Naira records highest depreciation against dollar at official market
The Naira saw a significant drop against the dollar in the official foreign exchange market on Friday, closing the week on a negative note. According to data from the Central Bank of Nigeria, the Naira fell to N1,602.18 per dollar on Friday, down from N1,596.68 on Thursday. This shows a daily decline of N5.492, marking […]
Court remands singer Terry Apala for alleged Naira mutilation in Lagos
Popular Nigerian singer, Terry Apala, has been sent to a Correctional Centre by a Lagos court for allegedly damaging Naira notes during a party. The Federal High Court in Ikoyi, Lagos, made the decision on Friday, April 25, 2025. Terry Apala, whose real name is Terry Alexander Ejeh, was charged by the Economic and Financial […]
Exchange Rate Ends 2024 At ₦1,535/$1, Marking A 40.9% Depreciation
The Nigerian naira faced a challenging year in 2024, ending at ₦1,535/$1 against the US dollar. This marked a significant 40.9% depreciation from the previous year’s rate of ₦907.11/$1. Despite various reforms and policies by the Central Bank of Nigeria (CBN), the currency struggled to maintain stability. On the parallel market, where exchange rates are […]
Not probing past military spending means rewarding corruption – Sani blasts Tinubu
Shehu Sani, a former lawmaker from Kaduna Central Senatorial District, has strongly criticized President Bola Tinubu for his decision not to investigate military spending during former President Muhammadu Buhari’s administration. Speaking on Channels Television’s Politics Today program, Sani expressed his disappointment with Tinubu’s statement that he wasn’t interested in looking into military expenditures under Buhari. […]
More Hardship As Nigeria’s Inflation Rate Climbs to 34.60 Percent In November
The economic challenges in Nigeria have worsened, with the inflation rate hitting 34.60 percent in November 2024. This marks an increase from the 33.88 percent recorded in October, further stretching the finances of ordinary Nigerians. Details from the National Bureau of StatisticsThe National Bureau of Statistics (NBS) released a new report showing that inflation rose […]
Appeal Court Sets Aside Order Restraining Release Of Funds To Rivers State
In a significant legal development, the Appeal Court in Abuja has ruled in favor of the Rivers State Government, lifting a previous order that had stopped the Central Bank of Nigeria (CBN) and the Accountant General of the Federation from releasing funds to the state. The three-member panel, led by Justice Hamman Barka, determined that […]
Nigeria’s Oil Imports Plunge by 35% in Q2 – CBN Report
Nigeria saw a big shift in its oil imports during the second quarter of 2024, with a 35% drop compared to the first quarter. According to the Central Bank of Nigeria’s (CBN) latest economic report, oil imports fell to $2.79 billion from $4.31 billion in Q1. This decline is part of Nigeria’s ongoing economic adjustments […]
Restore Your Image Before It’s Too Late – Atiku Warns Judiciary As Court Stops CBN, AGF From Releasing Allocation To Rivers
Atiku Abubakar, the former presidential candidate of the Peoples Democratic Party (PDP), has raised alarms following a Federal High Court ruling that prohibits the Central Bank of Nigeria (CBN) and the Accountant General of the Federation (AGF) from releasing funds to Rivers State. This ruling will remain in effect until a lawful appropriation act is […]
Federal High Court Stops CBN from Allocating Funds to Rivers State Government
In a recent ruling, the Federal High Court in Abuja ordered the Central Bank of Nigeria (CBN) to stop releasing financial allocations to the Rivers State Government. This decision will remain until the Rivers State House of Assembly, legally constituted, passes a valid budget law. Justice Joyce Abdulmalik made the ruling on October 30, following […]
Senate Removes CBN’s Authority to Appoint NDIC CEO
The Nigerian Senate has passed a new law that takes away the Central Bank of Nigeria’s (CBN) authority to appoint the CEO of the Nigeria Deposit Insurance Corporation (NDIC). This move, led by Senator Mukhail Adetokunbo Abiru and the Senate Committee on Banking, Insurance, and Other Financial Institutions, is part of an amendment to the […]