Business News

Amid tight monetary policy and economic contractions, the loan portfolio of Nigeria's main deposit money banks increased by 57% to N37.17 trillion in 2023, up from N23.68 trillion in 2022....

About $2.4bn out of the claimed backlog of $7bn forex claims were fictitious, the Deputy Governor of Corporate Services at the Central Bank of Nigeria, Mohammed Bello, has said. He...

Yesterday, the Naira fell to N1,340 per dollar in the parallel market, down from N1,300 per dollar last Friday. Similarly, the Nigerian Foreign Exchange Market, or NAFEM, saw it fall...

Vice President Kashim Shettima on Monday said President Bola Tinubu was working to end the reign of economic saboteurs who had been hindering the progress of the nation. Shettima said...

The Economic and Financial Crimes Commission on Monday conducted an on-the-spot raid at the Wuse Zone 4 area of Abuja, arresting an unidentified number of Bureau De Change operators. BDC...

Bamidele A.G. Amoo, a member of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), has attributed the decline in Nigeria’s foreign exchange (FX) reserves primarily to...

Cocoa prices experienced a pullback from their 2-1/2 week low on Tuesday, attributed to increased supplies from Nigeria and a rise in rainfall. Nigeria, the world’s fifth-largest cocoa producer, reported...

Inflation in Nigeria has been predicted to remain high in 2025 due to sporadic flooding and difficult terrain for the naira currency while inflation in key African economies will slow...

The Nigeria Inter-Bank Settlement System has said that financial institutions lost about N17.67bn to fraud in 2023. This was disclosed in its Annual Fraud Landscape (January to December 2023) which was published...

Recent dividend declarations by major Nigerian banks underscore a nuanced relationship between shareholder returns and the Central Bank of Nigeria's (CBN) capitalization directives. Despite the CBN's push for substantial capital...