The Naira recorded a significant appreciation against the dollar in the official foreign exchange market on Thursday. Data from the Nigerian Foreign Exchange Market revealed that the currency strengthened to N1,567 per dollar, improving from N1,608 on Wednesday. This marks a N41 gain in value compared to the previous official exchange rate of N1,608 per…
The Special Adviser on Information and Strategy to President Bola Tinubu, Mr. Bayo Onanuga, has provided updates on the progress of operations at the Port Harcourt Refining Company in Rivers State. According to him, the 150,000 barrels per day plant is undergoing significant work, while the 60,000bpd refinery currently operates at 70 percent of its…
Bitcoin has surpassed the long-awaited $100,000 threshold, reaching a new high of approximately $103,500, marking a significant milestone in its price trajectory. The cryptocurrency, which has been on an upward trend throughout 2024, is now up more than 140% for the year and has gained 48% since the recent elections. This surge follows a series…
The Federal Government has commenced deduction of N50 electronic levy from transactions made by users of Opay, Moniepoint, and other financial technology companies. A notification from Opay and Moniepoint during the weekend to customers confirmed the development. According to the FinTech banks, the levy collection is in line with the Federal Inland Revenue Service’s recent…
The Central Bank of Nigeria set to retire approximately 1,000 employees by the end of the year, according to reliable sources within its headquarters. The retirement exercise is expected to cost the apex bank over ₦50 billion in severance packages. The CBN Board of Governors, chaired by Olayemi Cardoso, has described the move as part…
The Central Bank of Nigeria has announced that it will officially launch its redesigned website today, December 2, 2024. In a statement signed on Sunday by the acting Director of Corporate Communications, Sidi Ali, the bank said the new website will become operational today. The statement reads, “The bank has developed a contemporary Web API…
The (CBN) has introduced revised guidelines for the Nigeria Foreign Exchange Market (NFEM) in an effort to strengthen the governance and transparency of Nigeria’s foreign exchange market. A key feature of these guidelines requires the boards of banks, alongside their Chief Executive Officers (CEOs) and Chief Compliance Officers, to annually attest to the Nigeria FX…
The Federal Competition and Consumer Protection Commission (FCCPC) has announced a comprehensive investigation into complaints against three major players in Nigeria’s banking, telecommunications, and aviation sectors. In a statement released on Sunday, FCCPC’s Director of Corporate Affairs, Ondaje Ijagwu, disclosed that the inquiries will commence on December 3, 4, and 5, targeting Guaranty Trust Bank…
China and Nigeria are set to deepen their bilateral relationship through an ambitious partnership focused on renewable energy, smart city development, and critical infrastructure projects. This was made known by Fang Qiuchen, Chairman of the China International Contractors Association (CHINCA). Speaking on the sidelines of the China-Africa Economic and Trade Expo (CAETE) Exhibition in Abuja,…
Nigerian President Bola Tinubu has expressed optimism that his economic reforms will have a positive impact on the entire African continent. During a state dinner in Paris, Tinubu praised the amicable relations between Nigeria and France, thanking French President Emmanuel Macron for his interest in Africa. Tinubu emphasized that Nigeria’s reforms would improve Africa’s…
