Category: Business
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Lagos Begins Negotiations for Second Privately Owned Refinery
The Lagos State Government has confirmed that discussions are underway with a private investor interested in building a second privately owned refinery in the state. The disclosure was made by the Commissioner for Physical Planning and Urban Development, Dr. Oluyinka Abiodun Olumide, during an Economic Roundtable organised by the Ministry of Economic Planning and Budget’s…
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CBN Approves 82 Fully Licensed BDC Operators in Nigeria
The Central Bank of Nigeria (CBN) has confirmed that only 82 Bureau De Change (BDC) operators currently hold valid licenses to operate in the country. The announcement, made on Monday through a statement signed by the Bank’s spokesperson, Hakama Sidi Ali, marks one of the most significant regulatory actions taken by the apex bank in…
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NDIC Warns Nigerians Against Ponzi Schemes, Urges Safer Banking Practices
The Nigeria Deposit Insurance Corporation (NDIC) has issued a strong warning to Nigerians to stay away from Ponzi schemes and fraudulent investment platforms that promise unrealistic profits but often collapse and leave participants with heavy financial losses. The warning was delivered by the NDIC Managing Director, Mr. Thomson Sunday, during the NDIC Special Day at…
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CBN Eases Cash Rules in Major Policy Shake-Up
The Central Bank of Nigeria (CBN) has announced major changes to its cash-handling regulations, scrapping the ceiling on cash deposits and raising the weekly withdrawal limit across all platforms to N500,000, a significant increase from the previous N100,000 limit. The move, which takes effect from January 1, 2026, marks a major shift in the apex…
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CBN Reports Naira Appreciation, Rising Reserves Amid Ongoing Forex Reforms
Nigeria recorded a slight but notable improvement in its foreign exchange market on Tuesday as the Naira appreciated for the first time in weeks at the official window. The development comes at a time when the country’s foreign reserves are also rising, reaching levels last seen seven years ago. According to fresh data published by…
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Naira Depreciates Despite Growth in Nigeria’s External Reserves
The Naira weakened again against the United States dollar on Friday, ending the week on a downward trend despite the steady rise in Nigeria’s external reserves. According to new data from the Central Bank of Nigeria (CBN), the currency closed at N1,442.43 per dollar, weaker than the N1,441.44 it traded the previous day. This shows…
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Nigeria Secures $50bn Deal for Africa’s Second-Largest Refinery in Ondo
Nigeria has taken a major step toward strengthening its position in Africa’s oil and gas industry, as an international energy consortium has secured a $50 billion investment to build what will become the continent’s second-largest oil refinery. The new refinery, planned for Ondo State, will have a processing capacity of 500,000 barrels of crude oil…
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Tinubu Administration Has Ended Economic Volatility — VP Shettima
Nigeria’s Vice President, Senator Kashim Shettima, on Tuesday declared open the Digital Nigeria International Conference and Exhibition 2025 in Abuja, reaffirming the federal government’s commitment to building a robust digital economy and stabilizing the nation’s financial system. In his keynote address, Shettima said that President Bola Ahmed Tinubu’s administration had succeeded in bringing an end…
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Naira Depreciates Across Markets Despite Growth in Nigeria’s Foreign Reserves
The naira began the new week on a weak note, falling against the United States dollar at both the official and parallel (black) markets despite a slight increase in Nigeria’s external reserves. Data from the Central Bank of Nigeria (CBN) showed that the local currency closed at ₦1,437.29 per dollar at the official market on…
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World Bank Set to Approve Nigeria’s $1bn Loan Request for Jobs, Investment Drive
The World Bank has announced that it will consider Nigeria’s request for a new $1 billion loan aimed at boosting economic growth, job creation, and private investment. The approval date has been tentatively fixed for December 16, 2025, according to an official project document released by the Bank on October 27. The loan will be…