By Sodiq Adelakun The Nigerian naira’s prospects have improved following reports that the Central Bank of Nigeria (CBN) is likely to fulfill its forward foreign exchange (FX) obligations. An unverified report suggests that the CBN will fulfill around 75-80% of…
By Sodiq Adelakun The naira is facing significant challenges as it once again surpasses a crucial resistance level on the black market, settling at N1,170 against the US dollar. This comes at a time when the US Federal Reserve is…
The Nigeria Deposit Insurance Corporation (NDIC) has said it has refunded more depositors of microfinance banks whose licences were recently revoked by the Central Bank of Nigeria. It said currently, it had refunded N1.2billion to about 34,000 depositors of 179…
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) on Wednesday in Abuja enjoined the Federal Government to award 25 percent of its contracts to Small and Medium Enterprises (SMEs). This is desirable as SMES contribute about 50 percent…
A US multinational A US multinational financial services firm, JP Morgan, has projected that the naira would trade at about N850 to the dollar before the end of 2023. The financial institution made the projection on Wednesday in its report…
By Sodiq Adelakun Nigeria Infrastructure Debt Fund (NIDF) has reported a revenue of N3.81bn ($9.9m) in Q3 2023, marking a YoY increase of 26.4% from the same period in 2022 as reported by Chapel Hill Denham Investment Trust. The fund’s…
The Central Bank of Nigeria has refuted reports that it intends to redenominate the country’s currency, the Naira, from January 2024. In a statement released on Tuesday, Isa AbdulMumin, the Director of Corporate Communications at the CBN, denied the claims.…
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) says youths need to harness the potentials in waste materials for creating wealth for the nation’s economic growth. The Director-General of SMEDAN, Mr Charles Odii, stated this in Kaduna at…
By Sodiq Adelakun The federal government is set to implement new regulations in the forex market with the goal of strengthening the value of the naira and curbing illegal currency trading, according to a Bloomberg report quoting a senior government…
A recent report by the Central Bank of Nigeria (CBN) has revealed that Nigerians spent a whopping sum of $340.84 million on application fees between January and June 2023. The figure marked a notable fall of 44.28 percent when compared…
