Exchange Rate
Import duty rises 6% as Nigeria Customs begins application of new exchange rate
Importers and their agents have said that a 5.0 per cent increase is now effected in duty payable on all imports following the implementation of the new exchange rate by the Nigeria Customs Service, NCS.
Nigeria’s foreign reserves rise to $35.81 billion
Nigeria’s foreign reserves rose by $140.9m from $35.67bn as of September 1 to $35.81bn as of September 17, the latest figures from the Central Bank of Nigeria have shown.
N386/$ new exchange rate not sustainable – BDC operators
The Association of Bureau de Change Operators of Nigeria (ABCON) has declared that the new exchange rate for the operators to sell forex at N386 cannot sustain their operations.
External reserves reverse negative trend, rises to $35.7 billion
The nation’s external reserves, last week, rose (though slightly) for the first time in 12 weeks, to $35.66 billion.
Master Bakers in Bauchi mull 20% increase in bread price
The Bauchi State chapter of Association of Master Bakers says the rising cost of production of bread might force it to increase the price of the product by 20 per cent.
Rising inflation: Experts urge central bank to stabilise exchange rate
Financial experts on Tuesday expressed concerns on the country’s rising inflation rate currently at 12.82 per cent, and called for stabilisation of the exchange rate.
Ibrahim Magu ordered my detention for demanding my legal fees – EFCC prosecutor
A former prosecutor with the Economic and Financial Crimes Commission, Godwin Obla (SAN), has alleged that the suspended Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ibrahim Magu, ordered his detention for demanding for his legal fees.
MAN welcomes CBN’s unification of exchange rates
The Manufacturers Association of Nigeria (MAN) says the unification of the country’s exchange rate is a welcome development that will engender increased investment inflow in the real sector of the economy.
Nigeria’s central bank ‘devalues’ Naira again
The Central Bank of Nigeria on Tuesday adjusted the value of the naira to exchange to the dollar at N381, as parts of measures to converge the nation’s multiple exchange rates and ensure stability.
How Nigeria plans to get economy back on track after the pandemic
The pandemic affected the price of oil, the mainstay of Nigeria’s revenue. This led to the reworking of the 2020 budget by the executive arm of government to reflect the current economic realities.
Edo APC leaders vow to replace Governor Obaseki during primaries
Leaders of the All Progressives Congress (APC) in Edo state have vowed to replace the incumbent governor, Mr Godwin Obaseki, during the primary election of the party, saying no amount of blackmail and intimidation would cow them into submission.
Asiwaju Tinubu: How central bank can boost production, investment
To lift the Nigerian economy into prosperity, the Central Bank of Nigeria (CBN) must seize the advantage of the coronavirus pandemic-induced crisis to lower the interest rates with a view to boosting domestic production and investment.
Nigeria ‘devalues’ naira as analysts asses market situation
As the Coronavirus, COVID-19, pandemic continues to take a toll on the Nigerian economy, the Central Bank of Nigeria, CBN, has technically devalued the naira to reflect market conditions as analysts and market operators said they are not surprised.
NERC: Transition to cost-reflective tariff effective 2021 ending
Admist controversies trailing the purported increase in electricity tariff, the Nigerian Electricity Regulatory Commission (NERC) has stated that the transition to cost-reflective tariff will take effect by the of 2021
PDP: N37 billion for National Assembly renovation final straw of APC’s corruption
The Peoples Democratic Party (PDP) on Tuesday, described the N37 billion claimed to be for the renovation of the National Assembly complex as an unpardonable rip-off plot and a last straw of alleged corruption that pervades the President Muhammadu Buhari-led APC administration.
Senate receives 2020 budget report
The Chairman Senate Committee on Appropriation, Senator Jibrin Barau, on Wednesday laid the report of the 2020 Appropriation Bill before the Senate.
12 protesters killed during Iran fuel unrest
NO fewer than 12 people have been killed in Iran since protests against fuel price rises erupted three days ago, officials have said, although reports suggest the number of dead is far higher.
Naira exchanges at N359 to dollar at parallel market
The naira on Monday traded at N358.6 to the dollar at the parallel market in Lagos.
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Britain reopens visa application centers in Nigeria
The United Kingdom High Commission has announced that its center’s across the country has reopened.
CACOVID: Looted palliatives awaiting distribution
Most of the looted palliatives in warehouses across the nation were awaiting distribution to over 2 million vulnerable households, the private sector-led Coalition Against COVID (CACOVID) has explained.
#EndSARS: Police parade two minors, four others for arson
Two minors and four other suspects were paraded on Monday by police in Ekiti State in connection with arson attacks on three police stations in the State.
#EndSARS: Ekiti panel receiving petitions ahead of November 2 sitting
The Ekiti State Judicial Panel of Inquiry on the Allegations of Human Rights Violations Against the Police, defunct SARS officers and other Persons has commenced its activities with a call on citizens of the State to start submitting petitions ahead of its November 2 inaugural sitting.
Britain asks Nigerian government to investigate Lekki shooting, bring culprits to book
The British High Commission in Nigeria has asked the Federal Government of Nigeria led by President Muhammadu Buhari to investigate all killings and incidents associated with the #EndSARS protests.
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Police deploy helicopter over looted Abuja warehouses
The police authorities on Sunday deployed a helicopter following the looting of warehouses at Idu Industrial Estate, Jabi, Abuja, by suspected hoodlums.
#EndSARS: Police arrest looters in Kwara
Kwara State Police command has said that it has arrested some of the hoodlums that took part in the looting of public and private property, adding that efforts are on to arrest those on the run.
#EndSARS: Hoodlums razed, looted FRSC offices in Abia, Lagos, five others – official
The Federal Road Safety Corps has lamented that its offices in Abia, Anambra, Delta, Edo, Imo, Lagos, and Enugu were attacked by hoodlums.
#EndSARS: President Buhari will speak on Lekki shootings – minister
The Minister of Youth and Sports Development, Sunday Dare, says President Muhammadu Buhari will speak to Nigerians on the Lekki shootings when he has all the facts on the incident.
Iyabo Ojo: I will never support, campaign or vote for APC , PDP again
In the wake of the recent happenings in the country, popular Nollywood actress, Iyabo Ojo, has vowed to never support, campaign or vote any member of the ruling All Progressives Congress (APC) or its opposition, People’s Democratic Party (PDP) again. Both parties are the major contemporary political parties in Nigeria.