The Central Bank of Nigeria (CBN) has announced a fine of ₦150 million on Deposit Money Banks found guilty of giving out illegal flow of mint naira notes to currency hawkers across the country. The move was after the apex bank addressed recent misinformation about the validity of the old N1000, N500, and N200 banknotes…
The Central Bank of Nigeria (CBN) has reaffirmed that all versions of the naira, including the old and new designs of the N1000, N500, and N200 notes, as well as the commemorative and previous designs of the N100 note, remain valid legal tender without any expiration date. In a statement released on Friday, Mrs. Hakama…
Nigeria’s oil output has risen year-on-year, YoY, by 13.3 per cent to 1.7 million barrels per day, bpd, including Condensate, in November 2024, from 1.5 million bpd recorded in the corresponding period of 2023. But on month-on-month, MoM basis, the nation’s output rose by 10 per cent to 1.7 million barrels per day, bpd,…
Taiwo Oyedele, the chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has listed ways Tax Reforms will benefit Nigerians. Through a post on his X account on Monday, December 9, Oyedele highlighted ways households and individuals including the youth, small businesses, businesses and investments, high income earners and HNIs and subnational governments…
President Bola Tinubu is confident of an economic rebound and is asking Nigerians to keep faith in his administration’s reforms. Inflation levels in Nigeria have reached new highs, pushing the cost of basic commodities beyond millions of persons in Africa’s most populous nation. But at the graduation ceremony for the Executive Intelligence Management Course 17…
The exchange rate between the naira and the dollar continued its rapid appreciation on the official EFEM market, closing at N1,535/$1 on Friday, December 6, 2024. This marks a significant milestone, as the naira strengthens further following three consecutive days of appreciation since the Central Bank of Nigeria (CBN) introduced the Enhanced Foreign Exchange Market…
Nigeria has recorded a trade surplus of N5.81tn in the third quarter of 2024, reflecting a remarkable rise in export earnings, according to the latest data from the National Bureau of Statistics. However, the surplus recorded in Q3 2024 is far lower than the N6.95tn trade surplus recorded in the previous quarter. The NBS in…
The Nigerian National Petroleum Company (NNPC) has begun the export of petrol from the Port Harcourt Refinery to Dubai, shunning the local market. The Port Harcourt Refinery which began operations in November following rehabilitation shipped its first export of petroleum products to Dubai, with the company expected to load the cargo onboard the Wonder Star…
Netflix has reportedly exited the Nigerian market, sparking concerns in the entertainment industry. Known for promoting Nollywood globally through hits like Oloture and Blood Sisters, its absence could limit opportunities for creators and viewers. Economic challenges and market barriers are speculated as reasons for the move, leaving the industry seeking alternatives. Netflix, a major player…
Nigeria has raised $2.2 billion through its latest Eurobond auction, marking a pivotal moment in the country’s ongoing efforts to address its growing fiscal deficit. This auction, which saw the issuance of two bonds with varying tenors, follows the government’s return to the international capital markets for the first time since March 2022. The funds…