In a surprising turn of events, the Nigerian Naira has made a strong comeback against the US dollar, sending shockwaves through various markets and dealing a blow to currency speculators. This rebound has pushed the exchange rate below the N900 to $1 mark on peer-to-peer (P2P) platforms, particularly Binance, marking a significant recovery for the…
Zimbabwe has witnessed a surge in income from lithium exports, generating approximately $209 million in revenue over nine months, according to the Ministry of Mines in the country. Lithium is poised to become Zimbabwe’s third-largest mineral export after gold and platinum group metals, with earnings of $2.46 billion and $2.27 billion, respectively, in the previous…
The Central Bank of Nigeria (CBN) has addressed concerns about a shortage of currency notes in the country, emphasising that there is an adequate supply to support economic activities. CBN’s Director of Corporate Communications, Isa AbdulMumin, provided this reassurance via the CBN’s official X account, formerly known as Twitter. AbdulMumin stated that the apparent shortage…
The outlook for the Nigerian naira has improved due to reports that the Central Bank of Nigeria (CBN) is planning to fulfil its forward FX obligations, along with a recent dovish statement from the U.S. Federal Reserve (Fed). Unverified reports suggest that the CBN will fulfil 75–80% of the outstanding matured foreign exchange forwards through…
The Federal Government of Nigeria has signed a memorandum of understanding (MOU) with the German company Geo-scan GmbH, involving an investment of $700 million in solid mineral deposits. The German firm, known for its top-of-the-line geoscientific technology, will provide expertise and technology for exploration. This partnership aims to significantly enhance mineral exploration efforts and increase…
The Nigerian federal government is reportedly planning to introduce new regulations in the forex market with the aim of bolstering the value of the naira and curbing illegal currency trading. The proposed rules would expand the official market to accommodate all legitimate transactions and seek to limit the supply to the parallel or “illicit” black…
The Minister of Transportation, Mr. Sai’du Alkali, has officially launched the e-ticketing services for the Lagos-Ibadan and Itakpe-Warri train services in Nigeria. The e-ticketing system is designed to improve efficiency and convenience in booking and paying for train tickets, eliminating the need for physical tickets and cash transactions. The contract for the e-ticketing of these…
John Deere, a United States-based company, has announced its commitment to establishing a tractor assembly plant in Nigeria. This significant development in foreign investment was revealed during a meeting between Vice President Kashim Shettima and top officials from John Deere, led by its Vice President on Production Systems, Mr. Jason Brantley. The company’s interest in…
Naira Marley, the controversial musician, has declined an invitation from the House of Representatives to discuss compensation and royalties for the late singer, Mohbad, whose real name was Ilerioluwa Aloba. The invitation came through the Performing Musicians Employers’ Association of Nigeria (PMAN), and it was related to a parliamentary committee’s attempt to secure appropriate compensation…
The Nigerian exchange rate, both in the official and parallel markets, faced a decline on the day the Supreme Court confirmed Bola Ahmed Tinubu’s victory in the presidential election. According to reports from traders in the parallel market, the exchange rate between the naira and the dollar dropped to an unprecedented low of N1,300 to…