Business & Economy - Page 52

The central parity rate of the Chinese currency renminbi, or the Yuan, strengthened 69 pips to 7.0128 against the dollar on Friday. This is according to the China Foreign Exchange Trade System. In China’s spot foreign exchange market, the Yuan is allowed

The Federal Government, through the Nigerian Ports Authority (NPA), has continued to strengthen Nigeria’s economic landscape by enhancing trade facilitation, developing port infrastructure, and improving operational efficiencies. A new $60 million investment in green port initiatives, championed by President Bola Tinubu’s administration,

Nigeria has signalled its readiness to strengthen economic ties with Spain, highlighting the European country’s role as a key partner and a gateway between Africa and Europe. Speaking during a meeting with the leadership of CEOE, Spain’s leading business confederation, Minister of

Dangote Petroleum Refinery has expanded the distribution of its Premium Motor Spirit (PMS), popularly known as petrol, by commencing direct sales to independent oil marketers with the capacity to purchase a minimum of 250,000 litres. The development marks a shift from the

The Chartered Institute of Taxation of Nigeria (CITN) has dismissed reports that bank balances are taxed under Nigeria’s new tax regime, saying only certain electronic transfers attract a ₦50 stamp duty. CITN Chairman Ben Enamudu, who spoke in an interview with Arise

Nigeria’s poverty rate is projected to rise sharply to 62 per cent by 2026, with about 141 million people expected to be living below the poverty line, according to Price water house Coopers (PwC). The projection is contained in PwC’s Nigeria Economic

Nigeria’s currency recorded another milestone at the official foreign exchange market, with the naira appreciating to ₦1,419 per US dollar amid easing demand pressures and improved liquidity conditions across the FX ecosystem. Market data from the Central Bank of Nigeria (CBN) showed

has reinforced its position as one of the major forces underpinning Nigeria’s payments ecosystem after processing more than ₦100 trillion worth of transactions in 2025, highlighting its expanding role in the country’s digital economy. The payment technology platform, licensed by the Central

Nigeria Revenue Service (NRS) says its replacement with the defunct Federal Inland Revenue Service (FIRS) will overhaul the architecture of the country’s revenue administration. The Executive Chairman of NRS, Dr Zacch Adedeji, said this in a television interview monitored from Abuja. The

​The Nigerian Naira opened the first full week of 2026 with continued fluctuations across the various market segments. As of the morning of January 5, 2026, the local currency showed a slight recovery trend compared to the closing figures of the previous