In a recent report by the Economist Intelligence Unit (EIU), Nigeria’s official exchange rate is anticipated to weaken to N1,068.3 against the US dollar by 2025. The report also highlights the challenges faced by the Central Bank of Nigeria (CBN), stating that it lacks the necessary resources to clear the $6 billion forex backlog. According…
The Nigerian government has implemented a significant adjustment in the exchange rate calculations of import duties by the Nigerian Customs Service (NCS). This move comes five months after the Central Bank of Nigeria (CBN) floated the naira, allowing banks to sell foreign exchange freely at market-determined rates. The exchange rate has been revised from N770.88/$…
Saudi Arabia has entered into a Memorandum of Understanding (MoU) with Nigeria to enhance cooperation in the energy sector. The agreement was disclosed by Saudi Arabia’s Energy Minister, Abdulaziz bin Salman, during the Saudi-Arab-African economic conference in Riyadh. The meeting also involved discussions with Heineken Lokpopiri, Nigeria’s Minister of State for Petroleum Resources. The global…
President Bola Tinubu signed the N2.176 trillion Supplementary Appropriation Act on Wednesday, addressing key issues including strengthening Nigeria’s security infrastructure and tackling critical infrastructure deficits. The supplementary budget aims to support these priorities and other important considerations. The signing took place at the State House in Abuja and was attended by Senate President Godswill Akpabio,…
The Federal Government is making preparations to sign a memorandum of understanding (MoU) with Algeria to establish a direct flight route between the two countries. This announcement was made by the Minister of Aviation and Aerospace Development, Festus Keyamo, during a meeting with a delegation from Algeria led by the Algerian ambassador to Nigeria. Keyamo…
Peter Obi, the presidential candidate of the Labour Party in the 2023 election, has criticized the 2023 supplementary budget, describing it as evidence that the Federal Government is indifferent to the needs of the masses. He expressed his disappointment that the budget did not address the pressing national needs and emergencies facing the country. President…
The Central Bank of Nigeria (CBN) has clarified that all banknotes, whether old or new, remain valid legal tender in the country. This announcement comes in response to reports of currency shortages and the rejection of older banknotes in some regions. The CBN made this statement on its X Platform, addressing concerns and ensuring the…
The Nigerian government, led by President Bola Ahmed Tinubu, is considering using dividends earned from the Nigeria Liquefied Natural Gas (NLNG) Limited to secure loans. This move aims to prevent further devaluation of the naira and address the economic challenges resulting from the currency’s decline. The government plans to securitize NLNG dividends by using them…
Fuel scarcity in Nigeria may persist due to several factors including non-functional refineries, instability in the naira-to-dollar exchange rate, overreliance on the importation of refined products, poor road infrastructure, dollarization of the economy, and smuggling activities. This assessment comes from Mr. Salimon Oladiti, a National Trustee of the Nigeria Union of Petroleum and Natural Gas…
The Naira’s recent strength against the US Dollar is attributed to the Central Bank of Nigeria’s (CBN) measures to increase dollar liquidity and mop up excess Naira through interest rate hikes. The President of the Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadabe, explained that this approach is aimed at reducing speculation,…