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
The Nigerian Naira witnessed a positive surge in the parallel market, climbing to N1,495 against the US dollar on Thursday, marking an improvement from its previous rate of N1,510 per dollar on Wednesday. Similarly, within the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira also experienced an uptick, reaching N1,481.49 per dollar. Data sourced from … Read more
Adia Sowho has stepped down from her role as Chief Marketing Officer (CMO) of MTN Nigeria. Sowho, who made history in August 2021 by becoming the first female CMO at MTN Nigeria, has left under what sources suggest might be contentious circumstances. Sowho’s career began in 2001 after earning an engineering degree. She initially worked … Read more
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
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
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
Nigeria’s Dangote Refinery in Lagos is looking to procure millions barrels of United States’ crude oil over the next year to boost its processing rates, Bloomberg reported on Thursday. According to the report, the refinery, spearheaded by Africa’s wealthiest individual, Aliko Dangote, has put out a term tender seeking to purchase two million barrels monthly … Read more
Canada’s financial watchdog, the Financial Transactions and Reports Analysis Centre (FINTRAC), has imposed a $6 million fine on Binance, a prominent cryptocurrency platform, for breaching the nation’s laws on money laundering and terrorist financing. The penalty, valued in Canadian dollars, translates to approximately $4.38 million USD. In a recent statement, FINTRAC revealed that Binance failed … Read more