The Central Bank of Nigeria (CBN) has authorized the sale of $20,000 to each eligible Bureau De Change (BDC) operator at the exchange rate of N1,590 per dollar. The move, aimed at injecting “additional liquidity” into the foreign exchange market, was announced in a circular dated September 25, 2024. Signed by the CBN’s Acting Director…
Vice President Kashim Shettima has praised ExxonMobil’s proposed $10 billion investment in Nigeria’s deep-water oil sector, calling it a strong endorsement of the Tinubu administration’s economic reforms and pro-investment policies. The announcement comes alongside plans by global maritime leader DP World to develop a multibillion-dollar port project in the country. The Vice President made these…
Nigeria’s Finance Minister and Coordinating Minister of the Economy, Wale Edun, announced that the Federal Government is taking significant steps to reduce food importation as part of its long-term agricultural strategy. Speaking during an inter-ministerial press briefing to mark Nigeria’s 64th Independence Anniversary, Edun highlighted the progress already being made in boosting domestic food production….
Oil marketers in Nigeria are seeking direct access to petrol from the Dangote Petroleum Refinery, aiming to bypass the Nigerian National Petroleum Company Limited (NNPC) as the sole distributor of Premium Motor Spirit (PMS). Under the leadership of the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlets Owners Association of…
Wema Bank has been recognized as the best workplace for millennials, earning praise for its commitment to fostering a culture of innovation. The lender announced on Thursday that it had received the prestigious “Great Place to Work” certification for 2024-2025, marking the second consecutive year of achieving this honor. The certification, a globally recognized standard,…
Airtel Nigeria, one of the country’s leading telecommunications companies, is turning to solar energy to power its infrastructure as a cost-saving measure, following a surge in diesel prices that has pushed its fuel expenses to ₦28 billion. The telecom giant’s pivot to renewable energy is part of a broader strategy aimed at reducing operational costs…
By Ayomide Otitoju The Federal Inland Revenue Service (FIRS) has reaffirmed its commitment to boosting tax compliance among Nigerian businesses through a strategic partnership with the Abuja Chamber of Commerce and Industry (ACCI). This collaboration was highlighted at the opening of the 19th Abuja International Trade Fair, themed “Mobility: Options for Transportation, Trade Finance, and…
By Ayomide Otitoju Fidelity Bank has seen a remarkable 20% surge in its stock price on the Nigerian Stock Exchange, surpassing the N13 mark by the third week of September 2024. This growth follows the bank’s successful combined offer, which included a Public Offer and Rights Issue launched on June 20, 2024, further boosting investor…
By Ayomide Otitoju Wema Bank, Nigeria’s leading innovative bank and the pioneer of Africa’s first fully digital bank, ALAT, is gearing up to launch the fourth season of its highly successful reward initiative, the Wema Bank 5 for 5 Promo. The much-anticipated season is scheduled to kick off on Tuesday, October 1, 2024. Launched in…
