BUSINESS
CBN Announces Fee Waiver For Bureau De Change License Renewal In 2025
The 2025 license renewal fee for all bureau de change (BDC) operators has been waived by the Central Bank of Nigeria (CBN). Jonah Onojah, the director of the financial policy and regulation department, recently announced the development, saying the waiver took immediate effect. The statement reads, “This is to inform all existing bureaux de change that, further to the Regulatory and Supervisory...
Nigeria’s Electronic Transactions Surge To N1.08qd In 2024, Up 79%
Nigeria's electronic transaction value hit a record high of N1.08 quadrillion in 2024, up 79 percent from the previous year. This is according to the latest data from the Nigeria Inter-Bank Settlement System on NIBSS Instant Payments. NIBSS Instant Payments is an account-number-based, online, real-time interbank payment solution developed in 2011 by NIBSS. It guarantees instant value to the beneficiary. An analysis...
Dangote Refinery Reduces Petrol Price To N890 Per Litre, Offers Relief To Nigerians
In a move expected to ease the financial burden on Nigerians, Dangote Petroleum Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890 per litre, effective Saturday, February 1, 2025. The refinery announced via its official X (formerly Twitter) handle on Saturday evening, attributing the price cut to...
FG Urged To Embrace Asset-Based Financing For Economic Growth
The Federal Government (FG) of Nigeria has been advised to switch from its current output-based financing model to an asset-based one in light of its goal to grow the nation's economy to a $1 trillion value by 2030. Renowned economist and Chief Executive Officer of Economic Associates, Dr. Ayo Teriba, who gave the advice in a keynote address at the...
Naira Depreciates 1.4% Amid CBN’s FX Sales Deadline Extension
At the official market on Monday, the value of the naira dropped, trading at N1,495.60 to the US dollar. Data from the FMDQ Security Exchange official forex trading platform revealed that the naira lost N20.82. This represents a 1.4 percent loss when compared to the previous trading day on Friday, Jan. 31, when the local currency closed trading at N1,474.78 to...
MRS Oil Emerges As Nigeria’s Downstream Market Leader After Dangote Refinery Deal
A groundbreaking fuel supply and distribution deal between Dangote Refinery and MRS Oil Nigeria Plc has propelled MRS Oil to the top of Nigeria’s downstream petroleum industry, surpassing long-standing market leaders such as Mobil, TotalEnergies, and NNPC Retail. The partnership ensures that MRS Oil handles over 40% of Dangote Refinery’s refined products released for local consumption. This development has significantly...
FG, EU Collaborate To Strengthen 1.3bn Euro Trade Deals
The Federal Government and the European Union (EU) have initiated high-level talks aimed at enhancing economic cooperation between the EU and Nigeria. A statement issued by the Finance Ministry on X noted that the Minister of Finance and Coordinating Minister of the Economy, Wale Edun and the EU Ambassador to Nigeria, Gautier Mignot, engaged in the discussion at a meeting in Abuja,...
Sterling Bank Drops Charges On Online Transfers, Calls For Others To Follow
Sterling Bank has pushed for the elimination of bank transfer fees by major banks and declared that it will no longer keep any money for itself from any local online transactions made by its clients. This historic action sets a new standard for customer-focused banking in Nigeria. The announcement made on April 1 initially sparked widespread arguments, with many assuming...
Gov. Otti Urges Haier Global To Invest In Abia, Assures Of Business-Friendly Environment
Abia State Governor, Dr. Alex Otti, has reaffirmed his administration’s commitment to fostering strategic partnerships with investors, emphasizing that such collaborations are aimed at economic growth rather than mere patronage of companies. Governor Otti made this known on Wednesday while receiving a delegation from Haier Global Business, led by its Director for Africa, Mr. Sunny Liu, at the Government House,...
Stock Market Loses N207 Billion Amid Easter Break
The Nigerian equity market experienced a decline during the holiday-shortened trading week, losing ₦207 billion in market capitalization as investor sentiment remained cautious amid ongoing earnings reports and dividend announcements. Trading on the Nigerian Exchange Limited was limited to four days as the federal government declared Friday, April 18, and Monday, April 21, 2025, as public holidays to mark the...
