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The Naira yesterday depreciated to N1,739 per dollar in the parallel market from N1,735 per dollar on Wednesday. However, the Naira appreciated to N1,601.2 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,601.2 per dollar from N1,654.09 per dollar on Wednesday, indicating N52.89 appreciation for the naira. The volume of dollars traded (turnover) in the official market increased by 69 percent to $230.99 million from $136.68 million traded on Wednesday. Consequently, the margin between the parallel market and NAFEM rate widened to N137.8 per dollar…
Binance executive, Tigran Gambaryan, has left Nigeria after eight months of detention in the country. In a statement, yesterday, the family disclosed, “Today, American citizen, Gambaryan, left Nigeria and returned home to his family after eight months of unlawful detention.” The United States National Security Advisor, Jake Sullivan, also confirmed Gambaryan’s release on humanitarian grounds. He expressed gratitude to Nigerian officials and diplomatic partners who worked to ensure Gambaryan’s return to the U.S. “As soon as we secured Gambaryan’s release, I called his wife to share this good news,” Sullivan said. Gambaryan’s wife, Yuki, had publicly campaigned for her husband’s…
The International Monetary Fund (IMF) says the global economic growth rate will stabilise at 3.2 percent in 2024 and 2025, forecasting a slowdown in Nigeria. Speaking on Tuesday at the launch of the World Economic Outlook report in Washington DC, Pierre-Olivier Gourinchas, the economic counsellor and director of the research department of the IMF, said while inflation came down, the global economy remained resilient. Gourinchas said the United States is “expected to cool down”, while other advanced economies will rebound. “Performance in emerging Asia remains robust, despite a slight downward revision for China to 4.8% in 2024. Low-income countries have…
The World Bank says more than half of Nigeria’s population lives in poverty. In its latest Nigeria Development Update (NDU) report titled ‘Staying the course: Progress amid pressing challenges,’ World Bank said about 129 million Nigerians are living in poverty. The Washington-based institution also said the country needs to create productive jobs to reduce poverty. “Without jobs, poor Nigerians will not be able to escape poverty. Poverty is high and rising in Nigeria,” the World Bank said. “More than half of the population lives in poverty. This partly reflects the modest overall pace of economic growth, which is insufficient to…
The Federal Government has stopped the export of locally produced Liquefied Petroleum Gas, also known as cooking gas, to prioritise domestic supply. The measure announced by the Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, on Tuesday, will begin November 1, 2024, and is to tackle the high gas price in Nigeria. This was contained in a statement by the spokesman of minister, Louis Ibah, in Abuja. Ibah said the decision was reached after the minister convened a high-level meeting in Abuja with stakeholders to address the skyrocketing price and its attendant hardship on Nigerians. The price of cooking gas…
The federal government has blocked Shell's sale of its entire onshore and shallow-water oil operations, but approved a similar deal by Exxon Mobil, the upstream oil regulator said on Monday. Shell's asset sale for up to $2.4 billion to Renaissance consortium, comprising five companies, was first announced in January. Exxon's deal with Seplat Energy has awaited regulatory approval for more than two years since a $1.28 billion fee was announced in February 2022. In a speech at an event in the capital Abuja, Nigerian Upstream Petroleum Regulatory Commission (NUPRC) CEO Gbenga Komolafe said the Shell deal "could not scale (the)…
The United Kingdom has deported 44 Nigerian and Ghanaian asylum seekers. According to UK Guardian, the number is the highest ever in a single flight. The move comes barely 48 hours after Keir Starmer, UK prime minister, agreed a deal to deport migrants arriving in the Chagos Islands in small boats to St Helena, a British island territory more than 5,000 miles away in the Atlantic Ocean. The Home Office told the UK Guardian on Friday that the deportations were part of a “major surge” in immigration enforcement and returns. Since Starmer came to power in July, 3,600 people have…
Nigeria faced yet another nationwide blackout on Saturday following the collapse of the national electricity grid. This marks the third collapse within a week, and the eighth recorded in 2024. Data from the Nigerian System Operator’s portal showed that the grid recorded zero megawatts (MW) as of 9:10 AM on October 19, disrupting electricity supply across the country. The Transmission Company of Nigeria (TCN) explained that the collapse was triggered by an explosion at the bus section of a current transformer at the 330-kilovolt (kV) Jebba transmission substation in Niger State. According to a statement by Ndidi Mbah, TCN’s General…
The Naira yesterday depreciated to N1,725 per dollar in the parallel market from N1,710 per dollar on Thursday. However, the Naira appreciated to N1,600.78 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,600.78 per dollar from N1,660.49 per dollar on Thursday, indicating N59.71 appreciation for the naira. The volume of dollars traded (turnover) in the official market grew by 6.2 per cent to $350.72 million from $330.18 million traded on Thursday. Vanguard
The Federal Accounts Allocation Committee (FAAC) has distributed N1.298 trillion to the federal government, states, and local government councils (LGCs) for September, 2024. This was disclosed in a communiqué issued after the FAAC’s October meeting, held in Abuja. Bawa Mokwa, the Director of Press and Public Relations at the Office of the Auditor-General of the Federation (OAGF), shared the details with journalists. According to the communiqué, the total distributable revenue of N1.298 trillion included N124.716 billion from statutory revenue and N543.518 billion from Value Added Tax (VAT). Additional sources of the distributable revenue were N18.445 billion from the Electronic Money…
March 12, 2025

Nigeria's car imports fell 14.3% in 2024 amid economic woes

Nigeria experienced a significant decline in passenger vehicle imports in 2024, with total import value…
March 14, 2025

I know individuals in Tinubu’s govt who bought ministerial positions, El-Rufai claims

Former Kaduna State governor, Nasir El-Rufai, has revealed that he knows individuals who paid to…
March 14, 2025

How leaders train themselves to rethink and adapt faster

Paola Cecchi-Dimeglio Recognizing the value of rethinking is one thing—making it a habit is another.…
March 01, 2025

Man offers to split $525,000 jackpot with thieves who stole his credit card to buy…

A Frenchman appealed to the homeless thieves who stole his credit card to buy a…
March 14, 2025

Gunmen invade Kaduna communities, abduct 10

Suspected bandits have abducted ten villagers from three remote communities in Kajuru Local Government Area…
March 14, 2025

What to know after Day 1114 of Russia-Ukraine war

RUSSIAN PERSPECTIVE Putin lists guarantees Moscow wants for 30-day ceasefire Russian President Vladimir Putin has…
March 12, 2025

From chatbots to intelligent toys: How AI is booming in China

Laura Bicker Head in hands, eight-year-old Timmy muttered to himself as he tried to beat…
January 08, 2025

NFF appoints new Super Eagles head coach

The Nigeria Football Federation (NFF) has appointed Éric Sékou Chelle as the new Head Coach…

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