The National Agency for Food and Drug Administration and Control (NAFDAC) has officially prohibited the production and sale of alcoholic beverages in sachets containing less than 200ml. Prof Mojisola Adeyeye, the director-general of NAFDAC, revealed that the five-year grace period granted to manufacturers to cease the production of such drinks in sachets and PET bottles,…
The Central Bank of Nigeria has rejected reports suggesting that it intends to convert $30 billion in domiciliary deposits held in Nigerian commercial banks into Naira. The initial claim, reported by Punch, suggested that this measure was being considered to stabilize the national currency. According to a “Presidential source,” the government was concerned about forex…
The Federal Government is contemplating a policy shift that would lead to the conversion of foreign currencies held in citizens’ domiciliary accounts to the Nigerian naira in an effort to stabilize the national currency. If the plan is implemented successfully, the government will mandate the conversion of foreign currencies residing in both individual and corporate…
The Senate has issued a directive for the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, to appear before it on Tuesday, February 6. The summons is in relation to concerns about the current state of the economy and the fluctuating value of the Naira in the foreign exchange market. Led by Senator…
Billionaire entrepreneur Mr. Femi Otedola has assumed the position of Chairman of the Board of FBN Holdings Plc, the parent company of First Bank. The appointment was confirmed during a Board of Directors meeting held in Lagos on January 31. Otedola takes over from Ahmad Abdullahi, an accomplished economist who had been appointed as the…
The Central Bank of Nigeria (CBN) has officially announced the complete settlement of foreign exchange (FX) obligations owed to all foreign airlines operating within the country. The Acting Director of Corporate Communications at the CBN, Mrs. Hakama Sidi Ali, revealed on Tuesday, January 30, that the final tranche of $64.44 million has been disbursed, bringing…
The federal government has disclosed its ongoing efforts to combat surging inflation and stabilize foreign exchange rates. Minister of Information and National Orientation, Mohammed Idris, made this assurance in a statement issued on Sunday, January 28, in Abuja. He highlighted President Bola Tinubu’s administration’s initiatives, emphasizing their commitment to enhancing the quality of life for…
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…
