On Tuesday, January 23, the Naira was exchanged at N1,355 to a dollar in the parallel market, showing a slight increase from the N1,350 to a dollar rate recorded on Monday, January 22. Meanwhile, the Naira demonstrated appreciation in the Nigerian Foreign Exchange Market (NAFEM), reaching N878.61 per dollar. According to data from FMDQ, the…
On Friday, January 19, the Naira was traded at N1,370 per dollar in the parallel market, marking an increase from N1,300 per dollar on Thursday, January 18. Additionally, the Naira experienced a depreciation to N902.45 per dollar in the Nigerian Foreign Exchange Market (NAFEM). Data sourced from FMDQ revealed that the indicative exchange rate for…
The Transmission Company of Nigeria (TCN) has announced a scheduled power outage affecting electricity consumers in Gombe, as well as certain areas in Yola and Bauchi states. The outage is due to planned maintenance on the T1A 150MVA, 330/132/33kV transformer bay, scheduled to take place on Thursday and Friday, January 18 and 19, 2024. During…
President Bola Tinubu, on Thursday, at the State House in Abuja, held a meeting with the Minister of Steel Development, Prince Shuaibu Abubakar Audu, and the Minister of Defence, Alhaji Mohammed Badaru, during which he received briefing on investment prospects in the steel sector. The President emphasized that a revitalized steel development industry is both…
Following a meeting held in Abuja on Wednesday, January 10, the Central Bank of Nigeria has disbanded the boards of Titan Trust Bank, Union Bank, Keystone Bank, and Polaris Bank. These actions come in the context of ongoing special investigations into the management of the CBN during the tenure of the former governor, Godwin Emefiele,…
The Central Bank of Nigeria has reassured the public that funds deposited in banks are secure, emphasizing the robustness of the country’s banking sector to provide optimal service. In response to unverified reports circulating, not originating from the CBN, regarding the health status of Nigerian banks, the apex bank urged the public to remain confident…
Professor Folashade Ogunsola, the Vice-Chancellor of the University of Lagos, highlighted the impact of the weakened Naira on the mass departure of lecturers from the country. During a media briefing, she expressed the challenges faced by the education sector in 2023 due to the country’s economic downturn, resulting in a shortage of young educators. Ogunsola…
President Bola Tinubu has asked the Board of the Nigerian National Petroleum Company Limited (NNPCL) to immediately get to work, warning that non-performance will not be tolerated. Inaugurating the Board of the NNPCL at the State House, on Monday, President Tinubu also warned that conducts suggesting a sense of entitlement will not be tolerated, and…
President Bola Tinubu says his administration will always uphold media freedom and respect opinions, whether they are adversarial or complimentary to his government. The President made the pledge on Monday in Abuja during a meeting with members of the Newspaper Proprietors’ Association of Nigeria (NPAN). President Tinubu assured NPAN members that he would carefully consider…
The Central Bank of Nigeria has announced the suspension of the acceptance of new loan applications under its development finance intervention funds program. The directive was conveyed through a circular addressed to the Chief Executives of banks, signed by the Acting Director of the Development Finance Department, Sa’ad Hamidu, on Tuesday, December 13. The circular…
