Samsung has failed to recover from the sharp decline in profit it experienced in 2022. In its latest earnings report, the Korean company has reported KRW 258.94 trillion ($194 billion) in annual revenue and KRW 6.57 trillion ($4.9 billion) in operating profit for the fiscal year of 2023. Those are ...

In apparent reflection of the dollar scarcity plaguing the economy, the Naira yesterday recorded its biggest fall in the official Nigerian Foreign Exchange Market (NAFEM) where it depreciated by 24 per cent to 20 N1,348 per dollar. Data from FMDQ showed that the indicative exchange rate for NAFEM ...

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The Central Bank of Nigeria says the stage in Nigeria's economic transformation roadmap shows the country is currently in the ...source

Oud is a precious and often expensive ingredient prominent in some of the best fragrances around. Yes, oud perfumes tend to give off a really luxurious quality—and, as somebody who loves woody perfumes the most (and let's face it, all luxury perfumes) , they really are a bit of me.Sometimes ...

Amidst lingering controversies over the securitization of outstanding Ways & Ways, economists and financial analysts have indicated that the measure poses huge threat to price stability with sustained inflationary pressures. They also hinted that the situation has now burdened the Central Bank ...

The naira yesterday depreciated to N1,370 per dollar in the parallel market from N1,300 per dollar on Thursday. Similarly, the naira depreciated to N902.45 per dollar in the Nigerian Foreign Exchange Market (NAFEM).Data from FMDQ showed that the indicative exchange rate for NAFEM rose to ...

The Nigerian Tourism Entrepreneur, Otunba Wanle Akinboboye who is the Founder and President of La Campagne Tropicana, Forest and Beach Resort is relentless about turning around Nigerian tourism and making the country a first choice tourist destination.Fascinated by the idea of building, ...

Nigeria is sending mixed signals on interest rates even as investors wait to hear from the central bank, which has not held a monetary policy meeting since July.The central bank is offering short-term paper in auctions of its so-called OMOs — which refers to open market operations and are ...

Expectations are high as the $20 billion Dangote Refinery commenced operations after President Bola Tinubu removed fuel subsidy in May.As Nigeria battles economic hardship resulting from the removal of fuel subsidy, experts revealed some benefits expected from the refinery.Foreign reserves ...

By Ogaga AriemuA leading international oil company, Shell, has agreed to sell its Nigerian onshore subsidiary, Shell Petroleum Development Company of Nigeria Limited, SPDC, to Renaissance, a consortium of five companies based in Nigeria, and an international energy group, for up to $2.4 ...

Following the successful commencement of production of refined petroleum products by the Dangote Petroleum Refinery, the President of Dangote Group, Aliko Dangote, has expressed appreciation to President Bola Tinubu for his vision and support. According to the billionaire businessman, Tinubu ...

The naira fell to N1089.51/$ on the official Investor and Exporter window on Tuesday.The currency fell by 27.19 per cent from the N856.57/$ it closed on Monday, according to data from the FMDQ Securities Exchange.On Tuesday, the naira opened trading at N922.22/$, rose to a high of N1251/$ ...

Shipping goods from China to Nigeria can be a complex process, but with the right knowledge and guidance, you can navigate it successfully. In this comprehensive guide, we will provide you with all the information you need to know to ensure a smooth and successful shipping experience from China ...

Welcome to our blog post on How to Start Online Marketing. Whether you're a small business owner, an aspiring entrepreneur, or simply curious about the world of digital marketing, this guide is for you. In today's digital age, establishing a strong online presence is essential for success. In ...

The naira exchanged to the dollar at 1,233/$ on Monday at the parallel market, according to Bureau de Change operators.Some BDC operators who spoke to The PUNCH said, the local currency which was bought and sold at 1,228/$ and 1,233/$ had traded at the same rate on Friday.Figures obtained ...

Welcome to our blog post on how to make money online. In today's digital age, the internet has opened up countless opportunities for individuals to generate income from the comfort of their own homes. Whether you're looking to supplement your current earnings, start a side hustle, or explore new ...

The House of Representatives is seeking the adoption of the Chinese Yuan (CNY) as an official foreign exchange reserve currency alongside other major international currencies to mitigate the impact of Naira’s depreciation.This followed the adoption of a motion moved by Hon. Jafaru Gambo Leko ...

By Ogaga Ariemu Nigeria’s headline inflation rate rose to 28.20 per cent in November from 27.33 per cent in October 2023. The National Bureau of Statistics disclosed this in its November consumer price index report. The figure presents the Eleventh times’ hike in Nigeria’s inflation headline ...

By Ogaga AriemuThe Manufacturers Association of Nigeria says more firms would shut down operations if the federal government failed to address the challenges such organisations face in the country.Director General of MAN, Segun Ajayi-Kadir, disclosed this on Monday while reacting to ...

The decision by Procter & Gamble to discontinue manufacturing operations in Nigeria, opting for an import-only model, is indicative of a broader trend that may see more companies shutting down due to the ongoing forex challenges. This is according to experts who spoke to Sunday PUNCH. The ...

There was unease in the global oil production market yesterday, when it came to light that the much-awaited Dangote Petroleum Refinery and Petrochemicals plant may soon become fully operational as early as January, as the first refinery in Africa in the last 40 years, with most of the 54 African ...

The Federal Government through the Central Bank of Nigeria, has raised the exchange rate for cargo clearance from N783/$ to N952/$.This is coming barely three weeks after the rate was increased from N757/$ to N783/$.The PUNCH reported in November, that the exchange rate for cargo clearance ...

Anambra State Governor, Charles Soludo, has stated that the administration of President Bola Tinubu took over a “dead economy” bequeathed by its predecessors.Soludo made the remark during an interview on Channels TV’s Politics Today on Thursday while analysing the naira’s decline under the new ...

The Federal Government, FG, has indicated that its plan to raise tax to Gross Domestic Product, GDP, ratio to 18 percent in the next three years would be achieved through enforcement of compliance to relevant tax laws.Speaking at the Commerce and Industry Correspondents Association of Nigeria, ...

The naira gained massively against the dollar on Friday as it closed at N791/dollar at the official market. This has brought some sanity to the market, which has fluctuated for several months now. According to data from the Nigerian Autonomous Foreign Exchange Market, where forex is officially ...

Investment Banker and Business Developer, Lai Omotola has blamed the continued decline in the value of the Naira against the Dollar on Nigeria’s decision to allow for the operations of town markets, official and parallel, saying every developed nation has a single market. Noting that what is known ...

The Consumer Price Index (CPI) which measures the rate of change in the prices of goods and services increased by 0.61 per cent to 27.33 per cent in October compared to 26.72 per cent in the preceding month, the National Bureau of Statistics (NBS) stated yesterday.However, reacting to the ...

The Senate has said a genuine partnership between the executive and legislature would end Nigeria’s economic woes. The Chairman, Senate Committee on Finance, Senator Sani Musa, who stated this yesterday, amid preparations by the Senate to engage heads of federal ministries, epartments and ...

THE Nigerian National Petroleum Company, NNPC Limited, yesterday, said Nigeria’s crude oil grades have become the most preferred choice for refiners in Europe.The Executive Director, Crude Oil and Condensate, NNPC Trading Limited, Maryamu Idris, said this at a panel presentation at the Argus ...

Owning a car was among the many lists of achievements for a typical Nigerian. The celebration that hits the air when one is bought knows no bounds. Parents, relatives and friends are gathered, and the gin is used to render prayers to various gods to save the life of the car owner and the car ...

Barely 10 days after, the Central Bank of Nigeria (CBN) may have begun to implement the promise of President Bola Tinubu to clear the estimated $7 billion outstanding foreign exchange obligations of the Federal Government, on foreign currency forwards contracts owed to banks.Reuters quoted the ...

The naira yesterday depreciated to N1,180 per dollar in the parallel market from N1,170 per dollar on Wednesday.However , the naira appreciated in the Nigerian Foreign Exchange Market (NAFEM) yesterday to N793.28 per dollar.Data from FMDQ showed that the indicative exchange rate for the ...

Nigeria’s foreign debt is expected to rise further to about $51 billion, following President Bola Tinubu’s request to the Senate, seeking approval to borrow additional $7.8 billion and  €100million, as part of  his 2022-2024 borrowing plan. Some financial analysts have debunked the official ...

By Don Silas Elon Musk, X owner, has given employees of the social media platform one year to replace their bank accounts, saying they will no longer need them. Musk wants X to be the center of the financial world, handling anything in life that deals with money. He expects the features that ...

A former Bayelsa Senator, Ben Murray-Bruce, has urged Nigerians to consume locally-made goods and services, rather than patronising foreign brands in order to strengthen the naira. He also advised Nigerians residing in overseas countries to invest their businesses in Nigeria. Murray-Bruce made ...

The naira sustained its slide against the United States dollar yesterday, as it weakened to an all-time low on the parallel market where it sold at N1100/$1 for weaker than the N1,060/$1 it traded the previous day.But the nation’s currency traded lower at N1,130 to a dollar for those that ...

The crises festering in Nigeria’s currency exchange market doubled down yesterday with the local currency depreciating further across all segments of the market.Vanguard’s monitor of the market yesterday indicated that the Naira went down from N1,100 to USD1.0 mid-day in the parallel market ...

The International Monetary Fund, IMF, has said in its forecast that South Africa may topple Nigeria as Africa’s biggest economy.According to the IMF World Economic Outlook, South Africa, the most industrialised country on the African continent, is striving towards achieving $401billion gross ...

By Ogaga Ariemu Millions of Nigerians will now struggle to afford three square meals and other necessities as the country’s headline inflation jumped to 26.72 per cent in September from 25.80 per cent in August 2023. The National Bureau of Statistics September Consumer Price Index, which measures ...

The International Monetary Fund has said the naira is currently under pressure and Nigeria is free to seek loan from the Fund to stabilise the currency if it considers a good option.The Washington-based lender however noted that recent exchange reforms and other steps taken by the Nigerian ...

The International Monetary Fund, on Friday, said for Nigeria’s fuel subsidy removal policy and foreign exchange unification initiative to translate to economic growth and stability, the Federal Government must collect more taxes to fund the national budget and pay public debts.The IMF Africa ...

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The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has said  Nigerians should pray that the country’s refineries do not work.Oyedele, who spoke at The Platform’s Independence Anniversary event, held in Lagos on Monday, said should Nigerian ...

The newly confirmed Central Bank of Nigeria, CBN, Governor, Dr. Olayemi Cardoso has disclosed plans to shore up the country’s Gross Domestic Product, GDP, to $1 trillion in eight years.Cardoso spoke while answering questions from senators during his screening and confirmation as the governor of ...

By Ogaga Ariemu Dr Onuoha Nnachi, an economist, says dollarized corruption is the reason for the foreign exchange crisis in Nigeria. Nnachi, the Managing Director of TTL group, disclosed this on Tuesday during a Channels Television interview monitored by DAILY POST. He blamed Nigeria’s high ...

The Federal Government may spend about N1.68tn as subsidy on Premium Motor Spirit, popularly called petrol, from September to December this year, an analysis of data provided by oil marketers and the sector has shown. PMS dealers stated on Thursday that the pump price of petrol should be between ...

By  Nike PopoolaThe naira continued its downward trend after exchanging to the dollar at 980/$ at the parallel market on Wednesday.A week earlier, the naira exchanged to the dollar at 950/$.Bureau de Change operators who spoke to The PUNCH attributed the fall to scarcity of foreign ...

By Ogaga AriemuNigeria’s inflation has increased to 25.80 per cent in August from 24.08 per cent recorded in July.The National Bureau of Statistics disclosed this on Friday in its latest Consumer Price Index Report for August 2023.The August 2023 headline inflation rate shows an ...

Nike Popoola, Sami Olatunji, Edidiong Ikpoto and Temitayo Jaiyeola•How CBN loans to FG, new debts, promissory notes raise public debt by N37tn between April and June•Tinubu’s reforms will improve debt sustainability, DMO assures Nigerians as latest figure overshoots agency projection by ...