Business

The Central Bank of Nigeria (CBN) has assured Nigerians of an adequate supply of Naira notes in the country. The bank’s Director of Corporate Communications, Isa AbdulMumin, said this in a statement on Thursday in Abuja. The CBN was reacting to reports of naira scarcity at the counters, Automated Teller Machines (ATMs), Points of Sale (PoS), and Bureaux de Change …

The Managing Director of the Centre for the Promotion Of Private Enterprise [CPPE], Muda Yusuf, said on Thursday the recent move by the Central Bank of Nigeria (CBN) to clear the forex backlog owed to foreign portfolio investors would strengthen the naira and boost the market liquidity. Yusuf, who stated this in a chat with Ripples Nigeria, described the measure …

The Head, Investor Relations, First Bank Nigeria (FBN) Holdings Plc, Tolu Oluwole, has sold off his shares in the financial institution amid a drop in the capital market’s confidence towards the firm. Oluwole sold 1.60 million shares held in FBN Holdings on Wednesday, August 23, 2023, to take out N28.86 million from the financial institution experiencing a leadership tussle. When …

The Nigeria Civil Aviation Authority (NCAA) has advised pilots and airline operators to exercise caution over hazardous weather in dry season. This warning was contained in a press release by the Nigerian Meteorological Agency (NiMET) on weather alerting the public on the possibility of deterioration in visibility as a result of observed dust haze propagated into the country from the …

The Special Adviser to the Executive Chairman of the Lagos State Internal Revenue Service, LIRS, Mr Tokunbo Akande has clarified the misunderstanding about stamp duty as he maintained that it is a revenue stamp and not a postage stamp. Akande made this known while featuring as a guest on The Tax Talk programme on Channels Television recently. He said contrary …

The Central Bank of Nigeria (CBN) has announced a number of operational modifications for the Bureau De Change (BDC) segment in an effort to increase the effectiveness of the Nigerian Foreign Exchange Market. The apex bank in a statement, which was released on August 17, 2023, details steps to improve and streamline the operations of BDCs. The spread on purchases …

Zenith Bank, Access Holdings, GTCO, UBA and eight other banks listed on the floor of the Nigerian Exchange raked in a whopping N72.723 billion from account maintenance charges in the first half of 2023. According to data extracted from the half-year financial statements of these banks, the amount represented a 7.44 per cent increase compared to the N67.690 billion recorded …

For this week’s stocks to watch, MTN Nigeria Airtel and Ellah Lakes should be on your list, as the Nigerian exchange return for another week of trading activities. Ripples Nigeria stocks watchlist is a selection of stocks monitored for viable trading or investing opportunities. An investor may casually generate a list of equities for investment purposes. But we have taken …

The Lagos State Internal Revenue Service (LIRS) has closed down Excellent Hotel in Ogba, Lagos and 33 other companies operating in the state for failing to remit Personal Income Taxes of their employees and for non-remittance of Consumption Taxes by operators in the hospitality sector to the Lagos State Government. Some of these companies include NTS Nigeria Ltd., Med-In Hospital …

The value of investments in the Nigerian capital market rose by 0.24 percent at close of trading on Friday. This represented a N85.7 billion growth in the market capitalization from N35.79 trillion to N35.88 trillion at the close of business today. The All-Share Index rose by 157.09 basis points to close at 65,558.91, up from 65,401.82 posted by the bourse …