MTN Nigeria has reported a significant after-tax loss of ₦519.1 billion in the first half of 2024, driven by the challenging macroeconomic environment in Nigeria. MTN building [ACCL Architects] Key Financial Highlights: Despite revenue growth, MTN Nigeria’s financial performance was severely impacted by net foreign exchange losses. These losses resulted from the revaluation of foreign […]
Category archives: Business
Black Market Dollar to Naira Exchange Rate Today – July 31, 2024
What is the Dollar to Naira Exchange rate at the black market, also known as the parallel market (Aboki fx)? Dollar to Naira Exchange Rate Today (Black Market – Aboki fx): On Tuesday, July 30, 2024, the exchange rate for a dollar to naira at the Lagos Parallel Market (Black Market) was: Sources at Bureau […]
Panic Rush: Investors Allegedly Liquidate Shares In Wema Bank
Following the constant negative reports on Wema Bank finances and activities under the leadership of Moruf Oseni, Investors in the capital market are allegedly selling off their shares to exit their investment in the financial institution, according to BusinessPost. In the past few days, the mid-level financial institution has been in the news over the […]
Binance Executives Face Money Laundering and Tax Evasion Charges in Court
Cryptocurrency giant Binance and its executives are under scrutiny as they face two separate charges filed against them in the Abuja Federal High Court. The arraignment is set for Thursday, April 4th, 2024. The Economic and Financial Crimes Commission (EFCC) is alleging that Binance executives Tigran Gambaryan and Nadeem Anjarwalla were involved in money laundering […]
“Banks’ Credit Growth to Private Sector Slows Amid Tightened Monetary Policy”
The pace of deposit money banks’ credit expansion to the private sector decelerated by 5% in February 2024 compared to January 2024, as reported by the Central Bank of Nigeria (CBN). Data from the CBN indicated that credit to the private sector increased at a slower rate, reaching N80.86 trillion in February 2024, compared to […]
“CBN Reforms Present Challenges and Opportunities for Investment Bankers, says Former AIHN President”
Ike Chioke, the former President of the Association of Issuing Houses of Nigeria, has stated that the ongoing currency reforms by the Central Bank of Nigeria (CBN) have created both challenges and opportunities for the investment banking industry. Speaking at the Investment Banking Awards Night in Lagos, Chioke highlighted the impact of the free-floating of […]
Nigerians have allocated a staggering N2.6 trillion towards expenditures on data and airtime over the course of nine months.
Telecom subscribers in Nigeria have collectively spent a substantial N2.59 trillion on airtime and data during the initial nine months of 2023, as reported by the financial statements of MTN Nigeria and Airtel Africa. This reflects a notable 32.57% surge compared to the N1.95 trillion recorded by both telecommunications companies from these revenue sources during […]
Internally Generated Revenue: CSO to react to allegations against NLTF
Centre for Peace, Transparency and Accountability has responded to allegations against the National Lottery Trust Fund (NLTF) by the House of Representatives Committee on Finance for The Internally Generated Revenue(IGR) The Executive Director, Centre for Peace, Transparency and Accountability, Comrade Patrick Ogheneyero, reacted while offering clarifications during a press briefing on Thursday in Abuja. Recall […]
Naira experiences a 22.1% decline as the equities market sees a turnover of N45.3 billion.
The Nigerian Autonomous Foreign Exchange Market (NAFEM) witnessed the naira’s depreciation by 22.1%, reaching N996.75/$. The total turnover in the market fell by 7.4% week-to-date to $545.89 million, with trades occurring in the N700 to N1,100/$ range. In the forwards market, exchange rates dropped over the past month: three-month (-10% to N890.19/$), six-month (-10.3% to […]
the beginning of our journey towards achieving our 2024 target of 2.5 million barrels per day,” she added.
In summary, the Russia-Ukraine war has reshaped the dynamics of global crude oil flows, impacting Nigerian exports. While demand from India has decreased due to increased preference for discounted Russian barrels, Europe has seen a rise in Nigerian crude imports to fill the gap left by the ban on Russian crude. The conflict, coupled with […]