Browsing: Business

The Central Bank of Nigeria (CBN) has affirmed that it possesses an ample supply of currency notes.

The Central Bank of Nigeria (CBN) has refuted reports of a shortage of currency notes in the nation. In a statement released on November 2, the CBN, represented by its Director of Corporate Communications, Isa AbdulMumin, assured that there is an ample supply of currency notes to support economic activities in the country. The statement…

Naira is already showing signs of strengthening against the Dollar, and Nigerians should exercise patience with Tinubu, according to billionaire businessman Abdulsamad Rabiu.

The Chairman of the BUA Group and billionaire businessman, Alhaji Abdulsamad Rabiu, has called on Nigerians to exercise patience with President Bola Tinubu’s government as it strives to achieve stability in the foreign exchange market. Rabiu made this appeal during a discussion with the press on Tuesday, October 31, after a closed-door meeting with President…

Lagos has reopened both the Alaba International and Trade Fair markets.

The Lagos State Government has officially reopened both the Alaba International Market and select markets within the Trade Fair Complex in Ojo. The closure of these markets last week was prompted by issues related to improper waste management and other environmental violations. Commissioner for the Environment and Water Resources, Tokunbo Wahab, emphasized that the decision…

Exchange Rate Concerns: Pat Utomi Urges the Political Class to Unite and Recognize the Looming Threat to Their Nation.

Professor Pat Utomi has issued a warning to the Tinubu administration, advising them to exercise caution in managing the ongoing depreciation of the Naira. Since President Bola Ahmed Tinubu announced the removal of fuel subsidy on May 29th, the Naira has witnessed a significant 40% decline in its value in the foreign exchange market, further…

Fuel Supply Concerns: NNPC Advises Against Panic Purchases, Assures 30-Day Fuel Reserves are Adequate

NNPC Cautions Against Panic Purchases, Ensures Ample Fuel Reserves In a statement released on October 19, the Nigerian National Petroleum Corporation (NNPC) Limited cautioned Nigerian citizens against panic buying. The NNPC clarified that the queues observed in certain areas of Lagos and Abuja were a result of reduced depot loadout in Apapa, Lagos, for a…

The labor union has decided to temporarily suspend the strike for a period of 30 days.

On the night of October 2, 2023, the Organised Labour reached an agreement to suspend the indefinite strike initially scheduled to commence on October 3, 2023, following approximately five hours of negotiations between the Organised Labour and the Federal Government at the Chief of Staff Conference Room of the Presidential Villa in Abuja. The Minister…

“Government Reinstates Fuel Subsidy as it Disburses N169.4 Billion in August”

The federal government is reported to have disbursed N169.4 billion in August to maintain the pump price at N620 per litre, effectively resurrecting the fuel subsidy. According to documents from the Federal Account Allocation Committee (FAAC), examined on September 20 by DailyTrust, the Nigerian Liquefied Natural Gas (NLNG) transferred $275 million in dividends to Nigeria…

IPMAN Assures Nigerians: No Plans to Increase Petrol Pump Price to N700 per Litre, Urges Against Panic Buying

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has moved to quell concerns by assuring Nigerians that there are no plans to raise the petrol pump price to N700 per litre. IPMAN urges the public not to engage in panic buying or hoarding of petroleum products. In response to circulating rumors, IPMAN emphasizes that there…

IBEDC Expresses Waiting for NERC’s Directive on Electricity Tariff Increase

IBEDC, the Ibadan Electricity Distribution Company, has confirmed that the Nigerian Electricity Regulatory Commission (NERC) is yet to issue a directive on the proposed new electricity tariff, which was originally scheduled to take effect on July 1. The announcement of the new tariff has faced strong opposition from various stakeholders, who argue that the timing…

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