SECTOR INSIGHT

Universal Music Group Acquires Majority Stake In Nigeria’s Mavin Records

Universal Music Group has acquired a majority stake in Nigerian record label, Mavin Records. UMG, in a statement released on Monday, said the deal remains subject to regulatory approval and is expected to close by the end of Q3 2024. Investment firm, Kupanda Capital,…

28/02/2024

CBN Begins Sales of Dollars to BDCs

The Central Bank of Nigeria has announced its decision to sell foreign exchange worth $20,000 to each eligible Bureau De Change operator across the country. This is coming more than two years after the suspended former CBN governor, Godwin Emefiele, stopped the sales…

27/02/2024

CBN Gov Cardoso’s Full Speech At His First MPC Meeting

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, says himself and his team are not responsible for the current economic woes in the country. He stated this on Tuesday in Abuja at the Monetary Policy Committee (MPC) meeting of the…

27/02/2024

CBN Pegs Purchase Of Dollars In Cash At $500

The Central Bank of Nigeria (CBN) has pegged the payment of cash dollar purchase to a customer at $500 saying that the foreign currency (FX) exceeding this amount will be made through a transfer to their Naira bank account. If the customer purchasing…

27/02/2024

TCN Loses 5MW as Bandits Destroy 330KV Transmission Towers

The national grid is currently losing 5MW of power, following the vandalization and destruction of two transmission towers, T377 and T378 by insurgents along the Gombe – Damaturu 330KV transmission line, the Transmission Company of Nigeria, TCN has said. According to TCN, the…

26/02/2024

CBN Plans N2bn, N500m Minimum Capital For BDCs

In a bold move to restore sanity in the foreign exchange market, the Central Bank of Nigeria (CBN) has unveiled a new increase in the share capital of Bureau De Change (BDC) operators to N2 billion and N500 million for Tier 1…

24/02/2024

Adopt Same FX Rate From Importation To Clearance, CBN Tells Customs

The Central Bank of Nigeria (CBN) has asked the Nigerian Customs Service (NCS) to adopt the same forex rate from the importation of goods to its clearance in the country. The directive was contained in a circular on Friday by the apex bank’s…

24/02/2024

FAAC: FG, States, LG Share N1.15tn as Revenue Rises

Total revenue accrued to coffers of the government increased to N2.07trn in January 2024 out of which a total sum of N1.15trn was disbursed to the Federal Government, states, and Local Government Area Councils, the Federation Allocation Accounts Committee disclosed on Thursday. FAAC…

23/02/2024

Be Patient, CBN Working to Strengthen Naira – Cardoso

Governor of Central Bank of Nigeria, CBN, Dr. Olayemi Cardoso, yesterday, begged Nigerians to be patient, as the management of the apex bank is doing everything possible to ensure that the Naira is strengthened. Cardoso said this at the 2024 public lecture entitled:…

23/02/2024

Nigeria Suspends Cooking Gas Export in Bid to Crash Prices

The Federal Government of Nigeria on Thursday announced the immediate suspension of Liquefied Petroleum Gas (LPG) exports, in a move aimed at curbing the rising cost of cooking gas. Ekperikpe Ekpo, the minister of state for petroleum resources, announced the suspension of LPG…

22/02/2024

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