The Nigerian currency, the naira, has been on an upward trajectory against the dollar, evidenced by the fifth reduction in the exchange rate for customs import duties and cargo clearance in less than a fortnight. The rate plummeted from N1,612 per dollar as of March 15th to a current rate of N1,405.46 per dollar. This…
During a recent retreat held in Abuja, Rt. Hon. Ekperikpe Ekpo, the Minister of State for Petroleum Resources focusing on Gas, highlighted Nigeria’s vast natural gas reserves as a critical solution to the country’s energy challenges. Addressing attendees at the Ministry of Petroleum Resources 2024 Retreat under the banner “Building Synergy for Enhanced Development in…
The Aliko Dangote Foundation (ADF) took a significant step towards alleviating the economic difficulties faced by many Lagosians by donating 80,000 bags of rice on Wednesday. This philanthropic effort was unveiled at the State House, Ikeja, Lagos, in a ceremony attended by notable figures including Governor Babajide Sanwo-Olu and Aliko Dangote himself, the chairman of…
The Central Bank of Nigeria (CBN) has taken a significant step towards enhancing liquidity in the retail segment of the forex market by issuing a circular to Bureau De Change operators (BDCs), informing them of the sale of $10,000 to each BDC at a rate of N1,251/$1. This move marks the resumption of dollar sales…
The Nigerian government, under the leadership of President Bola Tinubu, has stated that it has invited Kaduna-based Islamic cleric, Ahmad Gumi, for questioning regarding his remarks on the activities of bandits in the country. Minister of Information and Orientation, Mohammed Idris, made this known while speaking to journalists at the State House, Abuja, on Monday….
President Bola Tinubu has approved the creation of the Renewed Hope Infrastructure Development Fund, aimed at addressing Nigeria’s infrastructural deficits. The Fund, modeled after the Lagos Metropolitan Area Transport Authority, will focus on key sectors such as agriculture, transportation, ports, aviation, energy, healthcare, and education. According to Zacch Adedeji, Chairman of the Federal Inland Revenue…
The National Hajj Commission of Nigeria (NAHCON) has announced a further increase in the rates for the 2024 Hajj pilgrimage, attributing the adjustment to fluctuations in the foreign exchange rate. Intending pilgrims who had previously paid N4.9 million each are now required to pay an additional N1.9 million each by 28th March. The new registration…
The Central Bank of Nigeria’s Monetary Policy Committee (MPC) is set to convene for its 294th meeting today, amidst growing concerns over the impact of its recent policy decisions on businesses and the economy. Led by Mr. Olayemi Cardoso, the committee faces the challenge of balancing the need to control inflation with the imperative of…
Nigeria’s tax agency, the Federal Inland Revenue Service (FIRS), has taken legal action against Binance, a prominent cryptocurrency exchange platform, for alleged tax evasion and other related offenses. The FIRS filed criminal charges against Binance at a court in the capital territory, accusing the platform of various infractions including non-payment of Value Added Tax (VAT),…
The Federal Executive Council has given its nod to the implementation of a 10 per cent youth quota in all government appointments, alongside a move to ensure equitable representation of young women. Dr. Jamila Ibrahim, Minister of Youths, made this announcement following the conclusion of the 4th FEC meeting on Monday in Abuja. The council’s…