The Central Bank of Nigeria (CBN) has said that it has no plans to revoke the licences of Unity, Polaris, and Keystone banks. The apex bank said this in response to claims of having plans to terminate the licences of the three banks, following the revocation of Heritage Bank’s licence. In a tweet shared…
The Presidential Committee on Fiscal Policy and Tax Reforms has announced that it has asked the federal government to adopt an exchange rate of N800 per dollar for customs import duty. Presenting some recommendations of the committee on Thursday, May 30, Taiwo Oyedele, chairman of the committee, expressed concern over the import duty rate…
In a new report titled “National Gross Domestic Product Q1 2024” released by the Nigerian Bureau of Statistics, it’s been revealed that the country’s economy grew by 2.98% in one year. The growth rate is higher than the 2.31% recorded in the first quarter of 2023 and lower than the fourth quarter of 2023…
The Naira on Friday, May 24, depreciated to N1,520 per dollar from N1,515 per dollar recorded on Thursday, May 23, in the parallel market. It was however appreciated to N1,482.81 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,482.81…
The N48,000 proposed by the Federal Government as minimum wage for public service workers has been rejected by organized labour. This was presented to labour at the resumed tripartite committee meeting on Wednesday, May 15, but the union’s leaders walked out in protest. In a joint statement read to reporters by President of…
Rewrite Melinda French Gates has announced that she will be stepping down as co-chair of the Bill & Melinda Gates Foundation, the nonprofit she founded with her ex-husband, Bill Gates over 20 years ago. Bill and Gates filed for divorce in 2021 after 27 years of marriage but pledged to continue their philanthropic work…
The Economic and Financial Crimes Commission (EFCC) has issued a directive barring foreign missions operating in Nigeria from conducting transactions in foreign currencies, mandating the use of the Naira for their financial operations. Additionally, Nigerian foreign missions abroad have been instructed to accept Naira for their financial transactions. This measure is aimed at addressing the…
NAFDAC enforcement officers, in collaboration with intelligence provided by the Nigerian Army’s 15 Field Engineering Regiment in Badagry, have dismantled the operations of Mr. Chinedu Okafor, an illegal drinks manufacturer operating from his residence at No. 24, MTN Road, Badagry. According to a statement from NAFDAC, Okafor’s suspicious activities drew the attention of the Nigerian…
The House of Representatives Joint Committee, tasked with investigating the abrupt surge in cement prices in Nigeria, highlights that the cost of cement in Nigeria exceeds that of India and several other African nations. The House initiated the investigation on March 13, 2024, in response to a motion co-sponsored by Gaza Gbefwi (SDP, Nasarawa) and…
In a significant setback to Nigeria’s tech industry, there are reports indicating that Microsoft is contemplating the closure of its African Development Centre situated in Lagos. If this decision is finalized, it would result in the displacement of at least 200 employees. Such a move could profoundly impact the country’s technological landscape, potentially diminishing job…
