Johannesburg, Nov. 19, 2024 – South African President Cyril Ramaphosa on Tuesday welcomed a G20-commissioned report proposing the sale of some of the IMF’s “hoard of gold” and a review of lending practices among measures to tackle Africa’s crippling debt. The proposals were included in an expert study commissioned for the first G20 summit in Africa which will bring around 20 heads of state to Johannesburg this weekend. “Globally, more than 3.4 billion people live in countries which spend more on servicing debt than on education or healthcare,” said the …
Naira slides further at official market Tuesday, closing at N1,458 to dollar
Lagos, Nov. 19, 2025 – The Nigerian currency, the Naira, depreciated further at the official foreign exchange market on Tuesday, closing at N1,458 to the dollar. The naira had closed at N1,447 to the dollar on Monday, but lost N11.00 to the dollar on Tuesday. Bid rates quoted by dealers at the market on Tuesday ranged from N1,44 to 1,459 to the dollar. The currency has been depreciating steadily in the market in the last four trading days. The exchange rate, which was N1,441 to the dollar last week …
US is the biggest recipient of Chinese loans, study shows
Hongkong, Nov. 18, 2025 – The United States is the biggest recipient of China’s lending activities globally, according to a study which tracked Beijing’s credit activities and found it is increasingly lending to higher-income countries over developing countries. The report, published on Tuesday by AidData, a research lab at U.S. university William & Mary, said China’s lending and grant giving totalled $2.2 trillion across 200 countries in every region of the world from 2000 to 2023. China has long been seen as a creditor to developing countries through its …
Naira depreciates to N1,447 to dollar Monday
Lagos, Nov. 18, 2025 – The Nigerian currency, the Naira, depreciated at the official foreign exchange market on Monday, closing at N1,447 to the dollar. The currency lost N3.00 to the dollar on Monday from N1,444 which it closed on Friday. Bid rates quoted at the market on Monday ranged from N1,440 to N1,450.25 to the dollar. The naira depreciated at the market in spite of the injection of $50 million into the market by the Central Bank of Nigeria last week Meanwhile, the naira is being traded at …
Nigeria’s outing at IMF/World Bank annual meetings a resounding success – TMSG
Abuja, Nov. 17, 2025 – The Tinubu Media Support Group (TMSG) has described the just-ended annual meetings of the International Monetary Fund (IMF) and World Bank as another spectacular global showcase of Nigeria’s new economic standing under President Bola Tinubu. The group made the observation in a statement signed by its Chairman Emeka Nwankpa and Secretary Dapo Okubanjo. It said the meeting afforded the Nigerian delegation ample opportunity to justify renewed investor confidence in the economy. The statement reads: “The just concluded IMF/World Bank annual meetings, usually held in October, …
FG to provide up to N50m grant to students under a Venture Capital Grant scheme
Abuja, Nov. 17, 2025 – The federal government is to provide up to N50 million grant to student enterpreurs through a new Students’ Venture Capital Grant (S-VCG) scheme. Tunji Alausa, the Minister of Education, said the federal government had already opened an application portal for scheme and advised eligible Nigerian students enrolled in accredited tertiary institutions to apply. Folasade Boriowo, the Director of Press and Public Relations in the Federal Ministry of Education, disclosed this in a statement on Monday. The statement quoted the minister as saying that the …
CPPE advises FG to reinstate 15% import duty on petrol, diesel immediately
Lagos, Nov. 16, 2025 – The Centre for the Promotion of Private Enterprise (CPPE), a private think tank, has advised the federal government to reinstate the 15% import duty on petrol and diesel immediately. The CPPE gave the advice in a policy brief signed by Muda Yusuf, its Chief Executive, and issued in Lagos on Sunday. It said the duty was to serve as an industrial protection instrument designed to support emerging private refineries, promote backward integration and industrial development, and ensure a level playing field for domestic producers …
Trump buys at least $82m in bonds since late August, disclosures show
\Washington, Nov. 16, 2025 – U.S. President Donald Trump bought at least $82 million in corporate and municipal bonds from late August to early October including new investments in sectors benefiting from his policies, financial disclosures made public on Saturday showed. According to the forms released by the U.S. Office of Government Ethics, Trump carried out more than 175 financial purchases from August 28 through October 2. The disclosures, made under a 1978 transparency law called the Ethics in Government Act, do not list exact amounts for each purchase, …
Naira depreciates at Friday’s auction to N1,444 to dollar
Lagos, Nov. 14, 2025 – The Nigeria currency, the Naira, depreciated at the close of the foreign exchange Market on Friday, closing at N1,444 to the dollar. The currency lost N3.00 to the dollar on Friday from N1,441 which it closed on Thursday. Bid rates offered by dealers at the market on Friday ranged from N1,435.03 to N1,444.95 Meanwhile, the naira is being exchanged at the black market in Lagos between N1,455 and N1, 460 to the dollar.
Polaris Bank wins MSME Digital Bank of the Year Award for Inclusive growth
Lagos, Nov. 14, 2025 – Polaris Bank has again reaffirmed its leadership in digital innovation and inclusive banking, emerging as the MSME Digital Bank of the Year (Inclusive Growth) at the second edition of the MSME Finance & CEO Awards held recently in Lagos. The event, organized by the Africa Global Economic Forum BBB in partnership with PROSHARE, recognized outstanding institutions and other notable stakeholders driving MSME development and financial inclusion across Nigeria. The award celebrates Polaris Bank’s unwavering commitment to empowering small and medium-scale enterprises through technology-driven financial …