Naira Depreciates Further Despite $2.2bn Afreximbank’s Inflow Despite recent efforts by the Central Bank of Nigeria (CBN) to bolster the foreign exchange market through interventions, the currency’s downward trend persists, prompting concerns about its potential impact on the broader economy. The depreciation of Nigeria’s currency is...

BVN: Over 60.2m Nigerians Now Registered as January 31st deadline Nears - NIBSS The Nigerian Interbank Settlement System, registration data showed that over 60.2 million Nigerians now have a Bank Verification Number (BVN), 21 days before the deadline set by the Central Bank of Nigeria. This...

Customs Revenue Rises 21.4% to N3. 206 trn The Nigeria Customs Service (NCS) has recorded a N3.206 trillion revenue collection in 2023, representing an increase of 21.4 percent from N2.64 trillion recorded in 2022. The Comptroller-General (CG) of Customs, Mr. Adewale Adeniyi , disclosed the figure...

OPEC Demands Oil Investments Despite Push for Energy Transition The Organisation of the Petroleum Exporting Countries is seeking more investment in oil despite global push for renewable energy sources. OPEC said oil remains indispensable in the renewable energy transition, projecting in its recent 2023 World Oil...

First in New Year, Capital Market Records N638bn Loss The market capitalisation of the Nigerian Exchange Limited depreciated for the first time in the New Year. At the close of trading on Wednesday, the eight-day rally in the market was halted as the market cap dipped...

World Bank Projects 2.3% Growth in Global Trade by 2024 Global trade is projected to pick up to 2.3 percent in 2024 after lagging behind global growth in 2023. This reflects a partial normalisation of trade patterns following exceptional weakness last year. The World Bank’s latest Global...