Category: Finance
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….
EFCC Probe: I Used Personal Funds to Supplement Allocations, Says Ex-Minister Uju Kennedy-Ohanenye
Former Minister of Women Affairs, Uju Kennedy-Ohanenye, has confirmed that she honored an invitation by the Economic and Financial Crimes Commission (EFCC) to clarify financial expenditures during her tenure. The ex-minister, who was interrogated on Thursday over allegations related to a N138 million fraud, stated that she provided “comprehensive clarifications” regarding her actions while in…
BOI Disburses N108 Billion to 921 Women-Owned Businesses to Bridge Gender Gap
In a significant move to empower women entrepreneurs and bridge the gender gap in Nigeria’s economy, the Bank of Industry (BOI) has disbursed N108 billion in loans to 921 women-owned businesses. The initiative, announced during BOI’s commemoration of International Women’s Day 2025, underscores the bank’s commitment to expanding access to financing and business opportunities for…
National Theater Transformation to Unlock $25 Billion Creative Sector Potential, Says CBN Governor Cardoso
Lagos, Nigeria – The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has declared that the transformation of the National Theater in Lagos will serve as a catalyst for unlocking the $25 billion income potential of Nigeria’s creative sector. Cardoso made the statement during a press briefing following a tour of the upgraded National Theater,…
Naira Depreciates to N1,510/$ in Parallel Market, Gains Slightly in Official Market
The Nigerian Naira experienced mixed fortunes in the foreign exchange markets yesterday, depreciating in the parallel market while recording a slight gain in the official Nigerian Foreign Exchange Market (NFEM). In the parallel market, the Naira fell to N1,510 per dollar from N1,505 per dollar over the weekend, reflecting a N5 depreciation. However, in the…
Shettima Calls for Private Sector Investment to Tackle Hunger, Transform Nigeria’s Food System
Vice President Kashim Shettima has urged the private sector to increase investments in Nigeria’s food system to address the persistent hunger and economic hardship facing the nation. Speaking at the ‘Strategic Workshop on Agriculture and Food Security’ organized by the Presidential Food Systems Coordinating Unit (PFSCU), the National Bureau of Statistics (NBS), and the Nigerian…