As the cocoa business continues to thrive, stakeholders say the cocoa market in Nigeria comprises 250,000 tonnes in volume, valued at over $6 billion, with international market prices influencing the figure. According to them, currently, cocoa prices have risen to $10,000 per tonne, potentially increasing the market value to...
BUSINESS
The Central Bank of Nigeria (CBN) has directed Deposit Money Banks (DMBs) to ensure efficient cash disbursement to the general public over-the-counter and through Automated Teller Machines (ATMs). The directive is contained in a statement jointly signed by CBN’s Acting Director, Currency Operations, Muhammed Olayemi, and Acting Director, Branch...
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has confirmed that the Port Harcourt Refinery has resumed production. President of PENGASSAN, Mr Festus Osifo, disclosed this while addressing newsmen at the end of the National Executive Council (NEC) meeting in Abuja on Tuesday. According to Osifo,...
Nigeria has successfully priced 2.2 billion dollars in Eurobonds maturing in 2031 and 2034 in the international capital markets. This is according to a statement by the Debt Management Office (DMO) in Abuja on Monday. The DMO said that the two Eurobonds, with 6.5 years and ten years tenors,...
By TOLU ADEREMI-COLE This year’s France–Nigeria Investment Forum, a major highlight of President Bola Tinubu’s visit to France, ended on a sound note and was mutually rewarding for both countries. For some of us who have attended a few such forums in the past, this year’s edition stands out...
The Nigerian stock market opened the first trading session of the month on a positive note on Monday, gaining N138 billion in market capitalisation. Demand for Tier-One banking stocks, including Zenith Bank, United Bank for Africa (UBA) and Access Corporation, alongside equities such as Transnational Corporation and PZ, drove...
The maiden Chinua Achebe Airport Christmas Trade Fair kicked off on Sunday at the expansive car park of the facility in Umueri. Speaking at the inauguration of the Airport Christmas Trade Fair, Mr Martin Nwafor, Managing Director of Chinua Achebe Airport Umueri said no fewer than 50 exhibitors had...
By EZEKIEL OBI, Abuja – The Central Bank of Nigeria (CBN) has launched its newly redesigned website, www.cbn.gov.ng, scheduled to go live on Dec. 2. Acting Director, Corporate Communications, CBN, Mrs Hakama Sidi Ali, made this known in a statement issued on Sunday. “We are pleased to announce the...
Some small business operators and residents in the Federal Capital Territory (FCT), have decried the scarcity of Naira notes for various transactions. They spoke to the News Agency of Nigeria (NAN) on Sunday in Abuja. Over the past few days, bank customers had experienced difficulty trying to get cash...
A student of Glorious Covenant School, Rivers State, Master Ikenna Ikechukwu, on Saturday emerged champion of the 2024 MTN Nigeria mPulse Spelling Bee Competition. The News Agency of Nigeria (NAN) reports that Ikechukwu emerged the winner at the grand finale, held at the MTN Plaza Rooftop in Lagos. NAN...
The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has said the bank’s reforms align with efforts to establish a stronger and more resilient African financial architecture. Cardoso said this on Saturday in Abuja during his remarks at the 5th African Union Extraordinary Session of the Specialised...
The Central Bank of Nigeria (CBN) has assured that the Naira’s true value will be restored with the introduction of an electronic FX matching system, which has proven effective in other markets. The Governor of CBN, Olayemi Cardoso, gave the assurance on Friday night during the 59th annual bankers...
The Central Bank of Nigeria (CBN) on Friday advised bank customers to report any difficulties withdrawing cash from bank branches or ATMs to the apex bank from December 1. CBN Governor, Olayemi Cardoso, said this during the 2024 annual bankers dinner in Lagos organised by the Chattered Institute of...
The Port Harcourt Refining Company (PHRC) has not yet commenced bulk sales or opened its purchase portal, as essential processes are still being finalised. The Nigerian National Petroleum Company Limited (NNPC Ltd.) has said an official announcements will be made if and when price reviews on the products occur....
The Federal Government has raised the amount small businesses could access on single digit loans to N5 million to ensure the country’s inclusive economic growth. The Managing Director and Chief Executive Officer, Bank of Industry (BOI), Dr Olasupo Olusi, made the announcement on Friday during a town hall sensitisation...
The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) says the Port Harcourt Refinery Company Limited has not released any new purchase price for Premium Motor Spirit (PMS). National President, PETROAN, Dr Billy Gillis-Harry, made this known in a statement on Wednesday. The News Agency of Nigeria (NAN)...
The Nigerian stock market recorded a loss of N209 billion in market capitalisation on Wednesday, as investors reacted negatively to the Central Bank of Nigeria’s (CBN) recent interest rate hike. The Monetary Policy Committee (MPC) of the CBN raised the Monetary Policy Rate (MPR) by 25 basis points to...
Former President Olusegun Obasanjo on Wednesday reiterated Nigeria’s vast potential and resources, emphasising the country’s ability to become a global leader. Obasanjo said this at the ongoing Ecobank Design and Build Expo at the Ecobank Pan African Centre (EPAC) in Lagos. He praised Ecobank for organising the event, which...
Vice-President Kashim Shettima has said the Nigeria-China trade value has hit N7.38 trillion as at June. Shettima said this at the China-Africa Interbank Association Forum (CAIBA) 2024 in Abuja on Wednesday organised by First Bank Plc. The vice-president, represented by Dr Aliyu Modibbo, the Special Adviser to the President,...