After days of depreciation, the naira bounced back against the US dollar in the parallel market. A Bureau De Change operator, Mistila Dayyabu, said in an interview with DAILY POST on Saturday that the naira appreciated to N1,300 per dollar from N1380 on Friday morning. “We buy at N1,290 and sell at N1300 on Saturday […]
We must first fight inflation before talking about economic growth – CBN
The Central Bank of Nigeria has said it is all out to tackle rising inflation in Nigeria. The acting director of the Banking Supervision Department of CBN, Dr Adetona Adedeji, disclosed this on Friday on the bank’s second episode of the talk podcast on its YouTube page. He affirmed the bank’s decision to prioritise combating […]
Naira depreciation: BDC operators reveal solution
The Association of Bureaux De Change Operators of Nigeria has revealed plans for a unified retail end of the foreign currency market to tackle the recent Naira depreciation. ABCON president, Aminu Gwadabe disclosed this on Friday, noting that the move would tackle volatility and boost regulatory compliance within that market segment. According to him, ABCON […]
Nigeria loses N1.29tn yearly to oil theft in Niger delta
Abbas Tajudeen, the Speaker of the House of Representatives, has said that the country is losing N1.29 trillion to oil theft and pipeline vandalism in the Niger Delta region. Tajudeen disclosed this on Friday at the inauguration of the New Headquarters, Naval Training Command in Ebubu community, Eleme Local Government Area of Rivers State. The […]
NEITI made progress in 2022-2023 industry reports – Agency
The Nigeria Extractive Industries Transparency Initiative (NEITI), says it has advanced progress in its conduct of the 2022-2023 industry reports of the oil, gas and mining sectors. NEITI said it is ongoing nationwide, assuring that it would be ready in five months. Dr Orji Ogbonnaya Orji, the Executive Secretary of NEITI, while briefing newsmen, explained […]
Naira records N169 weekly loss
The naira recorded a weekly depreciation of N169.24 against the US dollar in the foreign exchange market on Friday. FMDQ data showed that the Nigerian currency depreciated for the eighth time in recent days to N1339.23 per dollar at the foreign exchange market, compared to N1309.88 on Thursday at a daily depreciation of N29.35. Similarly, […]
Tinubu appoints Zenith Bank founder Jim Ovia Chairman of NELFUND
President Bola Tinubu has approved the appointment of Mr. Jim Ovia, a renowned banker and businessman, as the chairman of the board of the Nigerian Education Loan Fund, NELFUND. Presidential spokesman Ajuri Ngelale disclosed this in a statement on Friday. Ovia is the founder of Zenith Bank and a respected business leader with a proven […]
Netherlands targets $250 investment in Nigeria
The Netherlands plans to invest another $250 million in Nigeria in the coming months. Prime Minister of the Netherlands, Mark Rutte, disclosed this when President Bola Tinubu visited his official residence on Thursday. He said the Dutch investors were confident in Tinubu’s administration. The $250 investment includes a $100 million investment in a waste-to-wealth industrial […]
NGX records rebound as investors gain N26bn in single day
The Nigerian Exchange Limited, NGX, has returned to positive sentiment as investors gained N26 billion on Thursday. Accordingly, the market capitalization, which opened at N55.494 trillion, gained N26 billion or 0.05 per cent to close at N55.520 trillion. This is as the All-Share Index also rose by 0.05 per cent or 48 points to close […]
Naira slumps seventh times against Dollar in days at Foreign Market
The Naira has slumped seven times in recent days against the US dollar at the foreign exchange. FMDQ data showed that the Naira recorded a seventh drop against the Dollar, quoting N1309.88 per Dollar on Thursday from N1308.52 on Wednesday. This represents a N1.36 loss on a day-to-day basis. At the parallel market section, the […]