Category: Finance
Lagos Set to Host Nigeria’s Premier SME Trade Fair with ₦5 Billion Sales Target
Lagos, Nigeria – The Lagos State Government, in partnership with Naija Brand Chick (NBC), is gearing up to host the 2025 Lagos Tourism NBC Trade Fair, Nigeria’s largest SME commerce event, with an ambitious ₦5 billion sales target and over 220 vendors expected to participate. Scheduled for April 11–13 at the Federal Palace Hotel’s Balmoral…
Nigeria’s Foreign Exchange Reserves Rebound to Three-Year High, But Structural Challenges Loom
The Central Bank of Nigeria has announced a dramatic recovery in the country’s foreign exchange reserves, with net reserves climbing to $23.11 billion in 2024 – the highest level since 2021. This financial turnaround comes as the Lagos business community warns that without fundamental reforms to Nigeria’s power sector and debt management, these gains may…
NBS Vows Transparency Amid Inflation Data Controversy, Clarifies Rebasing Process
The National Bureau of Statistics (NBS) has moved to quell growing concerns over its inflation reporting methods, pledging enhanced transparency after confusion arose from its recent Consumer Price Index (CPI) rebasing exercise. Data Integrity Assurances In an official statement, Acting Director of Communications Folorunso Alesanmi confirmed the bureau’s commitment to “quality data publication,” emphasizing that…
Four Bank Employees Arrested in Lagos for £138,924 International Airline Fraud
Lagos, Nigeria – The Lagos State Police Command has arrested four bank employees for allegedly orchestrating a sophisticated fraud scheme that diverted £138,924 (over ₦270 million) from international airline accounts through illicit transfers. How the Fraud Was Uncovered According to CSP Benjamin Hundeyin, the command’s spokesperson, the bank detected unauthorized transactions and alerted authorities, prompting…
Economic Activities Expand for Second Consecutive Month, CBN Reports
The Central Bank of Nigeria (CBN) has announced that economic activities expanded for the second consecutive month, reaching 51.4 index points in February 2025, according to its Purchasing Managers’ Index (PMI) Report. The report highlights growth in the industry, services, and agriculture sectors, signaling a gradual recovery in the Nigerian economy. Sectoral Performance The CBN’s…
Reps Urge CBN to Suspend Hike in ATM Charges
The House of Representatives has called on the Central Bank of Nigeria (CBN) to suspend the planned increase in Automated Teller Machine (ATM) transaction charges and the removal of free ATM withdrawals for customers using other banks’ ATMs. The resolution followed a motion of urgent public importance moved by Hon. Marcus Onobun, who drew attention…
Naira Depreciates to N1,570/$ in Parallel Market, Widens Gap with Official Rate
The Nigerian Naira experienced a decline in the parallel market on Monday, depreciating to N1,570 per dollar from N1,545 per dollar over the weekend. However, in the Nigerian Foreign Exchange Market (NFEM), the Naira appreciated to N1,528 per dollar, according to data published by the Central Bank of Nigeria (CBN). This represents a N14 gain…
CBN Monetary Policies Yielding Results, but Fiscal Challenges Loom
After months of trial and error, the Central Bank of Nigeria (CBN) appears to be on the right track with its monetary policies. The exchange rate is stabilizing, and the gap between the official and parallel market rates has significantly narrowed. For the first time in years, Nigeria is close to achieving a relatively stable…
Transcorp Group Records 132% Growth in Profits to N136.7 Billion in 2024
Transnational Corporation Plc (Transcorp Group) has announced a remarkable 132% increase in Profit Before Tax (PBT) to N136.7 billion for the operating year ended December 2024, up from N58.8 billion in the previous year. The impressive financial performance was disclosed in the company’s audited results, which also revealed a 107% surge in revenue to N408…
Shehu Sani Slams NPC’s ₦1 Trillion Census Budget as “Madness”
Former federal lawmaker and social critic, Shehu Sani, has strongly criticized the National Population Commission (NPC) for requesting nearly ₦1 trillion to conduct a national census. Describing the request as “madness,” Sani questioned the rationale behind such a hefty budget, especially at a time when the country is grappling with economic challenges and competing priorities….