Credit facilities borrowed by Nigerians from banks rose to N3.82 trillion in January 2024 amid rising inflation and harsh economic realities. This is according to the recent Central Bank of Nigeria’s monthly Economic report posted on its official website. Accordingly, total consumer credit rose by 11.9 percent to N3.82 trillion in January 2024 from N2.648…
Introduction: In the world of business, the terms “leader” and “ruler” are often used interchangeably when referring to someone in a position of authority. However, there is a clear distinction between the two that can have a significant impact on the success of a company. In this article, I will delve into the differences between…
The naira continued its depreciation against the dollar despite a surge in foreign exchange reserves. FMDQ data showed that the naira depreciated slightly to close at N 1485.53 against the dollar on Friday from N 1485.36 traded on Thursday. This represents a marginal N0.17 loss against the dollar compared to the 1485.36 traded the previous…
Fidelity Bank Plc will today open application lists for its N127.2 billion combined rights and public offer, in the first capital raising under the banking recapitalisation exercise mandated by the Central Bank of Nigeria (CBN). Fidelity Bank is offering a rights issue of 3.2 billion ordinary shares of 50 kobo each at N9.25 per share….
The Debt Management Office, DMO, said that Nigeria’s total public debt has increased by 24.99 per cent to N121.67 trillion (approximately $91.46 billion) as of March 31, 2024. DMO disclosed this in a statement on Thursday. The figure is a significant increase compared to the N97.34 trillion recorded on December 31, 2023. According to DMO,…
Multichoice Nigeria has appealed a Competition and Consumer Protection Tribunal ruling imposing a N150 million fine and mandating a free monthly subscription. The tribunal’s decision follows Multichoice’s objection to jurisdiction. Multichoice Nigeria has appealed the Competition and Consumer Protection Tribunal’s decision to impose a N150 million fine and mandate a free monthly subscription. The tribunal,…
The Naira appreciated marginally to N1480 against the dollar at the parallel foreign exchange market, also known as the black market, amid the Sallah holidays. Dayyabu Ashiru, a bureau de change operator at Wuse Zone 4 in Abuja, disclosed this to newsmen He noted that demand for foreign exchange had remained flat due to the…
The Chairman of Dangote Group, Aliko Dangote, has said his $20 billion 650,000 barrels per day Lagos-based refinery will crash the price of fuel as it reduced the price of diesel in Nigeria. Dangote disclosed this at a recent Afreximbank Annual Meetings and AfriCaribbean Trade & Investment Forum in Nassau, The Bahamas. Asked to speak…
The Central Bank of Nigeria has said there are no plans to revoke the operating licenses of Fidelity Bank, Wema Bank, Polaris Bank and Unity Bank Acting Director of Corporate Communications of CBN, Mrs. Hakama Sidi Ali stated this in a statement averring that rumours of a plan to revoke the licences of the banks…
The naira appreciated against the dollar at the official foreign exchange market on Monday. FMDQ data showed that the naira appreciated slightly to N1,483.62 against the dollar on Monday from N1,483.99 traded last Friday. This represents N0.37 gain compared to N1, 483.99 traded last Friday. Similarly, at the parallel market section, the naira increased to…
