The Presidential Committee on Fiscal Policy and Tax Reforms has advised the federal government to set an exchange rate of N800 per US dollar for calculating Customs import duties. This recommendation was revealed by Taiwo Oyedele, the committee’s chairman, during a press conference held in Lagos on Thursday. Oyedele discussed the difficulties businesses encounter due … Read more
On Wednesday, the Nigerian naira saw a notable appreciation to N1,490 against the US dollar in the parallel section of the foreign exchange market. This marks a 2 percent increase compared to the rate of N1,520 reported on May 27. Currency traders, commonly known as bureau de change operators, quoted the buying price of the … Read more
On Monday, the naira faced depreciation in the parallel section of the foreign exchange (FX) market. In Lagos, bureau de change (BDC) operators, commonly known as currency traders, reported the naira trading at N1,520 to the US dollar. The buying price was set at N1,490, while the selling price stood at N1,520, giving traders a … Read more
Former President Olusegun Obasanjo has criticized President Bola Tinubu’s approach to implementing fuel subsidy removal and exchange rate unification, stating that while these actions are necessary, their execution was flawed. Speaking at a colloquium in Abuja, Obasanjo emphasized the importance of effective leadership and proper implementation to avoid economic hardships for Nigerians. He also addressed … Read more
President Bola Tinubu has approved a new investment in the energy sector to the tune of 100 million United States dollars. Permanent Secretary, Federal Ministry of Petroleum Resources, Ambassador Nicholas Ella, who made this known in a statement at the weekend, said the investment is part of efforts to ensure successful hosting of African Energy … Read more
Power Minister, Adebayo Adelabu, assured Nigerians on Friday that the current high electricity tariffs are a temporary issue and will eventually decrease, akin to the trend seen in telecom tariffs in the country. Addressing criticism from consumers about recent tariff hikes and poor power supply, Adelabu expressed optimism about the future. “Though it seems costly … Read more
The Nigerian naira saw a slight appreciation against the US dollar in the official foreign exchange market as the week drew to a close. According to data from FMDQ, the naira strengthened to N1482.81 per dollar on Friday, up from N1485.66 the previous day, marking a modest increase of N2.85. On the parallel market, however, … Read more
Vice President Kashim Shettima says the President Bola Tinubu’s administration is reforming the nation’s tax system, focusing on improving collection efficiency rather than increasing the tax burden on citizens. During a meeting with a delegation from the Chartered Institute of Taxation of Nigeria (CITN) at the Presidential Villa on Thursday, VP Shettima emphasized that the … Read more
The Nigerian Naira experienced contrasting movements in different foreign exchange markets on Wednesday. While the Naira depreciated in the parallel market, it appreciated in the Nigerian Autonomous Foreign Exchange Market (NAFEM). In the parallel market, the Naira depreciated to N1,495 per dollar from N1,470 per dollar on Tuesday. On the other hand, in the NAFEM, … Read more
In response to the continuous depreciation of the Nigerian naira against the US dollar, the Dangote Petroleum Refinery has raised the price of diesel from ₦940 per litre to ₦1,100 per litre. This decision comes after a series of consultations with oil marketers and an initial price reduction from ₦1,200 per litre to ₦1,000 per … Read more