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![Today's Naira Rate [31-01-2025]: CBN Interventions Boost Naira as Exchange Rate Improves to N1,493/$](/data/attachments/212/212954-58e780ec025feefde8bfa331a3d70815.jpg?hash=PERHMQHP25)
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USAID announces global staff will be placed on administrative leave starting February 7, 2025, as part of a plan initiated by former President Trump to downsize U.S. government functions. The decision has sparked controversy, especially among Democrats, given USAID's crucial role in global aid...
The Federal Government has launched toll operations on the Abuja–Makurdi road to repay a $460.8 million loan. Tolls range from N500 to N1,600, with police and military vehicles exempt. The road, rehabilitated with a China Exim Bank loan, serves as a vital route for Nigeria's economic and...
Oil marketers are dropping their affiliations with the Nigerian National Petroleum Company Limited (NNPCL) due to fierce competition with Dangote Petroleum Refinery. With Dangote reducing its loading costs, marketers are rebranding their stations to secure cheaper fuel, reshaping Nigeria's fuel...
The Nigerian government has banned the export of crude oil allocated for domestic refineries, citing illegal exports and concerns over energy security. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) warns producers to comply or face export permit denial, aiming to stabilize local...
The Federal Executive Council (FEC) has approved a N4.8 billion fund to maintain HIV treatment programs in Nigeria after the suspension of U.S. development aid. The funds will procure 150,000 treatment packs over four months, aiming to reduce reliance on foreign assistance and ensure continuity...
![Today's Naira Rate [04-02-2025]: Naira Hits N1,590/$1 in Parallel Market Amid Forex Fluctuations](/data/attachments/213/213089-b0257b349600919a70cd121944ef0b9d.jpg?hash=hFfFcRmkeL)
Nigeria
Today's Naira Rate [04-02-2025]: Naira Hits N1,590/$1 in Parallel Market Amid Forex Fluctuations
The Nigerian Naira saw a significant appreciation in the parallel market on Monday, strengthening to N1,590 per US dollar from N1,610 the previous week. However, in the official foreign exchange market, the currency depreciated to N1,495.60 per US dollar, down from N1,474.78.
The Nigerian...
The Central Bank of Nigeria (CBN) has extended the deadline for Bureau de Change (BDC) operators to purchase $25,000 weekly from banks until May 30, 2025. The extension aims to stabilize forex liquidity and regulate market volatility. Analysts remain divided on its long-term impact on Nigeria’s...
President Bola Tinubu has signed a bill establishing the Federal University of Environment and Technology (FUET) in Ogoni, Rivers State. The institution aims to address environmental justice, promote clean energy, and drive sustainable development. Officials praise the move as a step toward...
USAID staff were instructed to work remotely after being told to stay home due to a potential shutdown. The move follows claims from Elon Musk that President Trump plans to shut down USAID. Senior security officials at the agency were also placed on administrative leave amid the changes.
Staff...
Nigeria’s trade with the U.S. faces challenges due to Trump’s tariffs, affecting key imports like vehicles, fuel, and medical products. These tariffs may raise prices, exacerbating inflation, especially in transport. However, Nigeria’s growing refining capacity, especially the Dangote Refinery...
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