On Friday, investors in the Nigerian stock market celebrated a gain of N148 billion, marking a positive end to the week. By the close of trading on Friday, market capitalization increased by N148 billion, or 0.22 percent, reaching N66.257 trillion, up from N66.109 trillion on Thursday. The All-Share Index (ASI) also rose by 234.52 points,…
A Federal High Court in Nigeria has directed Keystone Bank to take control of Bacita Sugar Company due to the company’s failure to settle an outstanding debt of N25.5 billion. In addition, the court has ordered the freezing of 21 accounts associated with KIA Africa. This decision follows a previous ruling from the Federal High…
Flutterwave, Africa’s premier payments technology firm, is now facilitating digital tax collection for the Federal Inland Revenue Service (FIRS), positioning itself as one of the few fintech companies aiding the government in the modernization of tax payment systems. This partnership enables the FIRS to utilize Flutterwave’s efficient and secure payment infrastructure to collect taxes, levies,…
On Tuesday, the Nigerian Senate conducted the first reading of a bill aimed at amending the Nigerian Data Protection Act of 2023. This amendment intends to require major social media platforms—including Facebook, X (formerly Twitter), Instagram, WhatsApp, YouTube, TikTok, and independent bloggers—to establish physical offices within Nigeria. The proposed legislation is titled “A Bill for…
This week, the naira experienced its first increase against the dollar in the parallel foreign exchange market on Tuesday. Idris Yunusa, a Bureau de Change operator in Wuse Zone 4, Abuja, informed DAILY POST that the naira rose to N1,580 per dollar on Tuesday, up from N1,585 on Monday. This marks a gain of N5…
The House of Representatives in Nigeria has approved President Bola Ahmed Tinubu’s tax reform bills following months of heated debate. Sunday Dare, the presidential spokesperson and Special Adviser on Media and Public Communications, announced the approval in a statement via his official X account on Thursday. While he did not provide specific details, Dare confirmed…
The Nigerian stock market maintained its downward trajectory on Wednesday, with key performance indicators declining by 0.44 percent. The market capitalization of the Nigerian Exchange Ltd. (NGX) fell by N289 billion, or 0.44 percent, dropping from N66.942 trillion on Tuesday to N66.653 trillion. Additionally, the All-Share Index decreased by 468 points, closing at 106,436.48, down…
The Petroleum Retailers Outlets Owners Association (PETROAN) has praised the Nigerian National Petroleum Company Limited (NNPCL) for its recent reduction in petrol prices. This announcement was made by PETROAN spokesperson Joseph Obele on Monday. NNPCL has lowered its retail price from N965 per litre to N880 in the Federal Capital Territory, Abuja. In response, PETROAN’s…
The Central Bank of Nigeria (CBN) has officially introduced new Automated Teller Machine (ATM) withdrawal fees for Nigerians, effective Saturday, March 1, 2025, as reported by DAILY POST. This change follows the CBN’s announcement on February 11, 2025, stating that a fee of N100 will be charged for ATM withdrawals, with an additional N450 fee…
President Tinubu has officially enacted the 2025 budget appropriation bill. The National Assembly approved a total budget of N54.99 trillion for the upcoming fiscal year. Originally set at N49.7 trillion, the budget was increased to N54.2 trillion following a request from President Bola Tinubu. The budget allocation details indicate that N3.645 trillion is designated for…
