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 $500 million loan from the World Bank to repair rural roads, enhance nationwide access to agricultural products, and combat rising food prices. The World Bank indicated that this funding will benefit 92 million rural residents lacking proper road networks. Nigeria’s government submitted this funding request as part of the […]
Central Bank of Nigeria Sacks Another 200 staff just weeks after sacking 117.
On Friday, the Central Bank of Nigeria (CBN) dismissed another 200 employees. This is part of an ongoing wave of layoffs at the bank. Between March 15 and April 11, 2024, the bank had already let go 117 staff members. The recent terminations include directors, deputy directors, assistant directors, principal managers, senior managers, and lower-ranking […]
Court Remands Detained Binance Chief In Abuja Prison
Tigran Gambaryan, a Binance executive, has been remanded in Kuje Correctional Center by a Federal High Court in Abuja until his bail application is processed.The trial judge, Justice Emeka Nwite, gave the order after Gambaryan pleaded not guilty to the money laundering charges preferred against him by the Economic and Financial Crimes Commission on Monday. […]
Naira Appreciates To N1,250/$ At Parallel Market
The naira, on Monday, appreciated to N1,250 per dollar at the parallel section of the foreign exchange (FX) market. The FX rate is a 0.43 percent increase from the N1,280 recorded on March 29. Currency traders in Lagos, also known as bureau de change (BDCs) operators, quoted the buying rate of the greenback at N1,230 […]
Court Orders Binance To Release Names, Details Of Nigerians Trading On Platform
A Federal High Court in Abuja has ordered Binance Holdings Limited to provide information on all persons trading on the platform from Nigeria to the Economic and Financial Crimes Commission (EFCC). According to the News Agency of Nigeria, Justice Emeka Nwite granted the interim order after ruling on the ex parte motion moved by the […]
Tinubu Never Asked Buhari to Print N22.7trn in 2020– Presidency Fires Back at Atiku’s Aide
The Presidency has said Atiku Abubakar’s claim that President Bola Tinubu asked former President Muhammadu Buhari to print Naira in 2020 is untrue. This is according to a statement by a Special Adviser on Information and Strategy to the President, Bayo Onanuga. Recall that a spokesman of the 2023 Peoples Democratic Party, PDP, presidential candidate, Atiku […]
Naira Depreciation: USD Supply Drops By 42% At FOREX Market Despite Binance Exit
The supply of US dollars at the foreign exchange market plunged by 42 per cent to 168.98 on Wednesday, days after Binance announced the existence of the Nigerian exchange market. FMDQ data showed that the turnover of USD plunged on Wednesday to $168.98 at the close of work from $291.74 on Tuesday. The figure represents a $122.76 reduction […]
Enugu Government Shuts ShopRite, SPAR, Other Malls Over Failure To Remit Taxes
The Enugu State Government has sealed Enugu ShopRite and SPAR for alleged non-remittances purchase tax in their malls to the government after being served several warning notices. The State Internal Revenue Service (ESiRS), enforcement team carried out the sealing of the malls on Tuesday morning.Other malls and businesses closed include – Roban, Mama Onyinye restaurant among others. […]
CBN Revokes Operational Licenses Of 4,173 BDCs
CBN Revokes Operational Licenses of 4,173 BDCsThe Central Bank of Nigeria (CBN), in exercise of the powers conferred on it under the Bank and Other Financial Institutions Act (BOFIA) 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change 2015 (the Guidelines), has revoked the licenses of 4,173 Bureaux De Change Operators.The […]