The Nigeria Customs Service (NCS) has hiked the foreign exchange (FX) rate for import duties to N1,441.58 per dollar, marking a 4.94 percent increase compared to the previous rate of N1,373.64/$ set on May 1. This adjustment was noted by customs officials last Friday on the federal government’s single window […]
Economy
As Nigeria commemorates Workers’ Day, it is important to reflect on the significance of this day and the resilience of the Nigerian workforce in the midst of challenging economic conditions. The current economic situation in Nigeria has undoubtedly placed a heavy burden on workers, with rising inflation, unemployment, and economic […]
The Nigerian naira witnessed a continued depreciation on Wednesday, trading at N1,308.52 against the dollar at the official market. Data sourced from the FMDQ Exchange, the regulatory body overseeing the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed a significant drop of N8.37 in the value of the naira, representing a […]
Indications suggest that domestic airlines operators could soon be slashing ticket prices for passengers, thanks to the forthcoming supply of aviation fuel, Jet A1, by Dangote Refinery. The recent years witnessed a continual surge in jet fuel costs, compelling indigenous carriers to hike ticket prices to sustain operations. On February […]
At the ongoing Spring Meetings of the International Monetary Fund (IMF)/World Bank in Washington DC, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, made a statement emphasizing the bank’s stance on defending the naira. In a departure from past practices, Cardoso clarified that it is not the […]
Despite the recent strengthening of the Naira against the Dollar in the foreign exchange market, the cost of goods and services in Nigeria continues to surge, painting a concerning picture for consumers. According to the National Bureau of Statistics (NBS), headline inflation skyrocketed to 33.20 percent, with food inflation spiking […]
The Renewed Hope Initiative led by Mrs. Oluremi Tinubu, wife of the President, has announced a significant financial assistance program. A total of 120 women from the six South West states are set to receive a collective sum of N60 million under this social intervention initiative. During the launch of […]
The Nigerian Naira has appreciated to N1000 per US dollar as trading commenced on Monday in the foreign exchange market. This positive development was confirmed by Bureau De Change operator, Mistila Dayyabu. Dayyabu further shared optimistic projections, stating that the Naira is poised to appreciate even further below the N1000 […]
The National Union of Electricity Employees (NUEE) has issued a stern warning, declaring a looming nationwide blackout if the Nigerian Government does not reverse the recently approved electricity tariff increase. In a statement delivered by its acting General Secretary, Dominic Igwebike, NUEE directly informed the Minister of Power, Adebayo Adelabu, […]
The former governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has been granted bail in the sum of N50 million by a high court in Ikeja, Lagos. Facing a 26-count charge related to abuse of office, Emefiele had earlier pleaded not guilty to the allegations brought against him […]