BusinessDay Nigeria

Founded in 2001, Business Day is a daily newspaper focused on business news, headquartered in Lagos, Nigeria. Notably, it is the only Nigerian publication that has a bureau located in Accra, Ghana. Business Day offers both daily and Sunday editions and is available to readers in both Nigeria and Ghana.

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Articles

Naira gains further after CBN launch of non-resident BVN

19 hours ago | businessday.ng | Hope Moses-Ashike

The naira on Wednesday appreciated further at the official foreign exchange (FX) market, a day after the Central Bank of Nigeria (CBN) launched the Non-Resident Diaspora Bank Verification Number (NRBVN). After trading yesterday, the naira gained N3.33 as the dollar was quoted at N1,596.70, marking a gain of 0.2 percent compared to N1,600.03 quoted on Tuesday at the Nigerian Foreign Exchange Market (NFEM), data from the CBN showed.
NNPC to resume oil drilling at Kolmani Field after two-year hiatus

20 hours ago | businessday.ng | Abubakar Ibrahim

The Nigerian National Petroleum Company (NNPC) Limited has planned to recommence crude oil drilling operations at the Kolmani oil field, situated along the Bauchi-Gombe state border. This development marks a return to activity at the site following almost two years of dormancy. This update was shared by Bayo Ojulari, the newly appointed Group Chief Executive Officer of NNPC, during an interview with the BBC on Monday.
Naira stability seen sustained on non-resident BVN launch

1 day ago | businessday.ng | Hope Moses-Ashike

The naira, which has shown some degree of stability over the past few months, is expected to maintain its current trajectory following the launch of the Non-Resident Diaspora Bank Verification Number (NRBVN) by the Central Bank of Nigeria (CBN). Since the introduction of the Electronic Foreign Exchange Matching System (EFEMS) on December 2, 2024, the naira has witnessed relative improvement in value.
Inflation seen stable as MPC meets Monday - Businessday NG

1 day ago | businessday.ng | Hope Moses-Ashike

As the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) prepares to convene on Monday, results from the CBN’s latest Inflation Expectations Survey suggest that a significant portion of Nigerians anticipate inflation to remain stable in the short term, although opinions remain mixed across sectors and timeframes. The CBN on Tuesday issued a notice of the 300th meeting of The MPC scheduled to hold on May 19 and 20, 2025, in Abuja.
FX reserves rise as CBN activates multiple channels to bolster inflows

1 day ago | businessday.ng | Hope Moses-Ashike

The gross FX reserves increased for the second consecutive week, growing by $86.67 million $38.10 billion following strong measures instituted by the Central Bank of Nigeria (CBN) to attract more inflows to the economy. tronger FX reserves are expected to bolster the CBN’s capacity to manage excess naira volatility through sustained market interventions and achieve long-term stability of the exchange rate.
Firm empowers SMEs with faster access to capital to curb bottlenecks

2 days ago | businessday.ng | Abubakar Ibrahim

Digital financing platform Grow is revolutionising how small and medium enterprises (SMEs) access funding in Nigeria, offering quicker, technology-driven solutions to longstanding cash flow constraints.
End of ways & means reveals true government financing cost – World Bank - Businessday NG

2 days ago | businessday.ng | Hope Moses-Ashike

The World Bank has said that the discontinuation of the Central Bank of Nigeria’s Ways and Means (W&M) advances, combined with ongoing monetary policy tightening, has exposed the actual, higher cost of Government borrowing in Nigeria. This was disclosed in the World Bank’s latest Nigeria Development Update report entitled “Building Momentum for Inclusive Growth”, released on Monday.
Naira gains as non-banks, exporters account for 62.44% of FX inflows

2 days ago | businessday.ng | Hope Moses-Ashike

The naira remained stable across foreign exchange (FX) markets on Monday, supported by steady inflows, with non-bank financial institutions and exporters contributing 62.44 percent of the total supply. Non-banks refer to financial entities other than traditional commercial banks, such as asset managers, Bureau de Change (BDCs), pension funds, and other investment firms that participate in the FX market by trading foreign currency or facilitating transactions for clients.
Investments, exports to power Nigeria’s five-fold growth – W’Bank - Businessday NG

2 days ago | businessday.ng | Onyinye Nwachukwu |Hope Moses-Ashike |Godsgift Onyedinefu |Wasiu Alli |Oluwole Crowther

…Urges Nigeria to end electricity subsidy…Ways & means exposes FG’s real financing cost…Edun says there’s momentum to invest in NigeriaThe Nigerian economy will need to grow five times faster than its current rate to meet the $1 trillion-dollar target by 2030, according to the World Bank. But achieving this lofty ambition requires galvanising private sector investments and foreign direct investments (FDIs) as well as implementing an export-oriented growth strategy.
How AI will redefine Nigerian businesses, jobs

2 days ago | businessday.ng | Temitayo Jaiyeola

Nigerian chief executive officers are increasingly viewing Artificial Intelligence (AI) as a complement to their workforce, rather than a replacement. This is one of the key findings from ‘PwC’s 28th Annual Global CEO Survey: Nigerian Perspective.’According to the report, 72 percent of Nigerian CEOs expect AI to reshape their workforce and skills strategies, surpassing the regional average of 60 percent and the global average of 68 percent.