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Money market
The Nigerian Naira showed mixed performance against the United States Dollar in foreign exchange trading on Thursday, reflecting ongoing market pressures as year-end dynamics take hold. In official markets, the Naira traded in a narrow range as the U.S. dollar exchange rate hovered around ₦1,453 to ₦1,459 per dollar in early trading, with opening levels ...
Money market
Nigeria’s leading fully integrated edible oils producer, Presco Plc, has announced the strategic acquisition of 10,000 hectares of plantation land across the Nsadop and Boki estates in Cross River State, strengthening its long-term growth plan and production capacity. This was stated in a statement made available on NGX website. The company said the acquisition represents ...
News
The Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, on Wednesday presented the Certificate of Compliance for the Bakassi Deep Seaport to the Governor of Cross River State, Senator Bassey Otu, when the governor paid him a visit at his office in Abuja. Presenting the certificate, Dr Oyetola described the Bakassi Deep Seaport as ...
News
The House of Representatives on Thursday approved the 2026–2028 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP), sustaining the federal government’s crude oil benchmark at $64.85 per barrel for 2026, diverging from the Senate’s earlier reduction to $60 per barrel. The approval came after debates over the potential impact of lowering the oil price ...
News
The Nigeria Customs Service (NCS) has commenced enforcement of penalties against designated banks that fail to remit collected Customs revenue within agreed timelines, citing concerns over delayed transfers that undermine government revenue administration. In a statement issued on Wednesday, the Service said it had observed instances of delayed remittance by some designated banks after reconciliation ...
Money market
The Nigerian naira recorded a cautious performance on Wednesday, trading slightly weaker against the United States dollar across both the official and parallel foreign exchange markets amid sustained demand pressures. At the Nigerian Foreign Exchange Market (NFEM), the naira depreciated marginally as the dollar exchanged at about ₦1,453 to the greenback, reflecting mild weakness compared ...
Maritime and Blue Economy
The Nigerian Maritime Administration and Safety Agency (NIMASA) has signed a Memorandum of Understanding (MoU) with the Tanzania Shipping Agencies Cooperation (TASAC) to deepen regional collaboration and advance Africa’s maritime sector. The agreement was endorsed on the sidelines of the International Maritime Organization (IMO) General Assembly by NIMASA Director-General, Dr. Dayo Mobereola, and Tanzania’s Alternate Permanent Representative to the IMO, Dr. ...
Money market
The Nigeria Deposit Insurance Corporation (NDIC) and the Nigeria Inter-Bank Settlement System (NIBSS) Plc are set to sign a Memorandum of Understanding (MoU) aimed at ensuring a faster and more efficient reimbursement process for depositors in the event of bank failures. This was disclosed by the Managing Director/Chief Executive of the NDIC, Mr. Thompson Oludare ...
Business
The Federal Ministry of Marine and Blue Economy on Wednesday launched its Enterprise Content Management System (ECMS), marking a significant step in its digital transformation and institutional reform agenda. The ECMS was jointly unveiled by the Honourable Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola and the Head of the Civil Service of the ...
News
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has declared that it will commence investigation into the allegations leveled against the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed by billionaire businessman, Aliko Dangote. According to a statement issued by ICPC spokesperson John Odey on Tuesday, ...
Money market
The Nigerian naira showed relative stability in early trading on Tuesday, with official foreign exchange data indicating a steady performance against the US dollar, even as demand pressures persisted in the parallel market. According to financial market reports, the Naira traded around ₦1,452 to the US dollar in the official Nigerian Foreign Exchange Market (NFEM) ...
Energy
Business mogul and President of the Dangote Group, Alhaji Aliko Dangote has petitioned the Independent Corrupt Practices and Other Related Offences Commission (ICPC), urging the anti-graft agency to investigate the Managing Director of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, for alleged financial impropriety and abuse of office. In a petition ...
News
The Nigerian Ports Authority (NPA) has recorded one of its strongest quarterly performances in recent years, reporting a 1,085 per cent surge in export-laden containers as total cargo throughput rose to 33.52 million metric tonnes in the third quarter (Q3) of 2025. Operational data released by the Authority on Monday in Abuja showed a 16.2 ...
Capital Market
Transcorp Hotels Plc has announced the appointment of Dr. (Mrs.) Awele Vivien Elumelu, OFR, as its new Chairperson, effective January 1, 2026. The hospitality giant stated that the appointment follows the retirement of the current Chairman, Mr. Emmanuel N. Nnorom, who is set to step down on the same date. In a statement released to ...
News
The Nigeria Deposit Insurance Corporation (NDIC) has commenced the liquidation of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc following the revocation of their operating licences by the Central Bank of Nigeria (CBN). The NDIC said the licences of the two mortgage banks were withdrawn by the CBN on December 15, ...
Energy
...as SERAP urges CCB, EFCC, ICPC to investigate corruption allegations The House of Representatives Committee on Petroleum Resources (Downstream) has summoned the President of the Dangote Group, Alhaji Aliko Dangote, and the leadership of the NMDPRA to provide detailed explanations regarding the issues between both organizations. The Committee Chairman, Hon. Ikenga Imo Ugochinyere, announced the legislative ...
Business
The Nigerian equities market commenced the week on a slightly positive note on Monday, recording marginal gains despite a significant decline in trading turnover compared to the previous session. Investors traded 553.2 million shares valued at ₦13.3 billion across 28,907 transactions. This marks a sharp contrast to Friday's session, where 571.7 million shares worth ₦29.04 ...
Business
...as Food inflation falls to 11.08%...Analysts credit strong harvest, stable Naira Nigeria’s headline inflation rate eased to 14.45 percent in November 2025, down from 16.05 percent in October 2025, according to the latest data from the National Bureau of Statistics (NBS). The report, released on Monday, indicates a 1.6 percent decrease compared to the October ...
News
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) says it recovered a total of ₦37.44 billion and $2.353 million in 2025 through asset seizures and forfeitures. The Commission’s spokesperson, Mr Okor Odey, disclosed this in a statement on Sunday in Abuja, noting that the figures were announced by the ICPC Chairman, Dr Musa ...
Money market
The Nigerian naira closed the week on a positive note on Friday, appreciating by N1.65 against the United States dollar at the official foreign exchange market. Data published on the Central Bank of Nigeria (CBN) website showed that the local currency traded at N1,454.41 per dollar on Friday, representing a 0.11 per cent gain compared ...