The foreign exchange (FX) market opened on Monday, with the naira exchanging with the dollar at 1,430 on the parallel market, popularly called black market. This represents 5.49 percent depreciation against the dollar, when...

The Tomato Crates Dealers Association of Nigeria has threatened to cut tomato supply to Lagos State over the alleged destruction of its goods. The association’s National Chairman, Alhaji Ahmed Alaramma, stated this during a...

Normalcy is gradually returning to the supply and distribution chain of Premium Motor Spirit (PMS) or petrol, following the scarcity of the product in the last three weeks. The Nigerian National Petroleum Company Limited...

Dealers of the Liquified Petroleum Gas (LPG) popularly known as Cooking gas have crashed the price of the product further following improved supply and forex availability. The dealers said the price of refilling 12.5kg...

Nigerian fintech companies have warned their customers against trading in cryptocurrency or any virtual currency on their apps, threatening to block any accounts found engaging in such activities. At least four fintechs—Opay, Moniepoint, PalmPay,...

The Nigerian Electricity Regulatory Commission, NERC, has ordered the Bureau of Public Enterprises, BPE, to within 30 days register the Independent System Operator as a distinct entity from the Transmission Company of Nigeria, with...

Nigerians are holding onto cash at an unprecedented rate with a staggering 94 percent of the currency outside the banking system. This Central Bank of Nigeria (CBN) stated this in its March 2024 Money...

The naira traded at its lowest in the official market despite the U.S. dollar index falling to a three-week low ahead of U.S. jobs data. In the official market, the naira lost ground against...

As Nigerians battle fuel scarcity, over 9,000 oil marketers are on the verge of losing their operating licences. As a result, the Independent Petroleum Marketers Association of Nigeria is urging the Nigerian National Petroleum...

The Nigeria Deposit Insurance Corporation has announced a revision of the Maximum Deposit Insurance Coverage for banks operating within the country. At a media briefing held in Abuja, NDIC’s Managing Director, Bello Hassan, revealed...