•CBN Governor Cardoso The Central Bank of Nigeria (CBN) says it has settled all outstanding foreign exchange (FX) obligations. Acting Director of Corporate Communications, Mrs Sidi Ali, said in a statement made available to journalists yesterday. Ali said the financial regulator recently concluded the payment of obligations to bank customers, ...
•Oyerinde Mr. Adewale Oyerinde , Director-General of the Nigeria Employers’ Consultative Association (NECA), in this exclusive interview with Daily Independent, speaks on how if federal government reforms are deepened, and when necessary applied with human face the nation’s economy will stride on a trajectory of unlimited growth. Excerpts: We ...
•Nuhu Ribadu Two Binance executives — an American and a British- Pakistani — have been detained on the orders of National Security Adviser (NSA) Nuhu Ribadu over alleged involvement in foreign exchange manipulations. Their names were not made available. It was learnt last night that the federal government obtained a Court Warrant to detain the...
•Naira and Dollars The Central Bank of Nigeria (CBN) has rolled out stringent measures on Bureau De Change (BDCs) as part of measures to tackle the forex crisis in the country. The naira had hit an all-time low of N2,000 against the dollar as the economic crisis in the country took a worse turn, reports […]
•Tinubu Oil marketers under the aegis of the Natural Oil and Gas Suppliers Association of Nigeria, NOGASA, have pleaded with President Bola Tinubu to peg the exchange rate of the Naira to the Dollar at the 2024 Budget benchmark of N750/dollar. NOGASA President, Mr. Benneth Korie told journalists in Abuja constant devaluation of the Naira [&hel...
•Prepaid meters Nigeria’s foreign exchange and inflation have combined to push the prices of prepaid meters year-on-year, YoY by 80 percent to N147, 610.43 (Single phase) in February 2024, from N81, 975 in the corresponding period of 2023. Similarly, the price of the double phase meter also surged YoY by 80 per cent to N259, […]
Current operating aircraft of Nigerian carriers have dropped to 44 from about 107 a few years ago following the debilitatÂing foreign exchange crisis, investigation has revealed. The current statistics show that 63 aircraft of the scheduled operators are either grounded in the country or are in the various maintenance organisations outside Nig...
•Dollars The Central Bank of Nigeria (CBN) has stopped international oil companies from repatriating 100% foreign exchange proceed to their mother companies overseas. The Director of Trade and Exchange Department at the apex bank, Hassan Mahmud, made this known in a circular dated February 14, 2024. … developing storyÂ
•El Al Israel Airlines Airline Operators of Nigeria, AON, has lamented what it termed existential threats, saying scarcity of Forex, skyrocketing price of Jet-A1, now N1,300 per litre and difficulty in acquiring aircraft due to country risk, among others, are some of the challenges faced by members. The operators, who called for urgent interve...
•CBN Governor Yemi Cardoso In a move aimed at addressing the persistent backlog of verified foreign exchange (forex) transactions, the Central Bank of Nigeria (CBN) has injected another $500 million into the market. This comes barely a week after the bank injected approximately $2 billion to settle outstanding commitments across the manufactur...