The Central Bank of Nigeria has announced a fine of N150 million on Deposit Money Banks found guilty of giving out illegal flow of mint naira notes to currency hawkers across the country. The move was after the apex bank addressed recent misinformation about the validity of the old N1000, N500, and N200 banknotes…
Mark Zuckerberg’s Meta, the parent company of Facebook and Instagram, said it has donated $1 million to President-elect Donald Trump’s inauguration fund. It appears to be the latest attempt by the Meta boss to build a closer relationship with the incoming president. The donation comes just weeks after Meta CEO Mark Zuckerberg met with Trump privately at…
The exchange rate between the naira and dollar slid back to around N1,745/$1 on the parallel market, a sharp reverse from the N1,600 levels recorded at the end of last week. As at Wednesday, December 11, the Naira was sold for several rates above the N1,700/$1 mark . While some platforms were said to…
The National Bureau of Statistics (NBS) reports that Nigeria recorded a trade surplus of ₦5.81 trillion in the third quarter (Q3) of 2024. A trade surplus occurs when a nation’s exports exceed its imports, reflecting a positive trade balance. In its report titled Foreign Trade in Goods Statistics (Q3 2024), released on Friday,…
The Central Bank of Nigeria (CBN) has warned that it will impose severe penalties on banks failing to address the ongoing cash scarcity at automated teller machines (ATMs). Olayemi Cardoso, the CBN governor, issued the warning during the annual Bankers’ Dinner hosted by the Chartered Institute of Bankers of Nigeria (CIBN) on Friday.The cash…
The Federal Government’s electricity subsidy has surged by 269%, rising from ₦650 billion in 2023 to an estimated ₦2.4 trillion in 2024. This increase comes despite the implementation of the Band A tariff service category in April, which was expected to reduce subsidy obligations by ₦1.14 trillion. Dr Yusuf Ali, Commissioner for Planning, Research,…
The Senate has passed, for second reading, the four tax reform bills that were forwarded to it for consideration. After scaling Second Reading during plenary on Thursday, Nov. 28, the President of the Senate, Senator Godswill Akpabio referred the four bills to the Senator Sani Musa, APC, Niger East led Committee on Finance to carry…
A painting by renowned surrealist artist Rene Magritte has shattered auction records, selling for more than $121 million at Christie’s in New York on Tuesday, November 19. The painting, titled Empire of Light (L’Empire des Lumières), sold for $121,160,000 after a tense nearly 10-minute bidding war, far surpassing its pre-auction estimate of $95 million.This…
The Lagos Chamber of Commerce and Industry (LCCI) has described the N1,400 foreign exchange rate projection in Nigeria’s proposed 2025 budget as unrealistic. The federal government has proposed a total expenditure of N47.9 trillion for the 2025 budget, with parameters including a crude oil price benchmark of $75 per barrel, an oil production target of…
The Nigerian Electricity Regulatory Commission, NERC, has cautioned electricity consumers against paying for replacement of faulty meters, saying it is the responsibility of electricity distribution companies, DisCos, to replace the meters. The Commission in a statement on Monday, November 18, explained that as long as meters were not tempered with by consumers, replacement must be…
