CBN Faces Legal Challenges Over Recent Staff Layoffs
The Central Bank of Nigeria (CBN) is in hot water, facing over 100 lawsuits from employees who were recently laid off. On May 24, 2024, the bank dismissed over 200 staff as part of a reorganization plan put into effect by the current administration under President Bola Tinubu. The affected employees are not taking the […]
Dangote Reveals He Rents House in Abuja and Sells London Property to Focus on Nigeria’s Industrial Growth
Aliko Dangote, Africa’s wealthiest man, has revealed that the house he stays in whenever he visits Abuja, Nigeria’s capital, is a rental property. He clarified that this house is not his personal property. Speaking at a media event held at the Dangote Petroleum Refinery in Ibeju-Lekki, Lagos State, on Sunday, July 14, Dangote explained that […]
The Central Bank of Nigeria sold $122.671 million to 46 authorized dealers to stabilize the foreign exchange market.
The Central Bank of Nigeria (CBN) has executed a sale of $122.671 million to 46 authorized dealers aimed at enhancing stability and reducing volatility in the foreign exchange market. Dr. Omolara Duke, Director of Financial Markets at the CBN, reported that $67.5 million was allocated to 27 dealers, with an additional $55.171 million disbursed to […]
Shoprite to Close Abuja Branch Due to Economic Challenges
Retail Supermarkets Nigeria Limited, which operates Shoprite Mall, has decided to shut down its store in Wuse Zone 5, Abuja, starting June 30, 2024. The announcement was made by the company’s CEO, Dr. Folakemi Fadahunsi. The closure is attributed to the challenging economic environment in Nigeria and the financial difficulties faced by the outlet. According […]
Nigerian Minister accuses Buhari government mismanagement of $100m World Bank loan for women empowerment
The Minister of Women Affairs, Uju Kennedy-Ohanenye, has accused the former Muhammadu Buhari administration of mishandling a $100 million loan from the World Bank intended for empowering women. Kennedy-Ohanenye stated during an interview on Arise Television’s Morning Show that the previous administration had misused the initial $100 million installment of the $500 million World Bank […]
Alternative Policies for Private Sector Could Boost Nigeria’s Economy – NECA
The Nigeria Employers’ Consultative Association (NECA) has called on the Nigerian government to implement alternative policies that could lead to significant economic growth and prosperity in the future. NECA believes that by embracing innovative strategies, the government can foster an environment conducive to sustainable development and private sector growth. Speaking at a press conference on […]
Naira Strengthens Against Dollar in Black Market During Sallah Holiday
During the Sallah holiday, the Naira experienced a modest rise to N1480 per dollar on the parallel market, commonly known as the black market. Dayyabu Ashiru, a currency trader at Wuse Zone 4 in Abuja, informed the Daily Post on Tuesday. He mentioned that the demand for foreign currency remained stable because of the Eid-el-Kabir […]
President Tinubu on Poverty and Challenges in Nigeria
According to a statement by his Special Adviser on Media and Publicity Ajuri Ngelale, the President said this in Lagos on Monday, June 17, when he received a delegation from the National Assembly who came to felicitate with him on the occasion of Eid-el-Kabir. As per a statement from his Special Adviser on Media and […]
Dangote Promises Lower Fuel Prices in Nigeria with New Refinery
Aliko Dangote, Chairman of the Dangote Group, announced that his $20 billion refinery in Lagos, which processes 650,000 barrels per day, will help reduce fuel prices in Nigeria. He shared this at a recent forum in The Bahamas. When asked if the refinery would lower petrol prices, which are currently around N700 per liter, Dangote […]
Nigeria Seeks $500 Million World Bank Loan to Improve Rural Roads and Address Food Price Hike
The Nigerian government is requesting a $500 million loan from the World Bank to repair rural roads, enhance nationwide access to agricultural products, and combat rising food prices. The World Bank indicated that this funding will benefit 92 million rural residents lacking proper road networks. Nigeria’s government submitted this funding request as part of the […]