Foreign exchange
12 Dec
A new report by the African Export-Import Bank (Afreximbank) has highlighted the need for Nigeria and other African countries to push for efficient exchange rate mechanisms if they hope to positively transform trade in today’s interconnected world.
15 Nov
The current uncertainty in the foreign exchange (FX) may persist as businesses expect sustained deprecation due to dollar scarcity and inflation. They, however, express cautious optimism for a potential rebound by May 2025
25 Oct
Due to scarcity of foreign exchange (FX), hikes in tariffs, increases in import duty and other related issues, automobile dealers have lamented their inability to import fairly used cars into the country.
13 Sep
Foreign exchange (FX) crisis, insecurity, uncertainty and capital control by the Central Bank of Nigeria (CBN), which have kept many foreign investments trapped in the past few years have continued to dampen foreigners’ patronage
6 Sep
Hon. Esosa Iyawe, the House of Representatives member representing Oredo Federal Constituency of Edo State, has praised the Dangote Refinery and its founder, Aliko Dangote, for the commencement of Premium Motor Spirit (PMS) production, which began on 3rd September 2024. The start of local petrol production marks a monumental achievement for Nigeria, which has long…
8 Aug
The Central Bank of Nigeria (CBN), has offered 876 million dollars to the foreign exchange (fx) markets to fulfil bids submitted by customers at an auction concluded on Wednesday. This is contained in a statement issued by CBN’s Acting Director, Corporate Communications Department, Mrs. Hakama Sidi-Ali. According to her, it is the latest testament to…
6 Aug
With the net foreign exchange (FX) loss of over N700 billion suffered by major listed firms and the continuous poor performance of the economy, there are fears that the non-performing loans (NPLs) of banks will record a spike shortly.
30 Jul
A global credit rating firm, Agusto & Co, has described the newly introduced 70 percent tax on banks' foreign exchange windfall as a short-term fix with a long-term risk. Recently, President Bola Tinubu asked the Senate to amend a portion of the Finance Act 2023 to allow the government to impose a 50 percent tax…
12 Jun
A former Speaker of the House of Representatives, Yakubu Dogara, has called on the Federal Government to go after foreign exchange stashed in private vaults and sell crude oil in naira. Dogara made the call at The Platform Nigeria, a Democracy Day program by Lagos-based church, Covenant Nation, on Wednesday, June 12, 2024. He lamented…
7 Jun
A former President of the Christian Association of Nigeria (CAN), Dr. Samson Ayokunle, has berated the administration of President Bola Tinubu, saying it took many steps backwards. Ayokunle speaking on Inside Sources with Laolu Akande, a socio-political programme on Channels Television on Friday also called on Tinubu to address the issue of multiple taxations by…
4 Jun
Abuja-Based group of experts, known as Agora Policy, has said Nigeria needs to “desperately” improve its external trade and exports to achieve economic prosperity.
1 May
Nigerian Fintech company, OPay said it has temporarily paused onboarding new customers and creating new wallets. OPay announced this in a statement with other Fintech companies taking the same step, according to the new directive from the Central Bank of Nigeria (CBN). The firm's management in the statement also offered clarity on CBN's new directive…
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Katsina State governor, Dr Dikko Radda, has reiterated his administration's commitment to empowering young women to enable them to become productive members of society. Radda spoke Sunday evening at the graduation ceremony of 500 young women from the Skills Acquisition Center of the Department of Girl Child Education and Child Development. The young women who…
21 mins ago
The Independent Petroleum Marketers Association of Nigeria (IPMAN), has urged Nigerian to avoid panic buying as there is enough fuel in the country. Mr Ukadike Chinedu, IPMAN Publicity Secretary said this on Sunday in Abuja. He commended the Dangote Petroleum Refinery for reducing the price of its Premium Motor Spirit (PMS), also known as petrol,…
29 mins ago
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Electricity subsidy gulped N1.4 trillion in the first, second, and third quarters of 2024 despite a tariff increase, according to the National Electricity Regulatory Commission (NERC). The NERC revealed this in its third-quarter report. According to the NERC, the government covered the gap between the cost-reflective and allowed tariff in the form of tariff subsidies.…
48 mins ago
The Federal Government has officially announced Wednesday 25th, Thursday 26th of December 2024, and Wednesday 1st of January, 2025
53 mins ago
Petrol will now sell for ₦935 per litre across Nigeria, the Independent Petroleum Marketers Association of Nigeria (IPMAN) announced. The association cited a new pricing framework with Dangote Petroleum Refinery and the Nigerian National Petroleum Company Limited (NNPCL). IPMAN President Maigandi Garima explained that the reduction follows a significant cut in the ex-depot price to…
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