Nigerian naira continues depreciation against US dollar
The Nigerian naira continued its downward movement against the United States dollar at the official foreign exchange market on Thursday, reflecting ongoing pressure on the local currency. Data from the Central Bank of Nigeria (CBN) showed that the naira weakened slightly compared to the previous trading day. According to the CBN figures, the naira exchanged […]
Nigeria, China $1bn investment deal requisite for self-sufficiency in sugar production — NSDC Boss, Bakrin
The National Sugar Development Council, NSDC, has said the proposed $1 billion investment agreement between Nigeria and China is crucial for achieving self-sufficiency in sugar production. The council’s Executive Secretary, Kamar Bakrin, explained that the deal would help Nigeria reduce heavy reliance on imported sugar. Bakrin noted that Nigeria has the land, manpower, and climate […]
Why Qatar Airways’ Doha-bound flight returned to Lagos – NCAA
The Nigeria Civil Aviation Authority (NCAA) has explained why a Qatar Airways flight heading to Doha returned to Lagos shortly after takeoff. According to the aviation regulator, the aircraft turned back as a precaution after the cockpit crew detected a technical alert during the flight. The NCAA dismissed reports describing the incident as an emergency […]
Why there’s queue at Dangote-backed MRS filling station – IPMAN
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has explained why motorists are experiencing long queues at the Dangote-backed MRS filling station. According to the association, the high demand for fuel at the station has caused the temporary congestion. IPMAN noted that the filling station’s strategic location and efficient fuel supply attract many drivers, especially […]
Nigerian Banks That Have Secured Their Licences
Nigeria’s banking sector is undergoing a major transformation as banks work to meet new capital requirements set by the Central Bank of Nigeria (CBN). Introduced in March 2024, these requirements aim to create stronger and more resilient banks capable of supporting large projects and boosting the country’s economy toward a $1 trillion target. Banks were […]
Dangote Refinery failed to meet domestic supply target — NMDPRA
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has disclosed that the Dangote Refinery did not meet its domestic fuel supply target. The regulator said the refinery’s output fell below the expected volume meant for local consumption, despite its massive capacity and importance to Nigeria’s energy sector. According to NMDPRA, the shortfall affected plans […]
Tax laws: Watch out for January salary – NRS boss, Adedeji tells income earners
The Executive Chairman of the National Revenue Service (NRS), Adedeji, has advised Nigerian income earners to closely monitor their January salaries due to the implementation of new tax laws. According to him, recent changes in tax regulations may lead to adjustments in how salaries are calculated and paid. Adedeji explained that the reforms are aimed […]
Naira records two consecutive appreciations against US dollar
The Nigerian Naira has recorded two consecutive days of appreciation against the United States dollar, signaling renewed investor confidence in the local currency. Market analysts attribute the gain to increased dollar inflows from exports and improved liquidity in the foreign exchange market. Data from the Central Bank of Nigeria (CBN) showed that the Naira closed […]
Tax laws: Nigerians grumble over double stamp duty charges by banks
Nigerians have begun raising concerns over what they describe as double stamp duty charges by banks, just days after the new tax laws took effect. The policy introduced a uniform ₦50 stamp duty charge on electronic transfers of ₦10,000 and above, and banks notified customers about the new deductions through emails and alerts. However, many […]
CBN didn’t place N500,000 limit on ATM payments in Nigeria – FG
The Federal Government has denied reports claiming that the Central Bank of Nigeria has placed a N500,000 limit on card payments made through ATMs in the country. According to the government, Nigerians are free to make card payments above that amount where necessary, and no policy exists restricting total card spending. The clarification was made […]