Forex traders have attributed the recent exchange rate stability to the success of Nigeria’s currency swap agreement with Chinese traders now collecting naira for its currency, the yuan, instead of dollars. They also identified P2P (Peer-to-Peer) foreign currency trade as one of the factors that is contributing to the stability of the naira. Peer-to-peer foreign…
Nigeria’s private sector recorded its strongest expansion in over a year and a half, as the Stanbic IBTC Bank Purchasing Managers’ Index (PMI) rose to 54.2 in August, up from 54.0 in July, marking a 19-month high in new order growth and a four-month high in output. The PMI reading, which has remained above the…
The Philippines’ Ambassador to Nigeria, Mersole Mellejor, said bilateral trade between the two countries surged from $47 million in 2023 to $221 million in 2024, an increase of about 370 per cent. Mr Mellejor said this in an interview on the sidelines of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA)…
In every season of student politics, there are names that rise not because of privilege or advantage, but because of hard work, consistency, and the grace of God. One such name is Afolabi Temitope, widely known as BIG AFO, a student union presidential aspirant whose journey is built on resilience, faith, and an unshakable passion…
Nigeria has achieved a rare energy milestone as gas flaring fell to 7.16 per cent in July, despite an increase in daily gas production to 7.59 billion standard cubic feet per day (BSCFD), the Nigerian Upstream Regulatory Commission (NUPRC) has said. The NUPRC, in a statement on Saturday, said the simultaneous growth in output and…
Foreign portfolio investment (FPI) in Nigeria surged to N1.81 trillion in July 2025, up 133.09% from N778.65 billion in June, reflecting stronger participation in equities trading. The data, published in the latest FPI report by the Nigerian Exchange (NGX) and compiled from custodians and capital market operators, also showed a 269.19% year-on-year increase compared to…
President Bola Ahmed Tinubu has approved a six-month ban on the export of raw shea nuts to curb informal trade, protect local processors, and reposition Nigeria’s shea industry for greater value addition. Vice President Kashim Shettima, who announced the directive at a multi-stakeholder meeting in Abuja, said the temporary measure, subject to review, aims to…
President Bola Tinubu on Monday welcomed the imminent return of Petrobras, Brazil’s state-owned oil company, to Nigeria, five years after it suspended joint venture operations in the country. Speaking at a joint press conference in BrasÃlia during his state visit to Brazil, Tinubu said Petrobras’ comeback would reignite economic cooperation in the energy sector between…
President Bola Tinubu has assured that the new tax reform laws were not implemented to punish poor Nigerians. The president said this while announcing the launch of a Personal Income Tax Calculator developed by his administration. He said the calculator would allow citizens to compare their estimated tax under the new laws to what they…
Nigeria’s foreign exchange reserves have risen to $41 billion, their highest level since December 2021, according to fresh figures from the Central Bank of Nigeria (CBN). The reserves, which stood at $39.54 billion on August 1, climbed to $41.00 billion by August 19, in a gain of $1.46 billion in under three weeks. This marks…