Fuel price hike: Marketers reveal details of meeting with DSS

14 Oct 2024

Nigeria’s oil marketers have said the director general of the Department of State Services, Adeola Ajayi has intervened in its complaints about the high price of Premium Motor Spirit(Petrol) by the Nigerian National Petroleum Company Limited and unpaid debts. The spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike said this in an […]

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CBN approves 14 new IMTOs to boost remittances

08 Jul 2024

The Central Bank of Nigeria (CBN) on Wednesday said that it has granted Approval-in-Principle (AIP) to 14 new International Money Transfer Operators (IMTOs) to enhance remittances. Remittances, which involve transferring funds from overseas to families or individuals within the country, form a substantial part of Nigeria’s foreign exchange inflows. They are crucial for maintaining economic […]

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Nigeria’s Central Bank Record Dollar Sales in May

04 Jul 2024

Nigeria’s Central Bank recently disclosed that it sold a historic amount of US Dollars in the previous month. The Apex Bank admitted that so far in the year it sold the most Dollars in May, albeit with very little overall market turnover in May. For context, the amount of Dollars sold in March and April […]

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NPA: Maritime Industry Revenue Has Grown From N361bn To N501bn

30 Jun 2024

According to Mohammed Bello Koko, the Managing Director and Chief Executive Officer of the Nigerian Ports Authority (NPA), the effective operations of Nigeria’s ports and the maritime industry have improved its revenue generation. Koko said on Wednesday that the growth were driven by the economic policies of President Bola Ahmed Tinubu. He said this during […]

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‘Naira Now Worst Performing Currency In The World’

29 Jun 2024

Nigeria’s currency, the naira, has taken a sharp downturn, becoming the world’s worst-performing currency in the past month This development has escalated the urgency for the Central Bank of Nigeria (CBN) to potentially raise interest rates further in response to the economic strain. As of Friday, the naira has fallen to a record low of […]

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Naira hits N1510/$ in the parallel market as it continues to decline.

27 Jun 2024

On June 27, Wednesday, the Naira fell against the dollar on the parallel market, falling from Tuesday’s level of N1,500 to N1,510. Similarly, the Naira depreciated to N1,507.83 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM). According to data from FMDQ, the Naira depreciated by N7.04 as the indicative exchange rate for NAFEM […]

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TotalEnergies to invest $550m in Nigeria’s gas project

25 Jun 2024

French multinational integrated energy and petroleum company, TotalEnergies is set to invest $550 million to develop a gas processing facility in Rivers State to boost exports and domestic supplies. A source in the Nigeria National Petroleum Corporation NNPC Limited (NNPCL) told Reuters on Wednesday. He said the investment would include a gas processing plant and […]

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CBN announces new bank levy for customers

25 Jun 2024

Banking sector regulator, the Central Bank of Nigeria (CBN) has directed commercial banks in the country to start charging a 0.5% cybersecurity levy on customer transactions. The CBN issued a circular to that effect on Monday, May 6 and stipulated that the new levy comes into force two weeks from that date, which is Monday […]

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Central Bank of Nigeria Directs Banks to Deduct Cybersecurity Levy

24 Jun 2024

  The Central Bank of Nigeria (CBN) has issued a directive to all financial institutions in the country to begin deducting a cybersecurity levy on all electronic transactions. This levy, which was first announced six years ago, is to be remitted to the National Security Fund, administered by the Office of the National Security Adviser […]

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