CBN Confirms Old Naira Notes Will Remain Valid Indefinitely, Denies December 2024 Deadline
The Central Bank of Nigeria (CBN) recently issued a statement reassuring the public that the old Naira banknotes, specifically the N200, N500, and N1,000 denominations, will remain valid and in circulation indefinitely. This clarification comes in response to growing concerns and confusion about the potential withdrawal of these banknotes by December 31, 2024, as previously […]
Nigeria’s Foreign Reserves Increase to $40.2 Billion in October – Cardoso
In October 2024, Nigeria’s foreign reserves increased to $40.2 billion, a significant rise from $38.4 billion in September. This development was announced by Olayemi Cardoso, the Central Bank of Nigeria (CBN) governor, during an investors’ meeting in Washington, D.C. Wale Edun, Nigeria’s Minister of Finance and Economy, was also present at the meeting. He shared […]
Customs Confiscates 33,595 Liters of Petrol Allegedly Destined for Cameroon
The Nigeria Customs Service (NCS) has recently made headlines with a significant seizure of petrol intended for smuggling into the Republic of Cameroon. In a statement from the Adamawa/Taraba Area Command in Yola, officials disclosed that a total of 33,595 liters of petrol was confiscated during operations conducted between August and September 2024. According to […]
Lawmakers Urge CBN to Start Gradual Removal of Old Naira Notes Before December Deadline
The Nigerian House of Representatives has called on the Central Bank of Nigeria (CBN) to begin withdrawing old N200, N500, and N1,000 notes from circulation ahead of the December 31, 2024 deadline. This action follows a motion presented by Hon. Afam Ogene, urging the CBN to act quickly in informing the public about the upcoming […]
Nigeria Featured on Proposed BRICS Reserve Currency as It Joins as Partner Country
Nigeria has officially joined the BRICS group as a partner country, a significant step in building stronger economic ties with the global economic alliance. This development was confirmed during the BRICS summit in Kazan, Russia, held from October 22 to 24, 2024. The decision to include Nigeria comes at a time when the country is […]
Residents Extract Fuel from Fallen Tanker in Cross River, Ignoring Dangers
In a troubling incident in Akamkpa, Cross River State, locals were seen scooping fuel from a fallen tanker. A viral video shows people filling various containers, such as jerry cans, with the fuel, despite the serious dangers involved in this practice. One concerned man in a car attempted to warn them about the risks, but […]
Nigeria Allocates N8 Billion Annually for Vaccine Imports from the USA and Europe – WAPCMLS
Nigeria faces a significant challenge in its healthcare system, as it spends approximately N8 billion annually on importing vaccines from various countries, including the USA and Europe. This staggering amount was revealed by Dr. Godswill Okara, the General Secretary of the West Africa Post Graduate College of Medical Laboratory Science (WAPCMLS), during the 4th induction […]
58% of Nigerian Households Connected to the National Grid, Says NBS
A recent report from the National Bureau of Statistics (NBS) reveals that 58% of households in Nigeria are connected to the national power grid. This information comes from the “Nigeria Residential Energy Demand Side Survey (NREDSS) 2024,” which was unveiled in Abuja. The survey involved 8,100 households from both urban and rural areas in nine […]
Minister of Finance Edun Announces Plans to Increase VAT on Luxury Goods to 15%
The Nigerian government, led by Finance Minister Wale Edun, has announced plans to increase the Value Added Tax (VAT) on luxury goods to 15%. This change is part of a new bill currently being reviewed by the National Assembly. Edun explained that while luxury items will face this tax hike, essential goods needed by low-income […]
Groups Seek Clarification on EFCC’s Reported Clearance of Former Minister Betta Edu
Twenty-eight civil society organizations (CSOs) from the Niger Delta are demanding an explanation regarding the recent reports that Dr. Betta Edu, the former Minister of Humanitarian Affairs and Poverty Alleviation, has been cleared by the Economic and Financial Crimes Commission (EFCC). These groups express concern that such findings could damage the reputation of President Bola […]