The Nigeria Deposit Insurance Corporation (NDIC) has paid N1.39 billion to 36,163 depositors of 110 closed microfinance banks and three primary mortgage banks. According to the CEO of NDIC, Bello Hassan, this followed the recent revocation of some MFBs and PMBs licences by the Central Bank of Nigeria (CBN), revealing that the payments of the [...
•Border post Commercial activities in border communities of Katsina, Sokoto, Borno and Zamfara states have collapsed following the decision of the Federal Government to close all the country’s borders with the Niger Republic in the wake of the military takeover of power in the Francophone country on August 3. Checks on the border communities i...
•Containers at Apapa port Five months after the Central Bank of Nigeria (CBN) floated the Naira, the Federal Government yesterday adjusted the Nigerian Customs Service (NCS) Exchange Rate calculations of import duties from N770.88/$ to N783.174/$. The changes were officially reflected on the NCS portal, just as stakeholders in the import and e...
•Tinubu President Bola Tinubu recently stopped the implementation of a hike in electricity tariff and insisted that subsidy be paid on power consumed nationwide, the Minister of Power, Adebayo Adelabu, revealed yesterday. Adelabu also stated that the federal government would investigate the legality of the five-year licence extension given to ...
Nigeria’s alignment with the current economic reality, coupled with rising inflation, slow growth, floating of exchange rate and volatility in global oil prices, may have exposed the fragility of her economic model and affected its global trade standing. While trade presents one vital but often untapped pathway to poverty reduction, through it...
Nigerians have continued to experience scarcity of Liquefied Natural Gas or cooking gas, shooting up prices across the country. The scarcity and the high cost of the product have been reported in Lagos, Kano, Maiduguri, among others, reports Daily Trust. Gas dealers have, however, assured that the scarcity is temporary as it was triggered by [...
The naira crashed against the dollar yesterday, falling to 1, 030/$ on the average in the parallel market, losing the momentum it gathered last week. This represents a N80 loss or a 8.42 per cent decline of the local currency compared to the N950 it closed the week at last Friday, reports The PUNCH. This […]
The devaluation of the naira has increased Nigeria’s debt profile by N20.6trn trillion in five months. A data analysis by this paper indicates that the new borrowing plans by the federal government will see the total debt level hit N89.2 trillion before the end of the year, reports Daily Trust. If shared to Nigeria’s 213 […]
•Cooking gas depot Scarcity of Liquefied Petroleum Gas also known as cooking gas has hit Lagos and some other states in the country. The other affected states, according to findings by our correspondents are: Katsina, Sokoto, Delta, Kaduna and Kano. The rise in price of the commodity has been noticed since late last month, causing […]
The Nigerian National Petroleum Company Limited (NNPCL) may begin importation of 110, 000 barrels of crude oil per day from Venezuela or Saudi Arabia to operate the Kaduna Refinery due to come on stream next year. Also, the Dangote, Bua and other refineries may be forced to import about 1.322 million barrels of crude oil […]
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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