The naira depreciated yesterday to N1,260 per dollar in the parallel market from N1,220 per dollar Tuesday. Similarly, the naira depreciated to N904.65 per dollar in the official Nigerian Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N904.65 per dollar from N865.03 per dollar on Tues...
The World Bank has said the Tinubu-led federal government may still be paying for petrol subsidy as fuel prices in Nigeria are currently not cost-reflective. It said Nigerians should pay about N750 per litre as against the current price of N650 in some places. Petrol is already selling at around N690 in Kano and Sokoto, […]
•Lagos Speaker Obasa and Gov Sanwo-Olu The 2024 budget proposal of N2.246 trillion presented by Governor Babajide Sanwo-Olu today faces the realities of daunting economic challenges and must be tailored towards improving the lives of residents, the Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa, has said. Speaking at th...
•Power Minister Adebayo Adelabu In another attempt to end the inefficient operation of the electricity distribution chain and ownership crisis in many of the eleven Distribution Companies (DisCos), the federal government has decided to sell off its 40 per cent shares in the firms. Director-General of the Bureau of Public Enterprises (BPE) Alex...
•TUC President Festus Osifo The Trade Union Congress (TUC) leadership today expressed concern about Nigeria’s escalating debt profile, urging the Federal government to promptly reduce borrowing. This call to curtail borrowing is a key resolution from the TUC’s National Executive Council meeting in Abuja. The TUC also cautioned against the pote...
Many households are not finding it easy as the ability to purchase daily and basic needs is becoming a tall order for many amid rising inflation and falling incomes. The households, mostly those in the low-income level, have lamented that nearly 100 per cent of their earnings are now spent on food, whose prices continue […]
•CBN The Central Bank of Nigeria (CBN) yesterday assured Nigerians that banks in the country are resilient and none of them has failed integrity test. This was contained in a statement signed by the Acting Director, Corporate Communications of the bank, Mrs. Sidi Ali, Hakama. The statement reads, “The attention of the Central Bank of [&hell...
The Central Bank of Nigeria has directed all banks, other financial institutions, and non-bank financial institutions, to suspend the processing charges previously imposed on large cash deposits. This change, referenced under the “Guide to Charges by Banks, Other Financial Institutions, and Non-Bank Financial Institutions” dated December 20, 2...
Despite the atmosphere of political chaos, Rivers State Executive Council has deliberated and approved an estimated budget of N800bn for the 2024 fiscal year. At the meeting, which was presided over by Governor Siminalayi Fubara today at the Executive Chamber of Government House in Port Harcourt, the Council also approved that the budget be ch...
A cash crunch has struck the nation’s capital, Abuja, resulting in long queues at several bank branches, as revealed by an investigation conducted today . The cash shortage can be attributed to several factors, including a surge in demand for cash ahead of the yuletide and logistical challenges in currency distribution, reports Vanguard. This ...
The Frontier is Nigeria’s leading online newspaper. It is published by Okims Media Links Limited headed by Sunny Okim, a veteran journalist who is widely known as The Grandmaster, fondly called so by colleagues and friends for being Nigeria’s pioneer movie journalist.
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