Stay ahead of the curve with the latest Nigerian business news! As of Friday, October 4, 2024, the business landscape in Nigeria is abuzz with exciting developments, groundbreaking announcements, and significant milestones.
From major investments and partnerships to regulatory changes and market trends, we’ve got you covered with local business news today. We cover all the top 10 latest business news in Nigeria today stories making headlines, shaping the future of the country’s economy and impacting your business decisions.
In this edition, we explore business and finance news that reflects the evolving market dynamics. Don’t miss out on what are the latest business news in Nigeria, as each story is crucial for understanding the trends influencing your investments.
Here are the 10 Latest Business News in Nigeria and Forex News Roundup Today, October 4, 2024,
1. CBN introduces electronic matching system for FX transactions, to begin by December: The Central Bank of Nigeria (CBN) has announced the introduction of an electronic matching system for foreign exchange transactions in the Nigeria FX market scheduled to begin from December 1, 2024.
2. Naira, Dollar: Naira ends September at lowest exchange rate in seven months at parallel market: The Nigerian Naira ended the month of September at its lowest exchange rate in seven months at the parallel market. The rate closed at N885 to the US dollar on September 30, 2024, a depreciation of 0.87% from the previous day’s close of N877.
3. BDCs accuse IMTOs of ambushing external remittances, creating dollar scarcity in the parallel market: Bureau de Change (BDCs) operators have accused International Money Transfer Operators (IMTOs) of ambushing external remittances, thereby creating dollar scarcity in the parallel market. The BDCs allege that the IMTOs are buying up dollars at a rate below the official rate and selling them to the parallel market, making it difficult for BDCs to source dollars for their customers.
4. CBN Rolls Out Electronic FX Matching System to Curb Speculation, Ensure Transparent Forex Rates: The Central Bank of Nigeria (CBN) has announced the introduction of the Electronic Foreign Exchange Matching System (EFEMS) to combat speculative activities and improve transparency in forex transactions. The new system is expected to enhance governance, transparency and facilitate a market- driven exchange rate that will be accessible to the public.
5. Nigeria’s crude oil production declines by 40,000 bpd as OPEC’s output drops in September: Nigeria’s crude oil production declined by 40,000 barrels per day (bpd) in September as the Organization of the Petroleum Exporting Countries (OPEC) cut its output. The decline in Nigeria’s production was due to a combination of factors, including technical difficulties and pipeline vandalism.
6. Italy targets windfall taxes amid budget deficit concerns, echoing Nigeria’s recent bank levy: The Italian government has announced plans to introduce windfall taxes on banks and energy companies in an effort to raise revenue and address budget deficit concerns. This move echoes the recent decision by the Nigerian government to impose a levy on banks.
7. Former Flutterwave employee in Kenya loses $900,000 appeal against fintech firm: A former employee of Flutterwave in Kenya has lost an appeal against the fintech firm after claiming she was owed $900,000 in unpaid commissions. The employee had filed a lawsuit against Flutterwave in 2021, alleging that the company had failed to pay her commissions on transactions that she had processed. [Source: Nairametrics]
8. AfDB targets 120 million tonnes of food production by 2025: The African Development Bank (AfDB) has set a target of increasing food production in Africa to 120 million tonnes by 2025. The bank is working with African governments to invest in agriculture and food systems in order to boost food security and reduce hunger on the continent. [Source: Nairametrics]
9. Inside the CNG conversion journey in Lagos: A recent report by Nairametrics looks at the journey of CNG conversion in Lagos. The report highlights the challenges and opportunities facing the CNG industry in Nigeria, as well as the potential benefits of CNG conversion for both drivers and the environment.
10. Nigeria to unlock $10 billion deep-water investment with new oil and gas tax relief package: The Nigerian government is offering a new tax relief package to attract $10 billion in investment in deep-water oil and gas projects. The package includes a reduction in corporate tax rates, as well as other incentives designed to make Nigeria more competitive for investors.
Get informed, stay updated, and make informed decisions with our comprehensive roundup of the latest Nigerian business news and insights.
Sources: Ejes Gist News, Arise News and Nairametrics
