Monday. The platform now joins the scams hall of fame in the country. This list includes Mavrodial […]
Continue ReadingNaira appreciated against the dollar as at the close of trading, Friday night, March 14 to halt the depreciation streak at the official foreign exchange market. This comes as the Naira strengthened to N1,550.36 per dollar on Friday for the first time in the week under review from N1,554.85 exchanged on Thursday. The development showed […]
Continue ReadingBitcoin and its cryptocurrency peers have slumped in value over recent days as tariff threats from US President Donald Trump and new scandals affecting the sector shake confidence in volatile assets. Bitcoin dived Friday to trade under $80,000 for the first time since November. Its low of $78,225.84 was more than 25 percent off levels […]
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