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*Police Council confirms Egbetokun as substantive IGP President Bola Tinubu, on Tuesday, October 31, set up a special committee that will take a look at and work on all the gaps in the nation’s legal statutes, right from 1999 till today. Bauchi state governor, Bala Mohammed, disclosed this to journalists at the state House, Abuja, […]

Lagos Governor Babajide Sanwo-Olu has signed a partnership with the African Export-Import Bank and Access Bank for long-term infrastructure projects in the state. The deal was signed at the Africaribbean Trade and Investment Forum 2023 in Guyana. The governor mentioned some key projects including Fourth Mainland Bridge, Omu Creek Project, and the 2nd Phase of […]

The Central Bank of Nigeria (CBN) has denied the claims that it is planning to redenominate the Naira. There had been a rumour circulating on social media that the apex bank was planning to redenominate the nation’s currency. These rumours started over the last week because the Naira reached its highest low against the dollar […]

The Federal Government is targeting to see the Naira exchange for N650 to the dollar by December this year. Nigerian financial expert, Taiwo Oyedele while speaking with Bloomberg predicted that the true value of the naira will be reflected by December. He said the government will be introducing new foreign exchange rules (already part of […]

A 14-year-old girl identified as Joy Afekafe has been apprehended over her involvement in the murder of Dr Fumilola Adefolalu, who was a lecturer with the Department of Biochemistry, School of Life Sciences of the Federal University of Technology, Minna on Saturday, October 28. Joy, who confessed to the crime while being paraded at the […]

Conflict in Middle East Could Bring Dual Shock to Commodity Market Although the global economy is in a much better position than it was in the 1970s to cope with a major oil-price shock, an escalation of the latest conflict in the Middle East—which comes on top of disruptions caused by the Russian invasion of […]

FX Inflow to Nigeria Drops by 37% – Report Nigeria recorded a total foreign exchange inflow of $72.4 billion in 2022, marking a 23.3% decline compared to the $94.3 billion recorded in 2021, according to the medium-term expenditure framework report for 2024- 2026. The latest figure comes in sharp contrast to forex inflows of $115.6 […]

MTN Nigeria to Challenge Tax Appeal Tribunal Ruling MTN Nigeria said it is going to challenge the recent decision of Tax Appeal Tribunal (TAT) which last week current tax discord in its largest market, Nigeria. While delivering judgment in an appeal marked TAT/LZ/VAT/075, filed by MTN Nigeria, the five-man tribunal led by A. B. Hamed, […]

VFD Group Profit Slumps 81.5% as Hedging Cost Spikes VFD Group Plc, an investment firm in Nigeria, reported a steep decline in profitability in the first nine months of the financial year 2023, according to the company’s regulatory filing. The company said its hedging costs spiked at the same time when the inflation rate continued […]

Nigeria’s External Reserves Enough to Defend Naira –Analysts Despite hanging obligations, Nigeria’s foreign reserve position is enough to defend the naira, the country’s local currency. Analysts take the position in review as the exchange rate continues to worsen. The naira appreciated to N789 at the official window at the weekend while the parallel market rate […]

Nigerian Exchange Rises by N121.5bn Amidst Earnings Festival The Nigerian Exchange (NGX) equities investors gained more than N121 billion amidst the earnings festival in the local bourse in the just concluded week. As against expectations, the weekly gain was pushed by small and mid-capitalised stocks, though selloffs in banking names reversed amidst earnings releases. The […]

MSCI Announces Decision to Downgrade Nigeria Indexes MSCI Inc. has announced a decision to downgrade Nigeria Indexes to standalone market status, according to a statement posted on its website. In a statement obtained by MarketForces Africa, MSCI, a leading provider of critical decision support tools and services for the global investment community said MSCI Nigeria […]