Africa’s biggest economy has exported gold worth N78.9 billion within the last 15 months, a first-time trend in Nigeria’s export economy. Findings by BusinessDay showed Nigeria is gradually tapping from a cash-spinning mining sector that has remained largely under-utilised since the crude oil boom, a development that is part of a key step in efforts …
Nigeria’s currency fell to a fresh record low, extending its losses since President Bola Tinubu’s call for changes in exchange rate policy. According to Bloomberg the naira weakened 1% to 471.9 to the dollar as of 5:33 p.m. in the official, the biggest drop since December. Many investors and economists now expect the multiple exchange …
Nigeria’s currency on Thursday depreciated by 1.02 percent (N4.83/$1) at the Investors and Exporters (I&E) forex window, Nigeria’s official foreign exchange (FX) market. After trading on Thursday the dollar was quoted at N469.50 compared to N464.67 quoted since May 31, 2023, I&E window, data from the FMDQ indicated. The local currency further weakened against the …
As transportation costs tripled in Africa’s biggest economy, employees’ requests for remote work in the last two weeks are surging, BusinessDay’s checks show. The cost of moving within the cities on commercial transportation across the country has doubled following last week’s adjustment of the pump price of a litre of fuel from an average of …
The recent hike in the prices of fuel in Africa’s largest economy has led to a fresh spike in food prices, dashing hopes of returning to a more stable market condition. The fuel price has soared by an average of 174.6 percent in two weeks to N526.7 per litre from an average of N191.8 per …
The juicy foreign exchange earnings of Nigerian banks have come under intense pressure due to low dollar economic activities, BusinessDay’s analysis and expert opinions have said. Available data gleaned from the Nigerian Exchange Group (NGX) showed five banks- Stanbic IBTC Holdings, FBN Holdings, Wema Bank, Guaranty Trust Holding Company, and Union Bank, recorded a decline …
Naira on Wednesday depreciated against the dollar by 0.65 percent as demand rose at the parallel market segment of the foreign exchange (FX) market. During the intraday trading session in some parts of Lagos, Kano and Abuja, the dollar traded at the rate of N760 compared to N750 on Monday and Tuesday. Traders attributed the …
The Central Bank of Nigeria (CBN) recently revoked the operating licences of 132 Microfinance Banks (MFBs), three finance companies and four Primary Mortgage Banks (PMBs). In September 2010, the CBN revoked the operating licences of 224 MFBs, making a total of 356 of microfinance banks revoked in 13 years by the banking sector regulator. What …
Nigerian banks lagged behind some of their Kenya and South African peers in terms of how much profit they generated with their shareholders’ equity in 2022. Data compiled by BusinessDay showed Nigerian banks recorded an average return on equity (ROE) of 16.50 percent in 2022, lagging behind South African and Kenya peers of 27 percent …
While the wind of economic downtown has swept away some Microfinance Banks (MFBs) in the country, there are others that are meeting the needs of the low-income earners. The top five Microfinance Banks are LAPO MFB, AB, Baobab, Lovonus, Addosser MFB. These banks have distinguished themselves through the adoption of technology in their products and …