Unshackled journalism at its finest
Focus on global commerce, finance, entrepreneurship, and market trends.
In a surprising turn of events, the Central Bank of Nigeria (CBN) has readjusted the exchange rate on the Customs platform from the previously increased N1,356.883/$1 to a new rate of N1,413.62/$1. This revision, coming less than 24 hours after the initial adjustment, follows vehement opposition from stakeholders and experts within the maritime industry. The…
The Central Bank of Nigeria (CBN) has implemented a staggering 1,900% increase in the application fee for international money transfer operators (IMTO), according to revised guidelines released on January 31, 2024. The application fee for an IMTO license has skyrocketed from N500,000 to N10 million. This significant adjustment, covering a 10-year period, has raised eyebrows…
In a surprising move, the Central Bank of Nigeria (CBN) has approved a substantial 43% increase in the import duty rate, sending shockwaves through the business and trading communities. The exchange rate for duty collection, typically determined by the CBN, has witnessed a significant surge. As of December 2024, the exchange rate stood at N951.842…
In a bid to tackle the persistent backlog of verified foreign exchange (forex) transactions, the Central Bank of Nigeria (CBN) has injected an additional $500 million into the market. This move follows a recent injection of approximately $2 billion aimed at settling outstanding commitments in key sectors. The Acting Director of the Corporate Communications Department…
Governor Alex Otti Establishes Abia Global Economic Advisory Council Governor Alex Otti of Abia State (Abia Governor) has officially announced the creation of the Abia Global Economic Advisory Council (AGEAC), a distinguished body composed of experts from various sectors. The council is expected to provide strategic guidance on economic policies and drive sustainable development in…
In a recent development, the United Kingdom has expanded its list of companies and organizations licensed to sponsor skilled immigrants through the temporary worker immigration pathway. The most recent update on January 12, 2024, reveals a significant increase, with a total of 99,856 approved companies, marking a notable rise of 31,226 from the previous count…
Shell is set to sell its Nigerian onshore company, The Shell Petroleum Development Company of Nigeria Limited (SPDC), to a group called Renaissance. This group includes four Nigerian companies and one international energy company. The deal is not complete yet. It needs approval from the Federal Government of Nigeria and has to meet certain conditions….
In a significant stride for Nigeria’s energy sector, the Dangote Petroleum Refinery has initiated the production of diesel and aviation fuel. Alhaji Aliko Dangote, President of the Dangote Group, expressed gratitude to President Bola Ahmed Tinubu for his unwavering support, encouragement, and insightful guidance throughout the realization of this project. Acknowledging the collaborative efforts, Dangote…
The Central Bank of Nigeria (CBN) has rolled out stringent measures affecting cash withdrawals from accounts primarily used for virtual and digital assets transactions, a move that has sent ripples across the financial landscape. In a newly introduced ‘Guidelines on Operations of Bank Accounts for Virtual Assets Service Providers,’ the apex bank has mandated that…
A widespread loan recovery effort has been initiated by commercial banks targeting the loans disbursed to individuals and Micro, Small, and Medium Enterprises (MSMEs) in response to the economic repercussions of the COVID-19 pandemic. Shocked beneficiaries have reported sizable deductions from their bank accounts without prior notification from the banks, leaving many baffled and financially…