Category: Business

Naira slumped against the Dollar on Wednesday after closing at 950/$ at the parallel market as the forex crisis persists. Ahmez Gazali, a Bureau De Change Operator in Wuse Zone 4 Abuja, confirmed the figure on Thursday morning. Meanwhile, at the official market, the Naira closed at 758.12/$1 on Wednesday from N742.10/$1 on Tuesday, according […]

The Nigerian Electricity Management Services Agency, NEMSA, has assured electricity consumers using prepaid meters that units already purchased will not be lost due to the ongoing meter upgrade. Managing Director of NEMSA, Mr Tukur Tahir, disclosed this on Sunday in a statement by the Agency’s head Communication and Protocol Unit, Ama Umoren. Recall that the […]

Controversies have continued to trail Nigeria’s 4.1 per cent unemployment figure amid economic hardship occasioned by fuel subsidy removal and the foreign exchange crisis. Recall that the National Bureau of Statistics on Thursday last week disclosed in its recent Nigeria Labour Force Survey that the country’s unemployment rate is 5.6 per cent for Q4 2022 and 4.1 […]

Prepaid metre users, who are residents of Osogbo, Osun State, have raised an alarm over their inability to vend for electricity from the Ibadan Electricity Distribution Company, IBEDC. Their complaint is over their inability to vend from their phones. They also complained that at the nearest office of the Ibadan Electricity Distribution Company, IBEDC, they […]

Nigeria’s external reserves dropped by $915 million after the Central Bank of Nigeria officially floated the Naira and liberalised the foreign exchange market. CBN data obtained on Sunday showed that the reserves, which stood at $34.66bn as of June 14, 2023, when the Naira was floated, fell to $33.74bn as of August 24, 2023. The […]

The Securities and Exchange Commission said the total value of unclaimed dividends has risen to N190 billion in 2023. Dayo Obisan, SEC’s Executive Commissioner Operations, disclosed this after a quarterly Capital Market Committee meeting in Abuja this Friday. Obisan noted that the N190 billion unclaimed dividends represent a 7.35 per cent rise from the N177 […]

Amid Africa’s largest economic challenges, an American financial leader, JPMorgan Chase & Co., has projected that the country’s inflation rate will increase to 28 per the next four months of the year. JP Morgan disclosed in a report titled, “Nigeria: Reform pause rather than fatigue: CBN’s financial accounts open a can of worms.” The report […]

A global financial leader, JP Morgan says Nigeria’s net foreign exchange (FX) reserves fell to $3.7 billion as of 2022, contrary to $36.61 billion quoted by the Central Bank of Nigeria. JP Morgan disclosed this recently in its latest report on Africa’s largest economy, Nigeria. The American financial firm noted that the $3.7 billion figure […]

Economic experts have predicted positive economic growth for Nigeria as business activities increase in the second half of 2023. They disclosed this on Tuesday at the third edition of the Mid-Year Review of 2023 Economic Outlook by the Chartered Institute of Bankers of Nigeria Centre for Financial Studies. Laoye Jaiyeola, the Chief Executive Officer of […]