Business

SNOW TV NEWS DESKNigerian banks have increased average prime lending rates across several key sectors of the economy despite successive interest rate reductions by the Central Bank of Nigeria (CBN), raising concerns about the cost of borrowing for businesses.The development comes after the CBN reduced the Monetary Policy Rate (MPR) from 27.5 per cent in September 2025 to 23 per cent in September 2026, following a gradual decline in inflation.However, an analysis of the CBN's published interest rate schedules for August 2025 and October 2026 shows that average prime lending rates increased in eight of 11 economic sectors.Agriculture, forestry, and fishing recorded the highest increase, with lending rates rising from 23.44 percent to 24.77 percent. Construction increased ...

SNOW TV NEWS DESKThe Federal Government and other tiers of government recorded a combined N3.56tn in savings from Federation Account revenue between January and September 2026, despite the Federal Government’s growing reliance on borrowing to finance its budget deficit.The figure represents a 95 percent increase compared with the N1.83tn saved during the corresponding period in 2025.According to an Agora Policy report titled Ten Insights from FAAC Disbursements for January-September 2026, analyzed by The PUNCH, total deductions from Federation Account revenue stood at N11.10tn during the nine-month period.Interventions accounted for the largest share of deductions at N4.78tn, followed by savings of N3.56tn. Together, both categories represented 75.1 per cent of total de...

SNOW TV NEWS DESKNigeria’s financial technology ecosystem has experienced a massive evolution over the past decade. Among the various sub-sectors, digital lending platforms have grown exponentially, bridging the financial inclusion gap by providing millions of individuals and small business owners with instant access to short-term credit without traditional collateral requirements.However, as the market matures, the digital lending landscape is undergoing a critical structural transformation. Driven by rising default rates, shifting consumer behavior, and stricter oversight from regulatory bodies like the Federal Competition and Consumer Protection Commission (FCCPC) and the Central Bank of Nigeria (CBN), lenders are moving away from aggressive collection tactics and focusing h...

SNOW TV NEWS DESKFor a long time, wealth building and asset management were viewed as privileges reserved only for the wealthy. Traditional stockbrokers and asset firms often required large minimum deposits, making it difficult for the average young professional or salary earner to participate in financial markets.However, the rise of digital finance apps has completely disrupted this landscape. Through a concept known as micro-investing, anyone can now grow their capital using small, consistent monthly amounts. By leveraging fractional shares and digital investment funds, building an emergency cushion or a long-term portfolio is now accessible to anyone with a smartphone.If you want to transition from a casual saver into an active investor, here is a practical guide to masteri...

SNOW TV NEWS DESKIn Nigeria, starting a business is often associated with having millions of naira in startup capital. From aspiring entrepreneurs to small business owners, many believe that substantial financial investment is the first requirement for building a successful enterprise. However, the reality is that money alone does not guarantee business success.With rising operating costs, inflation, fluctuating exchange rates, and intense market competition, Nigerian entrepreneurs face challenges that extend far beyond raising startup capital. For many businesses, survival depends less on how much money they start with and more on how effectively they manage it.Cash flow remains one of the biggest determinants of business survival. A business may record impressive sales an...

SNOW TV BUSINESS NEWS DESKNaira Trades at N1,385/$ in Parallel MarketThe Nigerian naira maintained relative stability against the United States dollar on Friday, October 30, 2026, across the official foreign exchange market, despite continued pressure from foreign currency demand.At the Nigerian Foreign Exchange Market (NFEM), the Naira traded at N1,346.86 per dollar during early morning transactions. The official market reportedly recorded orderly trading conditions, with commercial banks and corporate importers accessing foreign exchange to meet obligations such as international trade payments, school fees, and capital repatriation.However, the parallel market recorded a weaker exchange rate. Bureau De Change operators and currency traders in major cities, including Lagos...

SNOW TV BUSINESS NEWS DESKNigerian market women and small-scale traders are facing mounting pressure as rising purchasing costs, transportation expenses, market levies, and unreliable electricity continue to threaten their profit margins, even when sales appear encouraging.Across markets, traders must spend more to restock essential goods, leaving less money after daily sales. Higher transport fares and delivery charges further increase operating costs, forcing many sellers to raise prices or absorb the extra expenses to retain customers.For traders dealing in perishable goods, unreliable electricity presents another challenge. Those selling fish, meat, and other products requiring refrigeration may incur additional costs for fuel and alternative preservation methods, w...