African Business News

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

Adverse effects of high-interest rate spreads on the Nigerian economy

Adverse effects of high-interest rate spreads on the Nigerian economy

By Ifunanya / January 31, 2025

By Mustafa Chike-Obi & Adetilewa Adebajo The interest rate spread is the difference between the interest rates charged  on loans […]

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Naira appreciates significantly against dollar on official, black markets

Naira appreciates significantly against dollar on official, black markets

By Ifunanya / January 31, 2025

Nigeria’s currency firmed up significantly against the dollar in both official and parallel foreign exchange markets to end the week. […]

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Fidelity Bank chairman, Chike-Obi honoured with Lifetime Achievement Award

Fidelity Bank chairman, Chike-Obi honoured with Lifetime Achievement Award

By Ifunanya / January 31, 2025

For his exceptional leadership and contributions to banking and finance, the Board Chairman of Fidelity Bank Plc, Mr Mustafa Chike-Obi, […]

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Nigeria's inflation would've hit 42.81% in December 2024 - Cardoso

Nigeria’s inflation would’ve hit 42.81% in December 2024 – Cardoso

By Ifunanya / January 31, 2025

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has said if not for the bank’s decisive policy interventions, […]

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Comply with FG's cash policy or risk access to funding - Edun warns MDAs

Comply with FG’s cash policy or risk access to funding – Edun warns MDAs

By Ifunanya / January 31, 2025

Nigeria’s Minister of Finance, Wale Edun, has warned the federal government’s ministries, departments, and agencies to comply with the revised […]

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Naira gains massively, hits N1,485.95 per dollar

Naira gains massively, hits N1,485.95 per dollar

By Ifunanya / January 31, 2025

The naira recorded massive gains, the highest in months, to continue its appreciation streak against the dollar on the foreign […]

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Tariff hike: Nigerian govt snubs subscribers, as NLC mobilizes to shut economy

Tariff hike: Nigerian govt snubs subscribers, as NLC mobilizes to shut economy

By Ifunanya / January 30, 2025

The Nigerian government has ignored calls by Nigerians and telecommunications subscribers to either reverse or slash the telecom tariff hike […]

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Benue rakes in N2.2 billion IGR monthly

Benue rakes in N2.2 billion IGR monthly

By Ifunanya / January 30, 2025

The Benue Internal Revenue Service, BIRS, has raked in N2.2b as Internally Generated Revenue, IGR, from December to January. This […]

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Nigeria's e-transactions hit N1.07 quadrillion - NIBSS

Nigeria’s e-transactions hit N1.07 quadrillion – NIBSS

By Ifunanya / January 30, 2025

Nigeria’s electronic payment transactions hit a historic high of N1.07 quadrillion in 2024. This feast was revealed in recent data […]

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Canada announces sixth interest rate cut

Canada announces sixth interest rate cut

By Ifunanya / January 30, 2025

The Bank of Canada on Wednesday further cut its interest rate by 25 basis points, bringing the country’s monetary policy […]

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NIWA plans to grow its revenue above 200% in 2025

NIWA plans to grow its revenue above 200% in 2025

By Ifunanya / January 29, 2025

The National Inland Waterways Authority, NIWA, on Wednesday disclosed that it will grow its revenue by over 200 per cent […]

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Naira gains N20 weekly against Dollar

Naira strengthens further against dollar for second consecutive day

By Ifunanya / January 29, 2025

The naira further firmed up against the dollar at the foreign exchange market on Wednesday, marking the second consecutive day […]

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Cardoso warns Nigerian banks, BDC operators over FX Code compliance

By Ifunanya / January 29, 2025

Governor of the Central Bank of Nigeria, Olayemi Cardoso, has issued a stern warning to commercial banks and Bureau De […]

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Nigeria secures $1.1 AfDB loan to provide electricity for 5m people

By Ifunanya / January 29, 2025

Nigeria has secured a $1.1 billion loan from the African Development Bank to provide electricity for 5 million people by […]

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PETROAN reacts as NMDPRA issues gas distribution licences to marketers

By Ifunanya / January 28, 2025

The Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, has said the issuance of gas distribution licences to petroleum […]

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AEDC announces outage in Abuja

By Ifunanya / January 28, 2025

Abuja Electricity Distribution Company, AEDC, has confirmed a power outage in parts of the Federal Capital Territory, Abuja. AEDC disclosed […]

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24-hr port operations will help realisation of $1 trillion economy by 2031 — FIRS chairman, others

24-hr port operations will help realisation of $1 trillion economy by 2031 — FIRS chairman, others

By Ifunanya / January 28, 2025

There can be no better time than now for the take-off of the National Single Window initiative aimed at eliminating […]

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Naira appreciates massively against dollar

By Ifunanya / January 28, 2025

The Nigerian currency, the naira, appreciated massively against the dollar in both parallel and official foreign exchange markets on Tuesday. […]

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Nigeria Customs announces 30-day deadline for imports clearance

By Ifunanya / January 28, 2025

The Nigeria Customs Service has issued a 30-day deadline for consignment imports clearance at the nation’s port terminals. The spokesperson […]

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CBN okays release of FX code

2025 licence renewal fee: CBN grants BDC operators waiver

By Ifunanya / January 28, 2025

The Central Bank of Nigeria has granted a waiver to authorized Bureau De Change operators on the 2025 non-refundable annual […]

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