The Central Bank of Nigeria (CBN) has announced new regulations that will allow Bureau de Change (BDC) operators to purchase up to $25,000 weekly from a single Authorised Dealer Bank (ADB). This move aims to meet the retail foreign exchange demand for eligible invisible transactions, such as Business and Personal Travel Allowance (BTA/PTA), overseas school fees, and medical expenses. The guidelines were outlined in a circular issued on February 5,…

The leaders of Mexico and Canada each said they had struck agreements to pause tariffs for 30 days, but levies on products from China were still set to take effect just after midnight. Here are the latest developments. President Trump and the leaders of Mexico and Canada struck last-minute deals on Monday to postpone the imposition of hefty tariffs on goods exported to the United States, averting at least temporarily…

As Nigeria battles rising inflation rates, which reached a near 30-year high of 34.8% in December 2024, the Financial Reporting Council (FRC) has reassured Nigerians that the country has not entered a hyperinflationary economy. In a statement signed by its Executive Secretary, Dr. Rabiu Olowo, the FRC clarified that the application of International Accounting Standards (IAS) 29, which governs financial reporting in hyperinflationary economies, is unnecessary for the 2024 financial…

LAGOS, Jan 23 – Nigeria’s Central Bank Governor, Olayemi Cardoso, has announced an optimistic economic outlook for 2025, projecting a GDP growth of 4.17%. Speaking at a conference on Thursday, Jan 23, 2025; Cardoso attributed the anticipated expansion to ongoing reforms and stabilizing inflation in Africa’s most populous nation. Reforms implemented by President Bola Tinubu’s administration in 2023, including the removal of petrol subsidies and the devaluation of the naira…

A United Airlines flight from Lagos, Nigeria, to Washington, D.C., was forced to make an emergency return after experiencing an unexpected aircraft movement midair. The incident, involving a Boeing 787-8, left 38 people injured, with six requiring hospitalization. The flight, United Airlines Flight 613, departed from Murtala Muhammed International Airport at 11:59 p.m. local time Thursday but returned to Lagos at 3:22 a.m. Friday following the emergency, according to the…

UK mortgage approvals dropped unexpectedly in November, signaling caution among households post-Budget. Consumer credit growth hit a 29-month low as borrowing costs and stamp duty changes impacted the housing market. UK mortgage approvals unexpectedly fell in November, interrupting the gradual recovery in housing market activity. Data released by the Bank of England on Friday revealed a decline in net mortgage approvals — approvals net of cancellations — to 65,700 in…

Over the years, Nigeria’s economic challenges have deepened, yet Lagos remains a beacon of opportunity. Known as one of Africa’s most developing cities, it continues to lure people nationwide seeking investment, business prospects, and a place to call home. Lagos boasts of a thriving real estate market, offering a variety of choices for potential homeowners.With a budget of N50 million, options range from stylish apartments in bustling hubs to spacious…

President Bola Tinubu has reaffirmed that the development of Northern Nigeria is critical to the prosperity of the entire nation. Speaking at the Stakeholders Roundtable on Northern Youth Development in Abuja on Tuesday, the President, represented by Vice President Kashim Shettima, unveiled a comprehensive youth development strategy aimed at transforming the region’s economic landscape. The event, organised by the Sir Ahmadu Bello Memorial Foundation, was held in honour of the…

Emirates, a prominent Middle Eastern airline, is enticing Nigerian travelers with a complimentary transit visa offering for those transiting through Dubai during November 2024. The initiative includes options for either a 48-hour or 96-hour visa, valid for a period of 30 days from the date of issuance. Travelers must purchase their tickets between November 1 and November 3, 2024, with visa applications open from November 1, 2024, to February 1,…

President Bola Tinubu has assured Borno State Governor Babagana Zulum of the federal government’s commitment to providing substantial assistance to the victims of the recent flooding in Maiduguri, the state capital. The flooding, which has displaced numerous residents and caused significant damage to homes and public infrastructure, including schools, hospitals, and businesses left many in urgent need of relief. In a statement by his Special Adviser on Information and Strategy,…

In a significant policy shift, reports suggest the Federal Government is poised to grant Aliko Dangote’s refinery the authority to set the price of Premium Motor Spirit (PMS), commonly known as petrol. This move comes amidst a protracted fuel scarcity crisis that has left Nigerians grappling with high prices and limited availability. On Tuesday, the Nigerian National Petroleum Company Limited (NNPCL) raised the pump price of PMS, adding to the…

Abuja, Nigeria — Nigeria’s Minister of Petroleum Resources, Heineken Lokpobiri, has reassured the populace that Premium Motor Spirit (PMS), or petrol, should be widely accessible by the weekend. This announcement follows a high-level meeting at the State House aimed at addressing the current fuel scarcity that has been causing significant hardship for Nigerians. The crucial meeting, which took place on Thursday, included Vice President Kashim Shettima, Mele Kyari, the Managing…