Business

CBN Authorises Banks To Give Loans In Dollars To Nigerians

Published

2 years ago

May 13, 2023

The apex bank has authorized representatives of foreign banks in Nigeria to collaborate with their parent companies in providing and syndicating foreign currency-denominated loans (specifically, dollar loans) to Nigerian businesses, as per the guidelines.

The move is expected to enhance dollar liquidity and alleviate foreign exchange pressure, according to The Nation.

Additionally, the CBN’s guidelines outline a range of activities that representatives of foreign banks in Nigeria are allowed to undertake, including marketing their parent company’s products and services, conducting research activities, acting as an intermediary between local banks, private institutions, and other customers in Nigeria and their foreign parent, and connecting banks and financial institutions with their parent company.

Moreover, they can assist Nigerian exporters with finding new markets through their international offices and provide information to Nigerian exporters about laws and markets in target countries where the parent company or any of its affiliates has a subsidiary.

They can also organize seminars, forums, and other events in Nigeria that allow a foreign parent to meet with existing or potential customers in Nigeria, as well as collect and distribute financial and economic information or country reports to their foreign parent for use by the parent’s customers.

The CBN specifies that revenue earned by representative offices is acceptable as long as it does not originate from non-permissible activities and is linked to intra-group services given to the parent company, with such revenue taxed in compliance with transfer pricing regulations.

The revenue in this context is limited to staff costs and business premises leasing fees, among other line items.

Business

NNPCL Increases Fuel Price

Published

3 days ago

August 5, 2025

Editor

The Nigerian National Petroleum Company Limited, NNPCL, has increased the pump price of premium motor spirit across its retail outlets.

It was gathered that NNPCL retail outlets in Abuja have adjusted their fuel pump price to N955 per litre from N890.

This is the case in NNPCL retail outlets along Kubwa Expressway, Wuse and other parts of Abuja.

Similarly, the pump price hike has been implemented at filling stations in Kogi and Nasarawa.

This means that the petrol pump price was increased by N65.

This comes after independent petroleum product marketers and filling station owners in Abuja increased petrol pump prices to between N950 and N971 per litre at the weekend. Their decision followed an upward review of the ex-depot petrol price by Dangote Refinery to N858 per litre, up from N820.

Business

Naira Appreciates Against Dollar As External Reserves Swell

Published

3 days ago

August 5, 2025

Editor

The naira appreciated against the dollar at the official foreign exchange market on Monday to begin the week on a bullish note amid swelling external reserves.

According to the Central Bank of Nigeria’s exchange data, the naira appreciated to N1,531.95 against the dollar on Monday from N1,533.74 traded last week Friday.

This showed that the Naira strengthened by N1.79 when compared to the N1,533.74 exchanged at the close of work last week.

Meanwhile, at the black market, the naira remained stable at N1560 per litre, the same exchange rate traded on Friday.

The development comes as Nigeria’s external reserves had maintained a modest rise to $39.54 billion as of August 1st, 2025, up from $39.36 billion on July 30th.

Business

Naira Continues To Appreciate Against Dollar On Official Market

Published

7 days ago

August 1, 2025

Editor

The naira continued its appreciation against the dollar at the foreign exchange market on Tuesday.

Accordingly, the naira strengthened further to N1,533.18 against the dollar on Tuesday, from N1,534.21 traded the previous day.

This represents a gain of N1.03 against the dollar on a day-to-day basis and marks the second consecutive day of appreciation at the official FX market.

Meanwhile, on the black market, the naira depreciated further to N1,545 per dollar on Tuesday from N1,537 traded on Monday.

Recall that the naira had similarly closed Monday’s trading session with mixed sentiments, recording gains at the official market but depreciating at the parallel market.