The Central Bank of Nigeria (CBN) has said charges would now apply anytime customers use the Automated Teller Machines (ATMs) of banks other than theirs. This was contained in a circular dated February 10, 2025, and addressed to all banks and financial institutions, the apex bank’s acting Director of...
BUSINESS
An Ikeja High Court on Tuesday fixed March 11 for the arraignment of First City Monument Bank (FCMB) and three others over alleged forgery and mortgage fraud. Other defendants in the case are Okogun Polycarp, Batik Line International Ltd, and Bolaji Adebajo. Justice Ismail Ijelu, adjourned the arraignment due...
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, says the country’s economy is on the rise with great investment opportunities. Edun said this while receiving a high-level delegation from First Abu Dhabi Bank, led by the Group Head of Investment Banking, Martin Tricaud, in...
By JOY ADARA, Abuja – In a significant stride towards supporting Nigeria’s commitment to reducing greenhouse gas emissions by 20% unconditionally and 47% conditionally, as stipulated in the Nationally Determined Contributions under the Paris Agreement, the NNPC Ltd and First Exploration & Petroleum Development Company Limited (First E&P) Joint...
The Central Bank of Nigeria (CBN) has issued new guidelines restricting Bureau de Change (BDC) operators to purchasing foreign exchange from a single authorised dealer per week. The bank also directed the BDCs to comply with Know Your Customer (KYC) measures. The apex bank, in a circular signed by...
By DAVID IORJA, Abuja– Vice President Kashim Shettima has inaugurated the Supervisory Board of the Debt Management Office as part of efforts by the Federal Government to strengthen fiscal and monetary policy coordination and ensure long-term debt sustainability in line with President Bola Ahmed Tinubu’s Renewed Hope Agenda. Speaking...
By EZEKIEL OBI, Abuja – The Nigeria Customs Service (NCS) is implementing a 4 per cent charge on the Free On-Board value of imports. The Spokesman of the service, Abdullahi Maiwada, made this known in a statement he issued on Wednesday in Abuja. Maiwada explained that the directive was...
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has commended the Federal Government for placing a ban on the exportation of crude oil allocated to local refineries. Dr Billy Gillis-Harry, PETROAN’s National President, gave the commendation on Wednesday while reacting to the development. Gillis-Harry urged the Nigerian...
The Central Bank of Nigeria (CBN) has extended the Foreign Exchange (FX) sale period to Bureau de Change (BDC) operators until May 30. This aims to better serve retail market demands. The bank disclosed this in a circular, signed by Dr W. J. Kanya, Acting Director of the Trade...
The Naira depreciated at the official market on Monday, trading at N1,495.60 to a dollar. Data from the FMDQ Security Exchange official forex trading platform revealed that the Naira lost N20.82. This represents a 1.4 per cent loss when compared to the previous trading day on Friday, Jan. 31,...
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has warned that it will deny export permits for crude oil cargoes intended for domestic refining, if oil companies do not fulfill their domestic crude obligations. The Commission Chief Executive (CCE), Mr Gbenga Komolafe, insisted that any changes to cargoes designated for...
Nigeria’s fourth mobile network operator, 9mobile, has continued to experience a decline in its subscriber base, with 6079 customers porting out of its network in two months. This porting loss for 9mobile occurred in the months of November and December 2024. The Nigerian Communications Commission (NCC) made this known...
The Tinubu Media Support Group (TMSG) has described the Nigeria Foreign Exchange code (FX code) as the beginning of a new era of regulation in the country’s foreign exchange market. In a statement on Sunday by Mr Emeka Nwankpa, its Chairman, TMSG maintained that the new regulations would prevent...
By OLA MODUPE,Lagos – Dangote Petroleum Refinery has reduced the ex-depot (gantry) price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890, effective from Saturday, 1st February 2025. The Group Chief Branding and Communications Officer, Dangote Petroleum Refinery, Mr Anthony Chiejina, confirmed this development in...
By JOY ADARA, Abuja – The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has said petrol prices will crash down following the revival of the Port Harcourt and Warri refineries by the Federal Government. National Public Relations Officer of the association, Dr. Joseph Obele, said in a...
Access Holdings Plc has announced the appointment of Mr Uche Orji, as an Independent Non-Executive Director of its subsidiary, Access Bank Plc. A statement on Saturday night by the bank says the appointment took effect from Jan. 7, following the approval of the Central Bank of Nigeria (CBN). The...
The Naira further appreciated in the official market on Friday, trading at N1,474.78 to the Dollar. Data from the FMDQ Securities Exchange official forex trading platform revealed that the Naira gained N11.17. This represents a 0.7 per cent increase compared to the previous day’s trading figure on Thursday, when...
The Nigeria Export Promotion Council (NEPC) has said the Central Bank of Nigeria (CBN) has approved CFA Franc to be captured on Nigeria Export Proceed (NXP) forms for the repatriation of export proceeds. Executive Director of the NEPC, Mrs Nonye Ayeni, disclosed this while addressing newsmen on the Non-Oil...
Ecobank Nigeria has reaffirmed its commitment to financial inclusion and savings culture by awarding N42 million to its customers. Head of Consumer Banking, Ecobank Nigeria, Ms Adeola Ogunyemi, made this known at the grand finale of the bank’s Super Rewards ‘Millionaire Geng Promo’ on Friday in Lagos. She said...
The Nigerian equities market closed bullish on Wednesday, leading to N364 billion gains for investors. The positive performance was driven by the release of full-year 2024 financial results from listed companies. Specifically, the market capitalisation, which opened at N64.156 trillion, added 364 billion or 0.57 per cent to close...