Business

The Central Bank of Nigeria (CBN) has rubbished a report by JP Morgan on the status of Nigeria’s foreign reserves which sparked concerns over forex liquidity in the country. Ripples Nigeria reported on Wednesday that JP Morgan reported Nigeria’s foreign reserves stood at $3.7 billion as of December 2022 and not $35.08 billion as disclosed by the CBN. Following the …

The Poultry Association of Nigeria (PAN) has called on the federal government to retain import restrictions on poultry products, saying lifting of restrictions may lead to the collapse of the industry in Nigeria. The Central Bank of Nigeria (CBN) pronounced removal of restriction on FOREX allocation for Poultry products and other items. PAN in a press release signed by National …

The Nigerian Electricity Regulatory Commission (NERC) has raised the alarm, saying unless customers update their pr-paid meters, they will not be able to recharge with their cards from next year. The Nigerian Electricity Regulatory Commission (NERC) that advised Electricity Distribution Companies (DisCos) to assist customers update their meters. In a message on its Twitter/X handle the Commission explained the process …

The naira exchanged at N771.69 for a dollar at the Investors and Exporters window on Thursday. The Nigerian currency rebounded by 0.22 percent compared to the N773.42 it traded for the dollar on Wednesday. The open indicative rate closed at N777.82 to the dollar on Thursday. READ ALSO: Naira depreciates, closes N773/$ at I&E window A spot exchange rate of …

Investors in the Nigerian capital market lost N49.8 billion at the close of trading on Thursday. This followed the crash in the market capitalization from N35.84 trillion to N35.79 trillion after five hours of trading today. Also, the All-Share Index dipped by 90.99 basis points to close at 65,401.82, down from 65,492.81 ASI posted by the bourse on Wednesday. Investors …

Ikeja Hotel has adopted cost savings measures that resulted in some of its workers losing their jobs, as the management struggled to make the company a going concern in 2023. Ripples Nigeria learnt that Ikeja Hotel downsized its workforce by 211 in 2022, reducing its staff strength to 201 from 412 employees working at the hospitality company in 2021. During …

Africa’s Global Bank, United Bank for Africa (UBA), has pledged to continue to be at the forefront of empowering the creative industry across the continent.  The Group Deputy Managing Director, Muyiwa Akinyemi who said this noted that with the Bank’s visionary commitment towards nurturing and promoting talent, UBA continues to make significant investment in the creative sector, such as its …

So far, there is no doubt that President Bola Ahmed Tinubu has impressed many critical stakeholders and other Nigerians regarding his recent appointments, particularly those he has been working with at the Presidential Villa as SAs and SSAs, in the ministries as well as in the different agencies under Works, Information, Trade and Investment and Health. There are convictions that …

With the prices of crude on the global market going south, Nigerians could see a reduction in fuel pump price if the situation persists, Blueprint has gathered. After seven consecutive weeks of gains, global crude oil prices fell recently, after China reported weak economic data. A review of global crude oil prices on Tuesday, revealed that China’s weak economic activity …

The Naira exchanged for N773.42 to the dollar at the Investors and Exporters window on Wednesday. This indicated that the Nigerian currency depreciated by 0.35 percent compared with N770.72 to dollar recorded at the investors and exporters window on Tuesday. The open indicative rate closed at N781.49 to the dollar on Wednesday.READ ALSO: NNPC secures $3bn Afreximbank loan to strengthen …