CBN Crashes Naira with $190 Million Dollar Withdrawal
The Central Bank of Nigeria withdraws $190 million to curb the naira's rapid appreciation, causing the currency to weaken as external reserves surpass $50 billion.
Category : Business
Court Orders Indimi to Pay Daughters $43.51 Million
A Federal High Court in Nigeria has ruled that Oriental Energy must pay $43.51 million to billionaire Muhammadu Indimi's twin daughters over unpaid dividends, highlighting governance issues in family-owned businesses.
FCMB Shares Gain Momentum on NGX as Investor Interest Builds
FCMB Group Plc shares are rising on the Nigerian Exchange, trading at ₦12.35, up from a 52-week low of ₦8.35, driven by investor confidence in its strategy and valuation upside.
Nigerian Businessman Builds Church, Gets Political Role
Sir Chijioke Nwachukwu, owner of LIV Restaurant in Lagos, has commissioned a modern chapel in Imo State and been appointed Deputy Coordinator of the 'Relax Tinubu is Fixing Nigeria' initiative, marking his rise as a socio-political figure.
Dangote Refinery Signs Deal with 12 Marketers for Petrol Supply
Dangote Petroleum Refinery has secured an agreement with 12 major petroleum marketing companies to distribute up to 65 million litres of petrol daily across Nigeria, aiming to reduce fuel imports and stabilize prices.
Top Insurance Brokers in Nigeria for 2026: Expert Protection
Discover the leading insurance brokers in Nigeria for 2026, offering reliable protection, risk management, and seamless claims processing for individuals and businesses.
20 Banks Meet CBN Recapitalisation Target, N4.05 Trillion Raised
The Central Bank of Nigeria announces 20 out of 33 banks have met new capital requirements, raising N4.05 trillion with strong domestic investor participation ahead of March 31 deadline.
Tinubu: Naira Could Reach N1,000/$1 in Weeks
President Bola Tinubu forecasts the naira could appreciate to N1,000 against the US dollar in weeks, citing CBN interventions and economic reforms at the Renewed Hope Ambassadors Summit.
CBN Cuts Rate to 26.5% Amid Cooling Inflation
The Central Bank of Nigeria has reduced its benchmark interest rate to 26.5%, marking a second cut in five months as inflation shows signs of easing, with January 2026 data at 15.10%.
Shettima: Why Naira Has Not Reached N1,000 per Dollar
Vice-President Kashim Shettima reveals that without CBN intervention, the naira could have reached N1,000 per dollar. He highlights Nigeria's economic progress and investment appeal.
Food Vendor Cries Over 21 Unsold Rice Plates on Business Launch
A Nigerian food vendor's first day in business ended in heartbreak as she cooked 21 plates of rice but made no sales, sparking viral reactions and support on TikTok.
Students Jailed for Explosive Sheep Attack
Two agricultural students from Plumpton College have been sentenced to prison for a brutal attack on a sheep involving explosives. The court described their actions as callous and sadistic.
Tyra Banks Seeks Sanctions in Business Legal Dispute
Model Tyra Banks seeks over $50,000 in sanctions against a Washington D.C. landlord, accusing him of a 'celebrity shakedown' over a failed ice cream shop deal. The dispute involves allegations of a breached lease and financial losses.
CBN Reduces Interest Rate to 26.50% Amid Falling Inflation
The Central Bank of Nigeria has lowered its Monetary Policy Rate by 50 basis points to 26.50% following the 304th MPC meeting. Governor Cardoso cited declining inflation and exchange rate stability as key factors driving the unanimous decision.
Lagos Airport Fire: Server Room Blaze Halts Flights, 6 Hospitalized
A major fire at Murtala Muhammed International Airport's Terminal 1 disrupted operations, diverted international flights, and hospitalized six people. Investigations point to a server room technical fault as the cause.
Naira Falls: BDC Dollar Rate Hits N1,400+ After CBN Action
Bureau De Change operators have pushed the US dollar exchange rate above N1,400 in Nigeria's parallel market following CBN's decision to absorb dollars. The naira also weakened in official trading.
Nigeria Gets $700k ECOWAS Grant for Solar Power in 15 Institutions
The Federal Government has secured a $700,000 ECOWAS grant to install solar power systems in 15 public health and education institutions across Nigeria, marking the start of a regional clean energy initiative.
Nigerian Breweries Celebrates 2025 Distributor Awards
Nigerian Breweries Plc recognized its outstanding trade partners at the 2025 Distributor Awards in Lagos, celebrating exceptional performance across revenue growth, distribution efficiency, and operational excellence.
FG Sets New Petrol Import Conditions Amid Dangote Refinery Pricing
The Federal Government has introduced conditional petrol import permits to prevent artificial shortages while supporting domestic refining. This comes as Dangote Refinery announces new Premium Motor Spirit prices at N774 per litre, capturing 62% market sh
GenCos Refute Claims of Power Sector Debt Cut to N2.8tn
The Association of Power Generation Companies has dismissed reports that President Tinubu reduced legacy debts from N6.5 trillion to N2.8 trillion, calling the claims false and misleading without official confirmation.
Tinubu, Power Firms Clash Over N6tn vs N2.8tn Electricity Debt
The Association of Power Generation Companies rejects claims that N2.8 trillion is the final settlement for legacy debts, insisting proper reconciliation hasn't occurred while maintaining confidence in President Tinubu's administration.
FG Restricts Motorcycle Parts Imports to Boost Local Production
The Federal Government has implemented an import-deletion program targeting motorcycle and tricycle components to stimulate domestic manufacturing, create jobs, and reduce foreign exchange reliance.
Eriata Ese Accuses Nigerian Businesses of Overpricing
Big Brother Naija star Eriata Ese criticizes Nigerian business owners for charging exorbitant prices, comparing them unfavorably to internet fraudsters known as Yahoo boys.
Naira Crashes Against Dollar, Pound, Euro as CBN Slows Appreciation
The naira weakened further against major currencies, with the official rate falling to N1,349.24 per dollar as the Central Bank of Nigeria intervened to moderate gains.
Ramadan 2026: Inclusive Workplace Strategies in Nigeria
As Ramadan approaches in 2026, Nigerian employers are implementing smart policies to support fasting Muslim employees while maintaining productivity. Discover nine key strategies for creating respectful, inclusive workplaces during the holy month.
Lagos Airport Flights Resume After Fire; FAAN Activates Emergency Plans
Flight operations have fully resumed at Murtala Muhammed International Airport in Lagos following a temporary suspension due to a fire incident at Terminal One. FAAN activated contingency measures including a remote control tower and temporary terminal se
Lagos Airport Reopens After Fire; Flights Diverted
The Murtala Muhammed International Airport in Lagos has resumed operations following a fire outbreak. FAAN confirmed six injuries, no fatalities, and the diversion of three international flights.
NGX Leads Africa as Strongest Stock Market, Nears N126 Trillion
Nigeria's stock market emerges as Africa's top performer in dollar terms with 34.39% return, nearing N126 trillion market cap as investor confidence surges amid currency stability and policy reforms.
CBN Approves Bank78 MFB as New Digital Bank Launches
Bank78 MFB has officially commenced operations as a licensed digital microfinance bank in Nigeria, bridging the gap between fintech innovation and traditional banking reliability with full CBN licensing and NDIC deposit insurance.
CBN Deadline: Nigerian Banks Race for Capital
With four weeks left to meet the Central Bank of Nigeria's recapitalization deadline, major banks are prepared while smaller institutions scramble for funds. The move aims to strengthen the banking sector and support Nigeria's economic ambitions.
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