African Business News

Stay updated with the latest African business news, including market trends, economic updates, and insights into industries across the continent.

Naira records first gain in 2024 against US dollar at

Naira’s Depreciation Against US Dollar Continues Amid CBN’s Interventions

By Ifunanya / February 17, 2024

The Naira experienced a significant depreciation against the US dollar at the end of last week, with the foreign exchange […]

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Naira gains at official market weakens to N1500 parallel market

Naira Slides as Banks Sell $3.3 Billion Amid CBN Efforts

By Ifunanya / February 17, 2024

The Nigerian naira experienced a recent decline in both official and parallel foreign exchange markets on Friday. The national currency […]

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amcon

Supreme Court voids AMCON takeover of Lagos Hotel

By IDBM Consult / February 17, 2024

on February 17, 2024 The Supreme Court on Friday affirmed the judgment of the Court of Appeal which nullified the takeover […]

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Tinubu approves upgrade of hospitals other health infrastructure in Nigeria

Bola Tinubu Approves Continuation of Tax Credit Scheme, Federal Inland Revenue Service Confirms

By Ifunanya / February 17, 2024

In a significant development, the Federal Inland Revenue Service (FIRS) announced on Friday that President Bola Tinubu has given the […]

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afca

Can Africa’s New Trade Treaty Revolutionize Business on the Continent?

By IDBM Consult / February 16, 2024

African countries that have long traded with others outside the continent are now shipping goods to each other. Feb 16, […]

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Customs promote 2 ACGs 2209 senior officers

Nigeria Customs Seize N1.975bn Worth of Goods in Six Weeks

By Ifunanya / February 16, 2024

In a span of six weeks, the Nigeria Customs Service has reported a staggering N1.975 billion in revenue from confiscated […]

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Cement price surges to N15000 in Abuja

Cement Prices Skyrocket in Nigeria’s Capital, Abuja

By Ifunanya / February 16, 2024

The price of a 50-kilogram bag of cement has surged to between N10,000 and N15,000 in the Federal Capital Territory, […]

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CBN reviews timeline for issuance of credit letters amid forex

CBN Raises Price Verification System Limit to 15%

By Ifunanya / February 16, 2024

The Central Bank of Nigeria (CBN) has announced a significant increase in the Price Verification System (PVS) limit from 2.5% […]

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No directive to hike electricity tariff January 1 – Discos

Kaduna Electric Boosts Employee Morale Amidst N110 Billion Debt

By Ifunanya / February 16, 2024

The Kaduna Electricity Distribution Company has taken a significant step by increasing its employees’ salaries by 10 percent despite grappling […]

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Naira depreciates against US dollar as FX supply drops

Naira Appreciates Against US Dollar Amid Central Bank Interventions

By Ifunanya / February 16, 2024

Data from FMDQ revealed that the Naira strengthened against the US dollar, reaching N1,498.25 per dollar on Thursday, up from […]

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Ill not approve importation of food Tinubu

Bola Tinubu Vows to End Food Importation and Combat Hoarding

By Ifunanya / February 15, 2024

During a meeting with government officials, President Bola Tinubu made a bold statement declaring his refusal to approve food importation […]

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shipping

We’re poised to make Nigeria a global shipping hub – Reps Speaker Abbas

By IDBM Consult / February 15, 2024

February 15, 2024 The Speaker of the House of Representatives Rt. Hon Abbas Tajudeen, has said that the 10th House […]

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Naira fall 425 import duty hike will impoverish more Nigerians

Nigerian Think Tank Urges Government to Peg Import Duty Exchange Rate at N1,000 per Dollar to Combat Soaring Inflation

By Ifunanya / February 15, 2024

The Centre for the Promotion of Private Enterprise (CPPE) has recommended that the Nigerian Federal Government fix the exchange rate […]

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Nigerian states with fastest rising food prices revealed See list

Food Prices Soaring in Nigerian States: Latest Rankings

By Ifunanya / February 15, 2024

The latest data reveals the Nigerian states experiencing the fastest rise in food prices. Topping the list are Kogi, Kwara, […]

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Naira Freefall CBN bars IOCs in Nigeria from repatriating 100

Naira Plunges: CBN Restricts International Oil Companies from Repatriating Full Forex Revenue

By Ifunanya / February 15, 2024

The Central Bank of Nigeria (CBN) has implemented new regulations prohibiting international oil companies (IOCs) operating in Nigeria from immediately […]

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CBN lifts ban on cryptocurrency transactions

CBN’s New Directive: Naira’s Plunge Prompts Shift to Electronic Travel Allowances

By Ifunanya / February 15, 2024

In response to the continued devaluation of the Naira in the foreign exchange market, the Central Bank of Nigeria (CBN) […]

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BREAKING Nigerias inflation rate hits 2990 in January amid rising

Nigeria’s Inflation Rate Surges to 29.90% in January

By Ifunanya / February 15, 2024

In January 2024, Nigeria’s inflation soared to 29.90%, up from 28.92% in December 2023, largely driven by escalating food prices, […]

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Power Nigerian govt to settle N3 trillion inherited debt

Nigerian Government Commits to Settle N3 Trillion Inherited Power Sector Debt

By Ifunanya / February 15, 2024

The Minister of Power, Adebayo Adelabu, announced the Federal Government’s dedication to addressing the inherited N3 trillion debt in the […]

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Dangote refinery to export two fuel cargoes – Report

Dangote Refinery Set to Export First Fuel Cargoes

By Ifunanya / February 15, 2024

The Dangote Petroleum Refinery has initiated the sale of two fuel cargoes for export, marking a significant milestone for the […]

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Naira depreciates against US dollar as FX supply drops

Naira Weakens Against US Dollar Amid Decline in Foreign Exchange Supply

By Ifunanya / February 15, 2024

The Nigerian Naira faced depreciation against the US dollar with a 56.58% drop in foreign exchange supply to $117.87 million. […]

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