Naira Appreciates To N1,685/$ In Parallel Market
The Naira yesterday appreciated to N1,685 per dollar in the parallel market from N1,695 per dollar on Wednesday Similarly, the naira appreciated to N1,567 per dollar in the official foreign exchange market. Data from the Central Bank of Nigeria, CBN, on the Daily Nigerian Foreign Exchange Market (NFEM) showed Naira appreciated for four consecutive days to N1,567 per dollar from...
Appeal Court Voids Judgement Stopping Monthly Allocation To Rivers State
The court of appeal in Abuja has set aside the judgment restraining the Central Bank of Nigeria (CBN) from disbursing financial allocations to the Rivers state government. The three-member panel, on Friday, ruled that the subject matter of the state’s appropriation bill is not within the jurisdiction of the federal high court. The Hamman Barka-led appellate court held that the lower...
CBN Imposes N1.35bn Fine On 9 Banks Over ATM Cash Dispensing Failures
Nine banks were fined N1.35 billion by the Central Bank of Nigeria (CBN) yesterday for not allowing Naira notes to be used at automated teller machines (ATMs) during the Yuletide season. According to the apex bank, the fines were imposed on the banks to demonstrate zero tolerance for cash flow disruptions. Each bank was fined ¦150 million for non-compliance, in line...
Bitcoin Dips To $80K Amid Trump Policy Debate
The cryptocurrency market has seen a significant decline, with its total value dropping by 7% to around $2.77 trillion. Leading digital assets, including Bitcoin, Ethereum, and XRP, have faced significant losses as investors react to the broader economic landscape and shifting policy measures. Bitcoin, the largest cryptocurrency, has dropped considerably and is now trading at around $82,200. Despite maintaining a market dominance...
Nigeria’s $632M Loan Request Set For Approval By World Bank Today
Amid growing concerns over Nigeria's increasing debt profile, the World Bank is scheduled to approve new loans totaling $632 million to the country today (Monday), according to The PUNCH. The loans are to support critical areas, including nutrition improvement and quality basic education. Information obtained from the World Bank’s website on Sunday showed that the two loans expected to be approved...
Bitcoin Surge To $84.9K Amid Tariff Exemptions
On Saturday, Bitcoin (BTC) rose 1.5% to $84,900 in an effort to halt a three-month decline following the Trump administration's decision to exempt important tech imports, such as chips and smartphones, from new reciprocal tariffs. The U.S. Customs and Border Protection’s exemptions are seen as a trade war concession, easing market fears. Analysts like The Kobeissi Letter suggest bond market pressure...
Nine Local Banks Generate ₦14tn In Loan Interest Amid Interest Rate Hikes
In 2024, nine Nigerian banks earned a total of N14.26 trillion in interest revenue, according to an examination of the financial institutions' audited financial statements. As the banks made trillions of naira from the interest on loans given to customers during the review period, manufacturers counted their losses, groaning under the weight of soaring borrowing costs totalling N1.3tn for the...
FIRS Prioritises Employee Safety Amid Growing Digitalisation , AI Integration
ABUJA – The Federal Inland Revenue Service (FIRS) has reaffirmed its commitment to employee safety, health, and overall well-being in the face of the growing adoption of digital technologies and artificial intelligence (AI). This pledge was made during the second edition of the FIRS World Day for Safety and Health at Work, held on Monday, with the theme:“The Impacts of...
