Business

Despite the rising inflation rate in Nigeria, the Central Bank of Nigeria (CBN) has declared that the monetary policy reforms put in place have started having a positive impact on the economy. The bank’s Director of, Corporate Communications Department, Isa AbdulMumin stated this in Abuja on Wednesday while speaking on the latest National Bureau of Statistics (NBS) figures. Recall that …

The federal government has given all illegal miners of Nigerian mineral resources an ultimatum of 30 days to either join notable mining cooperatives or face the full wrath of the law. It also unveiled plan to set up a special surveillance task force that would include policemen and other relevant agencies to secure the mines in the country. Minister of …

The price of Liquefied Petroleum Gas (LPG), otherwise known as cooking gas, has risen by 17 per cent in October 2023 as the 12.5kg now sells at N10,250 from N8,500 recorded in August 2023. This is even as the price of 1 Kg rose by 11 per cent to N900 from N800 while 3kg rose by 18 percent to N2,500 …

The Nigerian capital market continued its bullish run on Wednesday with the All-Share Index (ASI) crossing the 71, 000 mark at the close of the day’s trading. The ASI rose to 71,014.34 from 70,840.72 after five hours of business on the trading floor today. Similarly, the market capitalization increased today by N93.48 billion to N39.05 trillion from N38.96 trillion recorded …

The naira exchanged for N756.21 to a dollar at the Investors and Exporters window on Wednesday. The naira lost 1.48 percent compared to the N745.19 it exchanged for the dollar on Tuesday. The open indicative rate closed at N766.82 to the dollar on Wednesday.READ ALSO: Naira drops further, now N965/$1 black market A spot exchange rate of N799.90 to the …

Nigeria’s inflation rate continued its upward journey as the latest report from the National Bureau of Statistics (NBS) showed that it surged to 27.33 per cent in October. The report, released on Wednesday, showed a 0.61 percentage point increase from the 26.72 per cent that was recorded in September. In the Consumer Price Index (October 2023), the NBS stated: “In …

The Blue Rail Line project is part of the Belt and Road Initiative proposed in 2013 by Chinese President Xi Jinping as a joint construction work between the Chinese and Lagos governments. DAVID AGBA reports on the journey so far. This year marks the 10th anniversary of this initiative. Over the past decade, practical cooperation under the Belt and Road …

In response to the hike in fuel prices in recent months, the Nigerian National Petroleum Company (NNPC) Limited has disclosed that it will construct 35 compressed natural gas (CNG) stations. According to NNPC spokesperson, Garba Muhammad, who made this known in a statement on Thursday, the oil giant will collaborate with NIPCO Gas Limited for the construction of the CNG …

The United States currency, the dollar, will crash against the naira soon, according to the General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye. Adeboye made the projection on Sunday during RCCG’s thanksgiving service sermon titled; ‘Uncommon Miracles’. He didn’t give the exact period the naira will recover its lost value to the dollar, but said …

Four directors at Sterling Financial Holdings Company and its subsidiary firm, Sterling Bank, were involved in insider dealings at the end of August 2023. Information gleaned from multiple documents obtained on Sunday from the Nigerian Exchange Limited (NGX), showed the four top directors as; Raheem Owodeyi, Abubakar Suleiman, Tunde Adeola and Yemi Odubiyi. Their dealings involved acquisitions of 155.83 million …