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PoS operators in Nigeria have increased withdrawal charges due to the N50 electronic money transfer levy imposed by the Central Bank of Nigeria (CBN) and cash shortages. The hike, caused by rising operational costs, affects transactions and has led to higher fees for customers, especially during...
The Nigeria Customs Service (NCS) has removed VAT and import duties on Liquefied Petroleum Gas (LPG) and Compressed Natural Gas (CNG). This initiative, part of the Presidential Gas for Growth Initiative, aims to boost domestic gas utilization, encouraging investment and reducing gas costs in...
Dangote Petroleum Refinery has lowered the price of Premium Motor Spirit (PMS) to N899.50 per litre, offering a holiday discount to ease transport costs. The refinery also introduces a special offer allowing consumers to purchase additional fuel on credit. It aims to provide high-quality and...
Dangote Group has refuted NNPCL's claim of facilitating a $1 billion loan to address liquidity issues at the Dangote Refinery. The company clarified that the $1 billion represents only 5% of the total investment, and the partnership was credit-driven, not cash-based, with NNPCL failing to meet...
Due to ongoing cash shortages in Nigeria, banks have imposed a daily withdrawal limit of N20,000 for multiple account holders. Some ATMs are capping withdrawals as low as N5,000, with POS operators also facing difficulties due to low cash supply, causing widespread hardship for customers and...
The Central Bank of Nigeria (CBN) has introduced limits on Point of Sale (PoS) withdrawals, capping daily transactions at N100,000 per customer. This new measure aims to promote a cashless economy, combat fraud, and enforce consistent operational standards, with penalties for non-compliance...
The Nigerian Senate has passed the Nigerian Insurance Industry Reform Bill, 2024, raising minimum capital requirements for insurance businesses. The bill aims to modernize the sector, enhance competitiveness, and impose stricter penalties for operating unlicensed businesses, contributing to...
Nigerians paid N2.23 trillion in ransoms to kidnappers between May 2023 and April 2024, according to an NBS report. The survey highlights increasing crime rates, with kidnapping, home robbery, and sexual offenses rising. Rural communities suffer most, prompting calls for improved law enforcement...
The Federal Executive Council approved Nigeria’s ₦48 trillion 2025 budget, highlighting a ₦13 trillion deficit to be financed through borrowing. The budget prioritizes infrastructure, education, health, and private-sector investment. The presentation to the National Assembly was rescheduled for...
![Today's Naira Rate [17-12-2024]: Naira Climbs to N1,660/$ in Parallel Market, Official Rate Dips to N1,550](/data/attachments/211/211482-8c73af42dc4b7b3fa20d7e0265c88392.jpg?hash=hFfFcRmkeL)
Nigeria
Today's Naira Rate [17-12-2024]: Naira Climbs to N1,660/$ in Parallel Market, Official Rate Dips to N1,550
The Naira appreciated to N1,660/$ in the parallel market but weakened to N1,550/$ in the official market, reflecting mixed performance on Monday. The exchange rate gap narrowed to N110/$, highlighting volatility in Nigeria's foreign exchange markets amid inflation and shifting economic dynamics...
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