$4,000 Cargo Surcharge Sparks Outrage Among Maritime Stakeholders   There seems to be tension in the nation’s maritime sector following the introduction of up to a $4,000 war surcharge on Nigeria-bound cargoes by MSC Shipping Company. Last week, MSC, in a post on its website, announced that...

Nigeria's External Reserves Hit $50bn, Highest in Over a Decade - CBN The Central Bank of Nigeria (CBN) has announced that the country’s gross external reserves have surpassed the $50bn mark, reaching their highest level in over 13 years. Governor Olayemi Cardoso disclosed this milestone on...

Equities Gain N649bn as Market Rebounds The Nigerian stock market reversed the negative trend witnessed in the previous two trading sessions, recording a gain of N649bn on Thursday. The All-Share Index rose by 1,010.22 points, representing an increase of 0.52 per cent to close at 196,908.76...

30 Banks Hit Recapitalisation Target - CBN   The Central Bank of Nigeria (CBN) has officially confirmed that 30 banks have successfully met the new minimum capital requirements under the ongoing banking sector recapitalisation programme. The announcement was made on Thursday by CBN Governor Olayemi Cardoso during...

63% of Nigerians Now Poor After Subsidy Removal - Report   About 63 per cent of Nigerians fell below the poverty line after the removal of petrol subsidy, according to a new study that examined the welfare impact of the country’s recent economic reforms. The research, presented...

State Seek Transparency in $8.8bn Crude-for-loan Agreements State governments have called for a forensic audit of Nigeria’s crude oil-backed borrowing arrangements, warning that opaque crude-for-loan and swap deals may be undermining inflows into the Federation Account. Economic Confidential earlier reported that the Nigerian National Petroleum Company...