As scores of financial technology (Fintech) start-ups in Nigeria continue to rev up their capitalization drive for improved operational presence in Africa’s economies, Fixit45, an Autotech startup, has raised $1.9 million in equity and working capital targeted at expanding its operations to East Africa. Information on the firm’s funding initiative indicated that the pre-seed round […]
Sustained efforts by the monetary authorities to stabilize the Naira exchange rates at the official and parallel markets appear to be yielding minimal results as the national currency continues its sliding trend over the past week on the back on the US dollar and other foreign currencies’’ scarcity. Available data from the parallel market FX […]
The Federal Government has disclosed that it recovered about N57 billion from the N5.2 trillion debt owed by 10 Ministries, Departments and Agencies (MDAs) under the Project Light House Programme with the adoption of the Debt Analytics and Reporting Application tools. The disclosure was made by Director, Special Projects of the Federal Ministry of Finance, […]
Nigeria’s crypto transactions rose in value by 9% year-over-year, surging to a total of $56.7 billion from July 2022 and June this year. A report published by the New York-based blockchain research firm, Chainalysis, reflected that the adoption of cryptocurrencies in Nigeria is on the rise, despite the fiscal, monetary and socioeconomic whirlwinds in the […]
Indications are strong that the Nigerian National Petroleum Company Limited (NNPCL) and other oil marketers in the country may further adjust fuel pump prices before the year ends based on the spiking trend of crude oil prices in the international market. In the past two weeks, the Brent crude oil and other variants’ prices have […]
….As revenue service generates N8.5trn in 9 months The newly appointed Acting Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch, Adedeji, has restated the determination of the President Bola Tinubu-led administration to exponentially shore up Nigeria’s revenue generation to minimize borrowing and improve the nation’s fiscal system for the country’s sustainable […]
The Federal Government spent N2.34 trillion on debt servicing within six months of this fiscal year even as revenue generation continues to be a big challenge for the fiscal authorities. A new report form the Debt Management Office (DMO), indicated that Nigeria’s debt servicing costs dropped to N849.58 billion in the second quarter of 2023, […]
The Nigerian Exchange (NGX) opened its trading session on Monday in bullish momentum as investors gained N24 billion at the end of the trading session. The All-Share Index (ASI) traded 0.71% higher to close at 67,877.17 index points as against 67,395.74 index points recorded in the previous day’s trading session. Similarly, the local bourse’s market […]
The Nigeria Deposit Insurance Corporation (NDIC), has alerted depositors and ex-staff (deposits) of defunct Peak Merchant Bank of its preparations to pay their first liquidation dividend. A press statement signed by the corporation’s Director, Communication and Public Affairs, Bashir Nuhu, indicated all affected depositors of the bank and former employees with deposits in the bank […]
With just about nine days to the Central Bank of Nigeria (CBN) Monetary Policy Committee’s (MPC’s) next meeting, the Lagos Chamber of Commerce and Industry (LCCI) has advised the apex bank to suspend interest rate hikes, especially the Monetary Policy Rate (MPR), to reduce the pressures on the supply side affecting inflation and mitigate the […]