•Tinubu jets out The presidency spent at least N34.39bn on foreign exchange purchases for international travel and related obligations over a two-year period, findings have shown. The figure is according to data compiled from GovSpend, a government spending tracker managed by BudgIT. The records, which cover transactions by the State House, Pr...
•Dollar and Naira notes The naira is losing gains, dropping to ₦1,483/$ this morning after remaining stable in late November, as importers and retailers are actively sourcing dollars to prepare for Christmas and New Year’s sales. The naira weakened after the dollar was quoted at ₦1,454. 38/$ yesterday, compared to ₦1,448. 43/$ on Monday in [&h...
•US Dollar notes and CBN The Central Bank of Nigeria has directed participants in the foreign exchange market to submit compliance reports on adherence to the Nigeria FX Code by January 31, 2025. The directive is part of efforts to strengthen ethical practices, governance, and transparency in the market, reports The PUNCH. The Nigeria FX [&hel...
The federal government has officially announced the termination of fuel and foreign exchange subsidies, marking the end of a long-debated policy. Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made this declaration during the presentation of the Nigeria Development Update by the World Bank in Abuja today, Thursday, Oc...
The net foreign exchange inflows to Nigeria’s economy rose by 67.8 percent to $27.6 billion in the first half of 2024 (H1’24) from $16.44 billion in the corresponding period of 2023. This development was driven by 34.6 percent, Year-on-Year, YoY, increase in net forex inflow through autonomous sources and 170 per cent YoY increase in […...
•National Assembly complex, Abuja The National Assembly yesterday passed for second reading an Executive Bill seeking to tax the windfall made by banks from foreign exchange business. The bill is an amendment to the Finance Act of 2023. The one-time tax will be used to finance capital infrastructure development, education, healthcare and other...
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