Business
The Central Bank of Nigeria (CBN) has warned the general public to be cautious of fraudulent ‘Swift’ messages and unsubstantiated claims regarding foreign currency transfers allegedly withheld by Nigerian banks or the apex bank itself. The warning follows a surge in petitions from private individuals, law firms, government agencies, and private entities claiming that foreign […]
The Supreme Court on Wednesday ordered that the old N200, N500, N1000 notes should continue to co-exist with the new notes till further notice. The Supreme Court has decreed that both the old and new currency notes will retain their status as legal tender until the Federal Government establishes a comprehensive process for their replacement […]
UA Industries has finally responded to several allegations levelled against its management in 7 Page-Editorial by Aliko Dangote. In a statement signed by its management sent to POLITICS NIGERIA, BUA detailed several acts of Sabotage by Dangote on their businesses and Operations around the country. Read the full response below; “It’s with a profound sense […]
According to data sourced from Oilprice, Brent Crude oil experienced a substantial surge, reaching $97.2 per barrel in the early hours of Thursday, September 28. This price point marked its highest level since November 2022. This notable price escalation was primarily attributed to a surge in demand coupled with a significant reduction in crude oil […]
The United States Government says Nigeria lacks the macroeconomic framework to address its challenges of foreign exchange instability. The US Deputy Secretary of Treasury, Wally Adeyemo, disclosed this recently at a forum with business leaders in Lagos. He landed in Nigeria on Sunday as part of the President Joe Biden administration’s commitment to deepening the […]
The National Bureau of Statistics (NBS) on Thursday said Nigeria’s inflation rate rose to 20.52 per cent in August 2022. The significant increase reflects the impact of the removal of petrol subsidies and the devaluation of the official exchange rate on consumer prices. Month-on-month inflation rose to 3.18% in the review month from 2.89% recorded […]
Nigeria’s apex bank, the Central Bank of Nigeria (CBN) has instructed deposit money banks (DMBs) to refrain from using profits generated through the revaluation of the naira for dividend payouts or operational funding. CBN said a review of the foreign exchange (FX) regime change showed the banks are in a position to profit from the […]
President Bola Tinubu has effectively secured an impressive commitment of $3 billion in investment from Indian entrepreneurs, aimed at revitalizing the steel industry within the nation. This is according to a statement by Mr Abdullahi Haruna, Special Assistant, Media and Publicity to Minister of Steel Development, Prince Shauib Audu, in Abuja on Wednesday. The president […]
The National Bureau of Statistics (NBS) has reported a decline in Nigeria’s unemployment rate, falling from 5.3% in the fourth quarter of 2022 to 4.1% in the first quarter of 2023. This was disclosed in a report titled, ‘Nigeria Labour Force Statistics Report Q4 2022 & Q1 2023’ which was released on Thursday by the […]
In accordance with the August 2023 monthly oil market report from the Organization of the Petroleum Exporting Countries and Allies (OPEC+), the oil rig count rose significantly to 14 during Q1 2023, up from 8 rigs in Q1 2022. However, despite this increase, the total production of crude oil and condensates experienced a month-over-month decline […]
