Polaris Bank has been recognized as Nigeria’s top bank in lending to Micro, Small, and Medium Enterprises (MSMEs) at the inaugural 2024 MSME Finance Awards, organized by Nairametrics and The Economic Forum. Held at the Civic Centre in Victoria Island, Lagos, the award acknowledged Polaris Bank’s sustained commitment to supporting MSMEs through various funding channels. […]
Category archives: Business
Current Dollar to Naira Exchange Rates and Concerns Over Rising Interest Rates
As of October 2, 2024, the black market exchange rate for the US dollar to the Nigerian naira has been reported at a buying rate of N1695 and a selling rate of N1700. This information was shared by sources within the Bureau De Change (BDC) and reflects rates as of October 1. The Central Bank […]
Port Harcourt Refinery Fails to Meet Production Rollout Deadline Again
The Nigerian National Petroleum Company Limited (NNPC) has missed yet another deadline to commence fuel production at the Port Harcourt refinery in Rivers State, marking the seventh time operations have been postponed. Promises from the Federal Ministry of Petroleum Resources and the NNPC regarding the refinery’s operational start have repeatedly fallen short. The NNPC’s Chief […]
Naira Continues to Fall, Hits ₦1,705 Per Dollar in Parallel Market
Nigeria’s currency, the Naira, has depreciated further, exchanging at ₦1,705 per US Dollar in the parallel market, down from ₦1,655 per dollar just a week ago. This reflects ongoing demand pressures and supply shortages in the market, leading to a significant decline. The Naira’s recent depreciation follows a period of relative stability, where exchange rates […]
Dollar to Naira Exchange Rate: Black Market Rates for October 1st, 2024
As of October 1, 2024, the dollar to naira exchange rate in the black market, also known as the parallel market, shows that Bureau De Change operators in Lagos are buying a dollar for ₦1,695 and selling it for ₦1,700. The Central Bank of Nigeria (CBN) maintains a different rate, with the official rate at […]
Nigeria Secures $1.57 Billion from World Bank to Boost Human Capital and Climate Resilience
Nigeria has received a significant financial boost from the World Bank, totaling $1.57 billion, to support three key initiatives aimed at enhancing human capital and strengthening resilience against climate change. This new funding comes amidst a challenging backdrop, with the World Bank reporting that 104 million Nigerians are currently living in poverty, exacerbated by recent […]
Consumers Challenge Minister’s Claims on Improved Power Supply
The Electricity Consumer Protection Advocacy Centre (ECPAC) has voiced strong opposition to the Ministry of Power’s recent assertion that over 40% of Nigerians now enjoy up to 20 hours of daily power supply. Minister of Power Adebayo Adelabu made this claim on Sunday, attributing the improvements to reforms under President Bola Tinubu’s administration. While Adelabu […]
Naira-For-Crude Deal to Commence, NNPC to Supply Dangote Refinery Starting October 1
The Nigerian National Petroleum Company Limited (NNPC) is set to begin supplying crude oil in naira to the Dangote Petroleum Refinery starting on October 1, 2024. This follows the Federal Executive Council’s approval of the sale of crude to local refineries in naira and the corresponding purchase of petroleum products in local currency. The Technical […]
Dangote Group to Transport Refined Petroleum Products via Sea Routes
The Dangote Group has announced plans to transport refined petroleum products by sea, aiming to reduce road congestion and boost exports to other African nations. This development was disclosed by Fatima Wali-Abdurrahman, Senior Adviser to the Group President on Special Projects and Strategic Relations, who highlighted the construction of a jetty in the Lekki Free […]
Black Market Dollar to Naira Exchange Rate Reaches N1700 as CBN Takes Action
As of Saturday, 28th September 2024, the dollar to naira exchange rate at the Lagos black market hit N1700 for selling and N1695 for buying. Despite these parallel market rates, the Central Bank of Nigeria (CBN) maintains its official rate, with the dollar selling at N1638. In response to growing demand for foreign exchange, particularly […]