exchange rate
12 Mar
Nigerians have raised concern over skyrocketing prices of airfares despite assurances by the Minister of Aviation Festus Keyamo to look into some of the sharp practices by airlines in the industry. The Nigeria Civil Aviation Authority (NCAA) has set up a committee to look into the hike in the price of fares by foreign airlines,…
26 Feb
In recent years, the naira-dollar market in Nigeria has so far been liberalised twice. The first, in June 2016 and the second, in June 2023. Both moves have significantly contributed to the rapid decline in the value of the naira. If the monetary authority firmly embraces and continues to stick to this option, the strength of the currency will yet again continue to shrink at an accelerating pace.
21 Feb
The Nigerian government may be considering clamping down on cryptocurrency trading platforms to stabilise the naira amid a foreign exchange crisis.
19 Feb
A group of constitutional lawyers, led by Yusuf Ahmed Tijani, has emerged as staunch defenders of former CBN Governor Godwin Emefiele, denouncing accusations of economic mismanagement during his tenure as "baseless" and politically motivated. In a statement released on Monday, the lawyers condemned Senator Godswill Akpabio's recent criticism of Emefiele, labeling it a "childish attempt"…
4 Feb
The upward review of official exchange rate being used for the computation of import duty has had devastating effect on businesses across all sectors, according to the Centre for the Promotion of Private Enterprises (CPPE).
19 Jan
The Centre for Social Justice, Equity, and Transparency (CESJET) has called on Olayemi Cardoso to resign as the Central Bank of Nigeria governor. In a statement signed by its Executive Secretary, Dr. Toyin Dawodu, the Centre described Cardoso as clueless, incompetent, and unprepared for the job. Lamenting the naira's persistent downward trajectory, Dawodu added that…
18 Jan
The deplorable state of the Naira's exchange rate, currently hovering around N1,300 to the Dollar, has stirred significant concern among stakeholders, with Ambassador Olufemi Ajadi Oguntoyinbo adding his voice to the growing chorus. As a member of the Manufacturers Association of Nigeria and the gubernatorial candidate of the New Nigeria People's Party (NNPP) in Ogun…
13 Dec
World Bank Lead Economist for Nigeria, Alex Sienaert, said the country’s economy is expected to grow at an average annual rate of 3.5% in 2023-2026 with the continued implementation of macroeconomic stabilization reforms. Sienaert said this in a statement on the Nigeria Development Update (NDU) report by the World Bank. The NDU is a biannual…
20 Oct 2023
Worried about the continuous fall of the Naira against the dollar, the Association of Corporate Treasurers of Nigeria (ACTN) has called on the Federal Government to implement policies that would facilitate the convergence of Nigeria's official window and parallel market rates. According to them, the reason for the floating of the Naira was for the…
12 Sep 2023
The Naira on Monday has lost against the Dollar as it exchanged at N773.50 at the Investors and Exporters window. The local currency depreciated by 7.08 percent against the N736.62 it exchanged for the dollar on Sept. 8. The open indicative rate closed at N771.49 to the Dollar on Monday. A spot exchange rate of…
22 Aug 2023
.Experts meet today to discuss peering, interconnection in Ghana The Institute of Chartered Accountants of Nigeria (ICAN), yesterday, warned that the much-anticipated foreign exchange stability and economic growth may remain elusive if lasting solutions are not provided in the short, medium and long-term, as against the quick fix interventions by the Federal Government. It noted…
19 Jul 2023
The Tertiary Education Trust Fund (TETFund) has said it may suspend foreign scholarships due to additional costs caused by the exchange rate. TETFund Executive Secretary, Sonny Echono, said this when he appeared before the House of Representatives Ad-hoc Committee investigating the alleged mismanagement of ₦2.3 trillion in tertiary education tax by TETFund. Echono said that…
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2 hours ago
Ondo State Governor, Lucky Aiyedatiwa, has appealed to the 15 aspirants who contested for the gubernatorial ticket of All Progressives Congress (APC) in the primary elections held last Saturday to sheathe their swords.
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Development experts have expressed dismay over the slow pace of progress on the Sustainable Development Goals (SGDs), noting that it is insufficient to achieve the 2030 targets.
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Lagos State Government, yesterday, said that about 856,680 traffic infractions were captured by the state’s automatic number plate recognition cameras.
2 hours ago
Following the success of its 'Back to School project' at St. Michael's African School, Ipari-Nla, Ogun State, in February, the Angel Foundation has completed another transformative project at the school, which was commissioned on Monday.
2 hours ago
Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, yesterday presided over a signing ceremony in Abuja endorsing the Consolidated Guidelines for the implementation of Fiscal Incentives for the Oil & Gas Sector - a cornerstone of the Presidential Directive aimed at enhancing the oil & gas sector's global competitiveness.
2 hours ago
The Lagos State Public Service Joint Negotiating Council (Trade Union) has strongly condemned the recent layoff of over 370 workers from the Lagos State Water Corporation (LSWC).
2 hours ago
Rivers State governor, Siminalayi Fubara, has implemented a cabinet reshuffle in the state. Affected by the reshuffle are the Attorney General and Commissioner for Justice, Zacchaeus Adangor; and the Commissioner for Finance, Isaac Kamalu.
2 hours ago
The Assistant Inspector General of Police (AIG) in charge of Information and Communications Technology (ICT), Ben Okolo, who represented the Inspector General of Police (IGP), Kayode Egbetokun at a public dialogue on state police on Monday, has clarified a statement credited to him on the matter which has drawn reactions from many quarters.