The International Air Transport Association (IATA) has confirmed that the Central Bank of Nigeria (CBN) has successfully cleared $831 million of foreign airlines’ trapped funds from June last year to date. This significant development has reduced the global total of such trapped funds to approximately $1.8 billion. At its peak in June 2023, Nigeria had … Read more
Minister of Finance, Wale Edun, has addressed concerns regarding the government’s purported plan to utilize the N20 trillion Pension Fund for infrastructure and housing financing. Edun emphasized that such claims are unfounded, stating that the federal government has no intention whatsoever to go beyond those limitations and go outside those bounds which are there to … Read more
The Programme Coordinator, Regulatory, Compliance and Facilitator, Presidential Compressed Natural Gas Initiative, Mr Zayyanu Yabo says Nigeria will realize over three billion dollars investment in the CNG value chain. He made this known in Abuja during a stakeholder engagement on the CNG conversion initiative. According to him, abNigeria eyes over N3bn investment from CNG vehicles’ … Read more
The International Monetary Fund (IMF) has issued a stark warning to President Bola Tinubu, urging him to take decisive action to remove implicit fuel and electricity subsidies in Nigeria. In a recent report, the IMF highlighted the substantial impact of these subsidies, estimating that they would consume three percent of the nation’s Gross Domestic Product … Read more
Nigeria’s naira has reversed recent gains and is now the world’s worst performing currency in the last month, increasing pressure on the central bank to keep raising interest rates, Bloomberg reported on Friday. The naira has slipped to 1,466.31 to the dollar, its weakest level since March 20, hurt by the local scarcity of the … Read more
The foreign currency (FX) market began on Monday, with the naira exchanging for $1,430 on the parallel market, also known as the black market. This is a 5.49 percent depreciation against the dollar, compared to the black market closing price of N1,350 per dollar on Friday. Traders attributed the naira weakness to increased demand for … Read more
The federal government, FG, has announced that it will remove the naira from all peer-to-peer (P2P) exchanges. The Securities and Exchange Commission’s Director General, Emomotimi Agama, made this announcement during a virtual conference with blockchain stakeholders on Monday. This resolution aims to combat the manipulation of the local currency’s value in the foreign exchange market. … Read more
The Nigerian currency, Naira, depreciated by N130 against the United States dollar at the parallel foreign exchange market on Sunday. A Bureau De Change operator, Mistila Dayyabu, disclosed this in an interview. He noted that Naira dropped to N,1420 per dollar from N1,290 in less than 48 hours at the parallel market. READ ALSO :Naira’s … Read more
The Federal Government, FG, says it will stop awarding licences to gas businesses with no ability to develop pipes for gas distribution. The government stated that this was necessary to discourage the transportation of compressed natural gas on roads. The Minister of State for Petroleum (Gas), Ekperikpe Ekpo, made this disclosure when he was in … Read more
Senator Ned Nwoko, has advised the Federal Government and the Central Bank of Nigeria (CBN) against any measures that are capable of artificially forcing the Naira to gain value against dollar and other currencies. Nwoko, who represents Delta North, gave the advice in a statement he personally signed and made available to the News Agency … Read more