Tag: Economy
FCMB kicks off its 10th season of the Millionaire Promo, offering N1m prizes to winners across Nigeria, with draws until September 2025. First City Monument Bank (FCMB) has officially launched the 10th season of its highly anticipated...
Banks in the FCT have increased their over-the-counter withdrawal limit to N50,000, up from N5,000, improving cash access for customers. Deposit Money Banks in the Federal Capital Territory (FCT) have increased their maximum over-the-counter withdrawal limit...
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Naira depreciates against Dollar amid forex market volatility in October 2024
The naira saw continued depreciation against the dollar in October 2024 as exchange rate volatility persisted, according to the FMDQ Exchange. The Nigerian naira experienced...
NNPC Ltd commits to reviving Nigerian football through strategic partnerships
NNPC Ltd has pledged to work with stakeholders to revitalise Nigerian football, aiming to boost the sport and the economy. The Nigerian National Petroleum Company...
Nigeria launches scale initiative to boost local industry through consumer credit
The Nigerian Consumer Credit Corporation has launched the SCALE initiative to facilitate consumer access to credit for purchasing locally-made goods, aimed at boosting the...
Leasing industry to bridge Nigeria’s ₦13tn MSME funding gap
Stakeholders highlight the potential of Nigeria's leasing industry to bridge a ₦13tn MSME funding gap, driving growth and innovation. At the 2024 National Leasing Conference...
Naira depreciation to N1,993 by 2028 could challenge Nigeria’s pharmaceutical sector, BMI report warns
Nigeria's pharmaceutical sector faces significant challenges as the naira is expected to depreciate to N1,993 per US dollar by 2028. The country’s reliance on...
Nigerian exchange limited records N118bn loss amid mixed market sentiment
Despite strong sector performances from oil & gas and banking stocks, the Nigerian Exchange Limited recorded a loss of N118bn last week, driven by...
Trump’s victory set to impact Nigeria’s economy amid global oil price volatility
Donald Trump's US presidency may fuel inflation and global oil price drops, affecting Nigeria's economy and oil revenue. Donald Trump's return to the White House...
Global markets rise as US election, fed rate decision, and Chinese stimulus loom
Global markets climbed as the US election, Fed rate decision, and potential Chinese stimulus measures drew closer, spurring cautious optimism. Global stock markets experienced a...
Rising inflation pushes 14 million Nigerians into poverty as government expands cash assistance
Rising inflation has pushed 14 million Nigerians into poverty, with nearly half the population below the poverty line, per the World Bank's latest report. As...
Fisheries society urges establishment of fisheries institute to boost Nigeria’s blue economy
The Fisheries Society of Nigeria calls for the establishment of the Fisheries Institute to enhance the country's fisheries resources and blue economy. The Fisheries Society...
Nigeria confirms 15% VAT on luxury goods, exemptions for essentials
Nigeria's Finance Minister, Wale Edun, announces a 15% VAT on luxury goods while ensuring lower rates for essential items for the poor.Mr. Wale Edun,...
CBN clarifies: No deadline for use of old Naira notes, all remain legal tender
The CBN confirms old Naira notes remain legal tender with no set deadline for circulation, urging the public to disregard closure rumours. The Central Bank...
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