Amid its fresh moves to stabilise the nation’s volatile exchange rate, the Central Bank of Nigeria has ordered Deposit Money Banks to sell their excess dollar stock latest today, Thursday February 1, 2024. The CBN, which made the disclosure in a new circular released yesterday, also warned lenders against hoarding excess foreign currencies for...
The federal government, yesterday, insisted that there is a need to bring on stream the controversial Oil Prospecting Licence (OPL) 245, adding that the 28 years of legal battle over the lucrative asset must end. The $1.3 billion sale divestment of ExxonMobil asset to Seplat is also 98 per cent completed, and would be finalised […]
•Yemi Cardoso The Senate today Wednesday, January 31, summoned the Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, to appear before it on Tuesday next week over the state of the economy and free fall of the Naira. The Chairman of the Senate Committee on Banking, Insurance, and Other Financial Institutions, Senator […...
The International Air Transport Association (IATA) has lauded the Central Bank of Nigeria (CBN) for releasing $64.44 million in blocked airline funds, but said $700 million remains blocked in Africa’s most populous nation. The group disclosed it was in consultations with airline members to verify the release of these revenues, reports Channels...
•Tinubu and Ajaero The President of the Nigeria Labour Congress (NLC), Joe Ajaero, says most governors of the 37-Member Tripartite Committee On Minimum Wage are guilty of not complying with the proposed base pay structure. Vice President Kashim Shettima had inaugurated the committee in Abuja earlier yesterday, saying the decision was aimed at ...
The International Monetary Fund, IMF has downgraded its forecast for Nigeria’s 2024 economic growth to 3.0 per cent. This represents one percentage point below the growth forecast of 3.1 percent made in October 2023. The IMF announced the downgrade in its World Economic Outlook update in January 2024 released today, reports Vanguard. The IMF a...
•CBN Governor Yemi Cardoso The Central Bank of Nigeria (CBN) has announced the complete settlement of foreign exchange (FX) owed to all foreign airlines operating in the country. The final tranche of $64.44 million brings the total disbursements to airlines to $136.73 million, effectively clearing all verified claims within the sector, reports...
Consumers in December 2023 experienced a spike in the average retail price of kerosine reaching N1,362.27 per litre nationwide. This marked a 5.84 per cent increase compared to the N1,287.10 recorded in November 2023, reports The PUNCH. The latest report of the Nigerian Bureau of Statistics obtained today indicates on a year-on-year basis, the...
•Ali Ndume Senator representing Borno South and Senate Chief Whip, Ali Ndume, has commended the position of the federal government, mandating the nation oil giant, the Nigerian National Petroleum Company Limited (NNPCL), to remit its earnings from crude oil sales to the Central Bank of Nigeria (CBN). Speaking with journalists in Abuja, Senator...
•Forex The naira fell to an all-time low of N1348.63/$ on the Nigerian Autonomous Foreign Exchange Market yesterday. This signifies a 51.21 per cent fall from the N891.90/$ the national currency closed last Friday at the official market, according to data from the FMDQ Securities Exchange, reports The PUNCH. Yesterday’s official rate is the wo...
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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