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Bitcoin 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 […]
Continue ReadingOnly two banks have so far been able to meet the new capital requirements prescribed by the Central Bank of Nigeria (CBN), with most of the other banks still in need of huge capital injections, international rating agency, Fitch Ratings, has said in its latest report. According to Fitch, while many of the banks are […]
Continue ReadingKeystone Bank has confirmed that it is now fully owned by the Federal Government of Nigeria, stating that the takeover will enhance its stability and facilitate a smooth recapitalisation process. It was among the three banks whose boards and management were dissolved by the Central Bank of Nigeria (CBN) on 10th January 2024, leading to […]
Continue ReadingNigeria is not only one of the largest economies in Africa but also home to some of the continent’s wealthiest individuals. These men have built their fortunes in industries such as oil, telecommunications, manufacturing, and finance. In this article are the richest men in Nigeria sourced from reputable platforms like Forbes Africa, Bloomberg Billionaires, and trusted […]
Continue ReadingIt looks like the Ghanaian hip hop song, sung by Sylvanus Dodji Jeoffrey popularly known as Captain Planet (4×4) and others, or the pidgin saying: “monkey dey work, baboon dey chop” when one considers the amount of Value Added Tax (VAT) each geopolitical zone in Nigeria generated in 2024 and how much each zone got […]
Continue ReadingNigerian Communications Commission (NCC) has approved tariff increaments for network operators, marking the first change in rates since 2013. Announcing the decision on Monday, the NCC Director of Public Affairs, Reuben Muoka, allows for a maximum 50% increase in tariffs, significantly lower than the over 100% increases some operators had requested. Exercising its authority under […]
Continue ReadingRecognising the mounting opposition, President Bola Tinubu has started sending emissaries to the northern elite, leaders and elders to clear the way for the passage of the tax reform bills. Nigerian Presidency sources said Tinubu was also consulting with the political class for support on the bills. An official, who spoke on condition of anonymity […]
Continue ReadingNigerian Naira appreciated in the parallel market to N1,650 per dollar on Tuesday, December 31, after close of trading compared to N1,655 on Monday. Also, the Naira appreciated to N1,535 per dollar in the official foreign exchange market. New data published by the Central Bank of Nigeria (CBN), showed that the exchange rate for the […]
Continue ReadingMy Fellow Nigerians, In fulfilment of one of my constitutional duties and with an unyielding commitment to rebuilding Nigeria towards ensuring that we remain steadfast on the journey to a prosperous future, I hereby present the 2025 Budget to the Joint Session of the 10th National Assembly. On this day, before this hallowed chamber, I […]
Continue ReadingBitcoin hit $100,000 for the first time on Wednesday, surging to a new record after US President-elect Donald Trump unveiled administration picks believed to usher in crypto-friendly policies when he takes office in January. Among the picks by Trump is Paul Atkins, whom Trump intends to nominate to lead the Securities and Exchange Commission (SEC), […]
Continue ReadingWhile most countries have their official currency, a few surprising places do not. Instead, these nations rely on the currencies of other countries for their day-to-day transactions. This might seem unusual, but it can help these countries stabilize their economies and avoid the risks of managing their own money. According to the International Monetary Fund […]
Continue ReadingInternational Monetary Fund (IMF) has reported that the economic reforms initiated by Nigeria’s federal government have yet to yield significant positive results, 18 months after their implementation. In its latest outlook for sub-Saharan Africa, IMF excluded Nigeria from the list of countries making reform progress, grouping it among nations struggling to meet desired economic outcomes. […]
Continue ReadingNigeria’s Naira is forecasted to depreciate to N1,993 against one United States dollar ($1) by 2028, posing a significant challenge to Nigeria’s pharmaceutical industry, particularly in importing essential medical devices, a new report by BMI, a Fitch Solutions subsidiary, has revealed. The report themed, “Weak Naira and Structural Challenges to Constrain Nigeria’s Medical Devices Market […]
Continue ReadingNigeria, in the last five years, has witnessed an increasing trend of multinational and local companies shutting down or relocating their operations due to economic challenges, currency volatility and rising operational costs. In the past five years, about 60 multinationals and local companies have left Nigeria, resulting in an estimated revenue loss of N94 trillion […]
Continue ReadingIndications are showing that the local currency is set to fully reverse its gains as the depreciation trend enters a new height, hitting N1,740 to $1 in the parallel market at the close of trading last weekend. But, the Naira remained stable with minor appreciation in the Nigerian Autonomous Foreign Exchange Market (NAFEM), as dealers […]
Continue ReadingNigeria’s currency, the Naira, appreciated to N1,680 per dollar in the parallel market on Monday compared to N1,690 per dollar last weekend. At the same time, the Naira appreciated to N1,552.92 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,552.92 […]
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