Worried about huge financial losses to cybercrimes and hackers, the Standards Organisation of Nigeria (SON) has expressed commitment to standardise the nation’s Information Technology (IT) sector. Acc ...

Deposit Money Banks and merchant banks have borrowed the sum of N9.17tn from the Central Bank of Nigeria (CBN) through its Standing Lending Facility window within a period of seven months, according t ...

The International Monetary Fund says crypto currencies’ high volatility and valuation, as well as their increasing co-movement with equity markets will soon pose risks to financial stability in countr ...

Standard Chartered Bank has expressed plans to shut down about half of its Nigerian branches as it moves to expand its digital banking. The London-listed lender’s local unit already started shutting s ...

Crypto exchange platform Yellow Card has announced the resumption of naira deposits and withdrawals in Nigeria. The move by the company comes almost a year after a central bank of Nigeria directive fo ...

The Lagos Chamber of Commerce and Industry (LCCI) has projected that Nigeria’s debt stock may hit N40 trillion by the end of the 2021 financial year, citing concerns about elevated debt-servicing to r ...

The Federal Government exceeded its debt service allocation by N1.15tn for the period between January and November, 2021. A copy of the public presentation of the 2022 approved budget by the Minister ...

The World Bank has projected a 2.5 per cent economic growth for Nigeria in 2022, and 2.8 per cent in 2023. This 2022 forecast is a slight upward review from the estimated 2.4 per cent growth in 2021. ...

President Muhammadu Buhari has approved the establishment of the Nigerian Diaspora Investment Trust Fund (NDITF), a private sector investment window with Nigerians in the Diaspora to support direct in ...

The Federal Government has assured manufacturers of its support to enable them to get good returns on their investments. The Minister of Industry, Trade and Investment, Niyi Adebayo, who gave the assu ...

Bank loans to government have risen by 22.59 per cent, hitting N2.17tn as of the end of September 2021 from N1.77tn recorded in December 2020. This represents a N400bn increase within the nine-month p ...

Bitcoin, the flagship crypto currency lost about $4K in just a few hours after notes from the Fed’s December FOMC session re-confirmed plans to reduce the balance sheet. As the dollar strengthened and ...

The Senate has uncovered how the   Bureau of Public Enterprise (BPE) failed to remit $679.4 million realized from the concession of various ports to 23 companies. The Senate Committee on Public Accoun ...

The Federal Government yesterday said that henceforth it would charge offshore companies providing digital services to local customers in Nigeria a six per cent tax on turnover as provided in the 2021 ...

The Federal Government has introduced an excise duty of N10 per litre on all non-alcoholic, carbonated and sweetened beverages. Excise duty is a form of tax imposed on the production, licensing and sa ...

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has raised the alarm over Nigeria’s growing trade deficit, which stood at N3 trillion in the third quarter ( ...

The Securities and Exchange Commission (SEC) has reminded all fund managers that payment of the annual supervisory fee to the Commission becomes due from the January 1, 2022 and full payment must be m ...

The President, Abuja Chamber of Commerce and Industry (ACCI), Dr. Al-Mujtaba Abubakar has urged the Federal Government to intensify efforts towards addressing the persistent insecurity which had signi ...

The Pension Fund Administrators (PFAs) invested N693bn funds under the Contributory Pension Scheme in banks in nine months, according to data from the National Pension Commission (PenCom). PenCom’s un ...

 The Debt Management Office (DMO) says Lagos, Rivers and Akwa Ibom are three states with the most domestic debts. According to a new data released by DMO, the domestic debt owed by states and the Fede ...

The National Pension Commission (PenCom) has said it is committed to ensuring that all pensioners under the Contributory Pension Scheme (CPS) are fully recaptured and uniquely identified on the databa ...

The Debt Management Office (DMO) has said the Federal Government is implementing several reforms to attract more investments into the country. The Director-General, DMO, Ms Patience Oniha, said this d ...

The World Bank has approved a $700m credit from the International Development Association for the Nigeria Agro-Climatic Resilience in Semi-Arid Landscapes Project. The bank disclosed this on Thursday ...

The Central Bank of Nigeria (CBN) has earmarked N41billion, which is being disbursed by Heritage Bank Plc to farmers across multiple states for the expansion of wheat production projects and to meet t ...

Nigeria’s total public debt rose by N2.54 trillion, from N35.465 trillion at the end of the second quarter of 2021, to N38.005 trillion ($92.626 billion) at the end of the third quarter. Statistics re ...

Crude oil production in Nigeria increased by about 2.55 million barrels in the month of November 2021, the Organisation of Petroleum Exporting Countries (OPEC) announced on Tuesday. According to OPEC, ...

The Federal Government has indicated the possibility of introducing new taxes, tariffs and levies as part of measures to shore up its revenue. This is just as the Federal Ministry of Finance, Budget a ...

Banks recorded non-performing loans of N1.3tn as of November which is still currently above the industry benchmark, according to the Central Bank of Nigeria. Figures obtained from the CBN on Monday sh ...

The Securities and Exchange Commission (SEC) has pledged to collaborate with relevant stakeholders on real estate investments in a bid to bring about a reduction in the housing deficit in the country. ...

Remittances by the Nigerian National Petroleum Company Limited to the federation account plunged by N1.581tn between January and October this year, data obtained from NNPC showed. It was, however, gat ...

The European Union (EU) Ambassador to Nigeria and Economic Community of West African States (ECOWAS), Samuela Isopi has advised the Federal Government to develop a suitable investment framework as wel ...

Access to credit, data, training and digital tools are among the key challenges for SMEs, further compounded by infrastructure limitations and power supply interruptions in some MEA markets. As resear ...

The Federal Inland Revenue Service (FIRS) says it has extended the deadline for waiver of penalty and interest for companies with outstanding 2021 year of assessment (YOA) companies income tax (CIT) r ...

Nigeria’s external reserves fell by $610m in November, figures obtained from the Central Bank of Nigeria (CBN) on Thursday revealed. The reserves dropped to N$41.22bn as of November 29 from $41.83bn o ...

The International Monetary Fund (IMF), yesterday, expressed concern over rising sovereign domestic debt, which is said to have hit 50 per cent of total public debt stock at the end of last year. The f ...

The Central Bank of Nigeria (CBN) has raised the volume of foreign exchange sales to the Small and Medium Enterprises (SMEs) category businesses by 31 percent in the first seven months of this year (J ...

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has uncovered 257 duplicated projects worth N20.138 billion in the 2021 budget. The ICPC chairman, Prof. Bolaji Owasanoye ...

The Federal Inland Revenue Service (FIRS) has explained why Nigeria did not join other countries to sign the tax deal worked out by the Organisation for Economic Cooperation and Development (OECD). Ma ...

Future of Trade 2030: Trends and markets to watch new research by Standard Chartered projects that global exports will almost double from $17.4 trillion to $29.7 trillion over the next decade. The rep ...

Foreign portfolio investors have increased their participation in the Nigerian stock market by almost three-quarters as steady corporate earnings and improving foreign exchange (forex) Liquidity conti ...

The National Information and Technology Development Agency (NITDA) and Nigerian Export Promotion Council (NEPC) have forged an alliance that could enable Nigeria to benefit from the yearly $4.7 trilli ...

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says the eNaira application has registered almost 600,000 downloads since its launch in October. Emefiele said this at the 56th annual b ...

The Securities and Exchange Commission (SEC) has warned quoted companies and capital market registrars to desist from selective payments and distribution of dividends. The Director-General, Securities ...

The Nigeria Deposit Insurance Corporation (NDIC) said it was reviewing its approach for determining the premium by banks to its Deposit Insurance Fund (DIF), with a view to adopting a risk-based appro ...

The World Bank says the Nigerian government’s exchange rate management policies are discouraging investments and fuelling inflation in the country The bank disclosed this in the November edition of it ...

The Governor of Tanzania’s Central Bank Florens Luoga, has said the apex bank has kickstarted preparations for a central bank digital currency. He said the bank was doing this to ensure Tanzania is no ...

The Federal Government has reiterated its commitment to support states and the Federal Capital Territory (FCT) implement the Nigeria COVID-19 Action, Recovery and Economic Stimulus (NG-CARES) programm ...

The Federal Operations Unit Zone ‘C’ (FOUC) of the Nigeria Customs Service, Owerri, said it seized contraband worth N318.2 million between Oct. 13 and Nov. 14. The command’s Comptroller, Mr Ali Ibrahi ...

The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, on Thursday, launched the Tertiary Institutions Entrepreneurship Scheme designed to tackle underemployment and unemployment in th ...

Investors in the equities market of the Nigerian Exchange Limited recorded a loss of N71.44bn at the end of the trading session on Thursday as oil and gas and banking stocks fell. The NGX All-Share In ...

A new research by Standard Chartered Bank has projected that Nigeria’s export trade would hit $112 billion in 2030, topping the volume for Africa. The research, which is titled, “Future of Trade 2030: ...

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has said the bank has disbursed N41.2bn under its intervention schemes to cut wheat importation. Speaking after the Monetary Policy ...

Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, yesterday, said inflation was still above the six to nine per cent target set by the monetary authority, saying cautious effort must be ...

The Federal Government, through the National Action Committee on African Continental Free Trade Agreement (AfCFTA) said on Monday that the first of its strategic goals under the AfCFTA implementation ...

The Central Bank of Nigeria (CBN) says the implementation of the country’s digital currency will be done in four phases and also lead to the interoperability of the eNaira with those of other central ...

Capital inflow to Nigeria has crashed by 80 per cent in two years, the Central Bank of Nigeria reports have indicated. Specifically, capital inflow to Nigeria fell from $17.1bn in July 2019 to $3.4bn ...

The naira lost steam at the parallel market on Monday, sliding to 555 per dollar. The local currency had crashed to 540/dollar on Friday, after trading at 535/dollar on Thursday. After tumbling to 575 ...

It will no longer be business as usual for violators of Bank Verification Number (BVN). They have been barred from opening new bank accounts going by a fresh Central Bank of Nigeria (CBN) rule. The ne ...

The Federal Government’s bonds for November worth N150bn, which were auctioned on November 17, were oversubscribed by N117.15bn, the Debt Management Office has said. The DMO said the total subscriptio ...

The Bank of Industry (BoI) has unveiled new funding opportunities for tech startups with creative solutions to problems faced by Nigerians. The Managing Director of the bank, Kayode Pitan, noted that ...

A former President of Nigeria, Chief Olusegun Obasanjo, has called for a special ‘Made-in-Africa’ brand to promote intra-African trade and boost the export of products made on the continent. According ...

The Minister of Finance, Budget and National Planning, Zainab Ahmed, informed the National Economic Council on Thursday, that the Bridge Facility is now being processed by the Central Bank of Nigeria. ...

Mustapha Baba Shehuri, minister of state for agriculture and rural development, says Nigeria will be among the world’s top three potato producing countries by 2025. Shehuri said this on Thursday at th ...

The equities market of the Nigerian Exchange Limited declined by N49.21bn at the end of trading on Wednesday as 24 firms saw their share prices fall. The NGX All-Share Index dropped by 0.22 per cent t ...

The Senate has carpeted the Securities and Exchange Commission for spending most of the revenues it generated on salaries and emoluments of staff. The Senate, through its Committee on Capital Market, ...

The World Bank says the increase in food prices could push additional six million Nigerians into poverty — calling on the government’s attention for short-term policies to support welfare. The Washing ...

The Federation Accounts Allocation Committee (FAAC) shared N671.910 billion among the three tiers of government for October. This figure is down by N68 billion from the allocation distributed in Septe ...

The African Continental Free Trade Area (AfCFTA) secretariat has admonished African countries to focus on the production of consumer goods to discourage the importation of goods into the continent. Ac ...

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has revealed that the nation’s apex monetary authority has so far disbursed about N3 trillion to households, small and medium sc ...

The International Monetary Fund (IMF) says there is a need to manage cyber security and operational risks associated with the eNaira, Nigeria’s new central bank digital currency (CBDC). IMF said the e ...

The Economic and Financial Crimes Commission (EFCC) has explained the reasons behind its arrest and interrogation of a former Managing Director of Fidelity Bank, Nnamdi Okonkwo, over the weekend. Mr O ...

The Bank of Industry (BoI) says it has disbursed N1 trillion worth of loans to over 327,000 micro, small and medium enterprises (MSMEs) and large businesses in the last five years. Kayode Pitan, manag ...

The Chairman of the board of directors of the African Export-Import Bank (Afreximbank), Professor Benedict Oramah says the bank is committed to disbursing 40 billion US dollars to support intra-Africa ...

Nigeria’s inflation rate for the month of October 2021 dropped further to 15.99% from 16.63% recorded in September 2021. This is according to the recently released Consumer Price Index report, release ...

The Director General, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Dr. Dikko Umaru Radda, has said that the federal government is committed to assisting entrepreneurs from the ...

The Minister of Finance, Budget and National Planning, Zainab Ahmed has reiterated that Nigeria’s debt to gross domestic products (GDP) ratio is still low at 33 per cent amidst concerns over heightene ...

The Intra-African Trade Fair (IATF2021) will see Durban host key figures from the world of trade, including entrepreneurs, financiers, governments and regulators, on one platform to deliberate on trad ...

The Debt Management Office (DMO) says it will offer N150 billion bonds for subscription in November on behalf of the federal government. DMO said this in a circular issued on Thursday. It said the bon ...

Africa is in the midst of a fintech transformation. Millions of Africans are now connected to financial services as a result of hundreds of start-ups. However, with the right mix of innovation and par ...

President Muhammed Buhari yesterday told international investors in Paris, France that Nigeria has what it takes to attract and sustain Foreign Direct Investments (FDIs). He said his administration wa ...

Nigeria’s debt stock of N35.5tn will rise to N42.7tn following the Senate’s approval of the Federal Government’s request for $16bn and €1.02bn fresh loans. The $16.2bn loan is equivalent to N6.7tn usi ...

Acknowledging Nigeria’s market size despite continued drag in the implementation of the African Continental Free Trade Area (AfCFTA) agreement, the AfCFTA secretariat has stated that achieving the tra ...

African Export-Import Bank (Afreximbank) and the International Islamic Trade Finance Corporation (ITFC) have signed a US$250 million facility to provide funds for the Bank to advance procurement of CO ...

The Central Bank of Nigeria (CBN) yesterday flagged-off the first ever rain-fed wheat programme in the country, which aims to slash the importation of the commodity by 60 per cent in two years. The in ...

Zainab Ahmed, minister of finance, budget and national planning, says Nigeria needs significant financial sector reforms for sustained growth and penetration of Islamic finance in delivering overall e ...

The African Export-Import Bank (Afreximbank) has urged the Nigerian Investment Promotion Commission (NIPC) to do more in attracting a greater volume and variety of investments into Nigeria. Amr Kamel, ...

The Nigerian Exchange Limited (NGX) sustained its rising profile at the end of yesterday’s transactions, causing market capitalisation to appreciate further by N252 billion.  At the close of transacti ...

Standard Chartered Bank has announced the launch of its first-ever dedicated menopause guidance for the Bank’s employees, coinciding with World Menopause Day. This approach is designed to enhance the ...

The Central Bank of Nigeria (CBN) has fixed N5 billion as the maximum loan an obligor can access in its new financial instrument tagged, ‘The 100 for 100 PPP — Policy on Production and Productivity.’ ...

The National Bureau of Statistics (NBS) says the 36 states and the federal capital territory (FCT) recorded N849.12 billion in internally generated revenue (IGR) in the first half of 2021. The figure ...

The Securities and Exchange Commission (SEC) has reiterated the need to facilitate the issuance of green and sustainable instruments in the Nigerian capital market to assist in financing solar energy ...

The Central Bank of Nigeria (CBN) says it spent N58.618 billion to print 2.518 billion of naira notes, valued at N1.06 trillion in 2020. The apex bank disclosed this in its 2020 currency operation ann ...

The amount of foreign exchange used for the payment of estacodes and Personal Travel Allowances to Ministries, Departments and Agencies as well as to fund Bureaux De Change operations was $3.95bn in 2 ...

The Development Bank of Nigeria (DBN) Plc is set to create a dedicated fund for green projects within the Micro, Small, and Medium Scale Enterprises (SMEs) ecosystem. It is partnering the Financial Ce ...

The National Pension Commission (PenCom) has announced that it has introduced a Non-Interest Fund (Fund VI) into it existing four different investment fund structures. The Commission also said it has ...

The Nigeria Investment Promotion Commission (NIPC) said this in its latest report titled “Report of investment announcements (July-September 2021),” released on Tuesday that  Lagos State received the ...

The Nigeria Investment Promotion Commission (NIPC) yesterday said it tracked $8.99billion as investment announcements for the third quarter (Q3) of 2021, reflecting a 130 per cent increase in value wh ...

Deposit Money Banks, Pension Fund Administrators (PFAs) and other investors committed about N2.96tn to Federal Government bonds between January and October 2021, according to an analysis of the FGN Bo ...

The Securities and Exchange Commission (SEC) has urged operators to create innovative financial products that would support businesses, boost market liquidity and enable the market to play its role of ...

The Central Bank of Nigeria (CBN) has assured Nigerians that its newly launched digital currency, eNaira, is secure and dependable. Osita Nwanisobi, spokesperson of the apex bank, gave the assurance o ...

A total sum of N739.965 billion has been shared by the three tiers of government as revenue from the federation accounts allocation committee (FAAC). This is the revenue from September disbursed in Oc ...

The Central Bank of Nigeria (CBN) has alerted Nigerians to fake social media handles of eNaira. This follows the launching of the apex bank's digital currency, called eNaira on Mondy in Abuja. The CBN ...

The African Export-Import Bank (Afreximbank) has embarked on a US$6.5 billion General Capital Increase (GCI) to expand its capacity to deliver on its core mandate and diversify its range of services. ...

The Nigerian Council of Registered Insurance Brokers (NCRIB) has said it would open up fresh talks with the Federal Government and other partner institutions to boost insurance awareness. The council ...

Despite the confidence crisis rocking the global financial system in recent times, the Nigerian Deposit Insurance Corporation (NDIC) yesterday, reassured the business community of the safety of their ...

Shubham Chaudhuri, World Bank’s country director for Nigeria, says the country’s per capita income is at the same level as 1981. Speaking on Monday during a panel session at the 27th Nigerian Economic ...

The Central Bank of Nigeria (CBN) says transactions on the eNaira platform will be free for the first 90 days, commencing from October 25, 2021. The apex bank made this known in a document, titled ‘eN ...

The Minister of Industry, Trade and Investment, Niyi Adebayo says the Federal Government was focusing on diversified foreign exchange revenue to address FX challenges for manufacturers. Speaking at th ...

Verdant Capital has been named as the adviser of Nigeria based Baxi on its acquisition by MFS Africa which is part of efforts aimed at expanding its network into Nigeria, Africa’s largest economy and ...

The Central Bank Digital Currency (CBDC) eNaira has taken off with over N500m of the currency minted so far. The Central Bank of Nigeria (CBN) Governor Godwin Emefiele said 33 banks have been fully in ...

The Central Bank of Nigeria (CBN) finally launched its Central Bank Digital Currency called eNaira on Monday. The eNaira was scheduled to be launched on October 1, 2021, but was moved due to a clog of ...

The Central Bank of Nigeria (CBN) has issued the guidelines for the implementation of the Tertiary Institutions Entrepreneurship Scheme (TIES). According to the document, the scheme was pursuant to th ...

The Federal Inland Revenue Service (FIRS), says it is proposing the introduction of Road Infrastructure Tax in Nigeria, to make the informal sector contribute to building a modern society. The Executi ...

Energy prices soared in the third quarter of 2021 and are expected to remain elevated in 2022, adding to global inflationary pressures and potentially shifting economic growth to energy-exporting coun ...

President Muhammadu Buhari has charged insurance companies in the country to improve on their performance and honour the payment of claims to policy holders in good time. The President spoke on Thursd ...

After debt loads surged last year amid the pandemic, governments now must take care to ‘calibrate’ spending, the IMF said yesterday. Global debt in 2020, including public and private borrowing, “jumpe ...

The Securities and Exchange Commission (SEC) and the Economic and Financial Crimes Commission (EFCC) have collaborated on capital building training to reduce financial crimes in the capital market. Th ...

The Central Bank of Nigeria (CBN) has directed commercial banks to apply the exchange rate in the importer and exporter window (I&E) for outbound payments through the Pan-African Payments and Sett ...

Vice-President Yemi Osinbajo says that Nigeria cannot get new dollars into the system when the exchange rate is “artificially low.” Osinbajo said this on Monday in Abuja at the opening of a two-day Mi ...

Nigeria’s Budget deficit has risen to N20.64tn under President Muhammadu Buhari, according to analysed data from the budget office. The data covered periods from 2016 to 2020. According to the budget ...

The chief executive officer (CEO) of cryptocurrency exchange Bitmex has predicted that the end of next year, at least five countries will have accepted bitcoin as legal tender citing three key reasons ...

The President and Chairman of the Board of African Export-Import Bank (Afreximbank), Professor Benedict Oramah, has been re-elected to the Executive Committee (EXCOM) of FCI, the global representative ...

Lagos, Rivers and Akwa Ibom states emerged as the three most indebted states in Nigeria, accounting for 29 percent of Nigeria’s subnational domestic debt. According to the Debt Management Office (DMO) ...

The Federal Government expended $1.302 billion on debt servicing in the first half of 2021 (January and June 2021).  The Debt Management Office (DMO) disclosed this in a recent report. In 2020, out of ...

Zainab Ahmed, minister of finance, budget and national planning, says the Federal Government will borrow to finance N6.258 trillion deficit in the 2022 budget. Ahmed made this disclosure while briefin ...

Nigeria’s financial technology (fintech) firms attracted an investment of $500million between 2015 and 2020 owing to improvement in the ecosystem. Governor of the Central Bank of Nigeria (CBN), Godwin ...

African Export-Import Bank (Afreximbank) says that the Fund for Export Development in Africa (FEDA), its development impact-oriented subsidiary, has entered into a Joint Venture arrangement with Gatew ...

President Muhammadu Buhari has raised the 2022 appropriation bill by N2.47 trillion, bringing the total budget for the fiscal year to N16.45 trillion. This was contained in a revised Medium Term Expen ...

A new report focusing on Africa’s financial sector has highlighted the various examples of CR2’s partnerships and innovations and how these are transforming digital banking in Africa. Taking cognizanc ...

Nigeria Extractive Industries Transparency Initiative (NEITI) has said the total revenue accruing to the Federal Government in the last five years from all sectors is N39.648 trillion. The solid miner ...

The Central Bank of Nigeria (CBN) has restated its commitment to addressing the challenges affecting the country’s wheat production and other value chain areas as part of efforts to boost local produc ...

Commodity imports from China, India, Spain, and the Netherlands in the first half of the year hit N8.36tn, data from the National Bureau of Statistics (NBS) have revealed. The Commodity Price Indices ...

The Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) has granted financial support to about 15 Micro, Small and Medium Enterprises (MSME) associations. The Director-General of the ag ...

South Africans seem to be quite savvy and bullish about crypto. This is the position of cryptocurrency buying and selling platform Luno which recently conducted a survey of over 1000 of its customers ...