Despite its assurance two weeks ago, the Central Bank of Nigeria (CBN) has not fulfilled its promise to settle over $10bn in foreign exchange debts to Deposit Money Banks. This revelation comes as the naira exchanged hands between 990/$ and 995/$ in major cities like Lagos, Abuja, and Kano. However, on the Investor & Exporter …
CBN Delays $10bn Debt Clearance; Dollar Nears Historic N1,000 Mark Read More »
The Manufacturers Association of Nigeria (MAN) has attributed the N285 billion year-on-year decline in Nigeria’s raw material exports to the government’s oversight of the productive sector. Data from the National Bureau of Statistics reveals that raw material exports decreased to N345.5bn in the first half of 2023. This contrasts N630.5bn during the same period the …
Government’s Neglect Leads to N285bn Drop in Raw Material Exports Read More »
Dr. Olayemi Cardoso has officially taken the reins as the acting Governor of the Central Bank of Nigeria (CBN). This development comes after the resignation of Mr Godwin Emefiele. Dr. Isa AbdulMumin, CBN’s Director of Corporate Communications, confirmed Cardoso’s appointment. He will serve in an acting capacity until the Senate, currently on annual recess, confirms …
Cardoso Steps In as CBN Governor Following Emefiele’s Departure Read More »
The Federal Government is projected to spend around N1.68tn on fuel subsidies for Premium Motor Spirit (PMS), commonly known as petrol, from September to December. This estimation arises from data analysis provided by oil marketers and the sector. PMS dealers have indicated that the petrol pump price should range between N890 to N900/litre. This is …
Fuel Subsidy Returns? FG Faces N1.68tn Bill, Petrol Could Hit N900/Litre Read More »
The naira’s value has taken another hit, trading at 980/$ in the parallel market. This decline comes just a week after it was exchanged at 950/$. Bureau de Change (BDC) operators attribute this drop to the ongoing scarcity of foreign currency. Idris Musa, a BDC operator, remarked on the situation, stating, “The dollar is not …
Naira Plummets to 980/$ Amidst Escalating Forex Crisis Read More »
Dera Nnadi, the Customs Area Controller of Tin Can Island Port command, has announced a challenging revenue target of N384 billion for the last quarter of 2023. This comes as Nnadi takes on his new role following a recent reshuffle in the Nigeria Customs Service (NCS). The command has already achieved 52% of its annual …
Tin-Can Customs Sets Ambitious N384 Billion Revenue Goal for Q4 2023 Read More »
Gas retailers have issued a warning: the price of a 12.5kg cooking gas cylinder may skyrocket to N18,000 by December. This will happen if the Federal Government doesn’t intervene in the activities of terminal owners. Olatunbosun Oladapo, President of the Nigerian Association of Liquefied Petroleum Gas Marketers, disclosed that prices have risen sharply. The price …
Cooking Gas Prices in Nigeria Could Soar to N18,000 by Year-End Read More »
The cost of crude oil has surged, reaching about $94 per barrel. This increase and the depreciation of the naira against the US dollar may lead to a hike in the pump price of Premium Motor Spirit (PMS), commonly known as petrol. Oil marketers revealed that the Federal Government has been quietly increasing the subsidy …
Fuel Prices on the Rise: Marketers Consider Hike as Crude Hits $94 Read More »
President Bola Tinubu has officially nominated Dr. Olayemi Cardoso as the new Central Bank of Nigeria (CBN) governor. The nomination is for a five-year term, subject to Senate confirmation. The President’s Special Adviser on Media and Publicity, Ajuri Ngelale, released a statement confirming the nomination. The announcement aligns with Section 8 (1) of the Central …
President Tinubu Appoints Cardoso as CBN Governor, Unveils Deputies Read More »
Nigeria’s inflation rate has surged to 25.80% in August 2023. This marks a 1.72% increase from the previous month’s 24.08%, as the National Bureau of Statistics (NBS) reported. The NBS attributes this significant rise to the removal of petrol subsidies and the devaluation of the official exchange rate. Month-on-month inflation also increased to 3.18% from …
Nigeria’s Inflation Skyrockets to 25.80% in August 2023 Read More »
