Category: Business

The Central Bank of Nigeria (CBN) has approved the participation of licensed Bureau De Change (BDC) operators in the Nigerian Foreign Exchange Market (NFEM), allowing each BDC to purchase up to $150,000 weekly. The directive was contained in a circular dated February 10, 2026, and signed by the Director of the Trade and Exchange Department,…

The Central Bank of Nigeria (CBN) has upgraded the operating licences of several major financial technology (FinTech) companies and microfinance banks, allowing them to operate fully across the country. The upgrade covers key players such as Opay, Moniepoint Microfinance Bank, Kuda Bank, Palmpay and Paga. The move means that these companies, which were previously operating…

The Federal Government has proposed to allocate ₦102.3 billion as counterpart funding for the Lagos Green Line rail project in the 2026 budget. This proposal is contained in the 2026 Appropriation Bill submitted to the National Assembly under the Ministry of Transportation. The Lagos Green Line is one of the major rail projects planned to…

The Federal Government has said that poor Nigerians are the main beneficiaries of the new tax reforms introduced under President Bola Tinubu’s administration. The assurance was given by the Nigeria Revenue Service (NRS), which explained that the reforms are designed to reduce the financial burden on low-income earners while improving government revenue in a fair…

Nigeria’s major seaports in Lagos are set to witness increased activity as no fewer than 41 vessels carrying petroleum products, food items, and other goods are expected to arrive between January 2 and January 5. The ships are scheduled to berth at the Apapa Port, Tin Can Island Port, and the Lekki Deep Sea Port.…

The Nigerian naira recorded a slight depreciation against the United States dollar at the official foreign exchange market on Tuesday, just days before the end of the year. The development reflects continued pressure on the local currency, even as Nigeria’s external reserves continue to grow. Data released by the Central Bank of Nigeria (CBN) showed…

The Chairman and Chief Executive Officer of Air Peace, Mr Allen Onyema, has said that Nigerians pay the cheapest domestic air fares in the world, despite widespread complaints about the rising cost of air travel in the country. Onyema made this statement on Sunday during an interview on Arise Television, where he responded to concerns…

The Federal Government of Nigeria will operate a single budget starting from March 2026, the Deputy Spokesperson of the House of Representatives, Philip Agbese, has confirmed. According to Agbese, the move is part of a broader effort to streamline the country’s budgeting system, improve transparency, and align with global best practices. Agbese made the announcement…

Nigerians saw a slight reduction in the prices of several major food items in October 2025, according to new data released by the National Bureau of Statistics (NBS). The agency said the prices of brown beans, white garri, tomatoes, and local rice declined compared to the same period last year, offering a small measure of…