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As Nigeria marks its 64th Independence Day, the Naira-for-crude deal between the Federal Government and Dangote Refinery is set to reduce fuel prices. Industry leaders expect the agreement to boost the Naira and lower transportation costs, though Nigerians continue to grapple with economic...
![Today's Naira Rate[01-10-2024]: Naira Declines, Closing September at N1,705/$1](/data/attachments/208/208816-a1ff39dd457a9e619692b98c1000130e.jpg?hash=PERHMQHP25)
The Nigerian naira closed September at N1,705 per dollar in the parallel market, marking a significant decline from N1,655. This depreciation results from increased demand and supply shortages, impacting the prices of imported goods. The official exchange rate also fell, signaling a challenging...
The Dangote Refinery will begin receiving crude oil in naira from the NNPC starting October 1, 2024. This initiative aims to ease pressure on the naira and ensure a steady petroleum product supply. Modular refineries call for inclusion in the scheme, as Nigerians anticipate potential reductions...
The Nigerian government has raised passport fees by 45%, citing the exchange rate between the naira and the dollar. Minister of Interior, Olubunmi Tunji-Ojo, justified the increase, explaining that economic conditions no longer allow for subsidies. The new fees apply only within Nigeria...
![Today's Naira Rate[27-09-2024]: Parallel Market Rate Reaches N1,700—What This Means for Nigeria](/data/attachments/208/208726-4783f128adc190a22844bc3d66f36e78.jpg?hash=PERHMQHP25)
Nigeria
Today's Naira Rate[27-09-2024]: Parallel Market Rate Reaches N1,700—What This Means for Nigeria
The Nigerian naira has depreciated to N1,700 per dollar in the parallel market, marking the lowest rate in seven months. Despite a temporary rise in the official market, the naira continues to face fluctuations. The Central Bank of Nigeria is implementing reforms to stabilize the currency.
On...
Nigeria and UAE finalize reciprocal rights, leading to Emirates Airlines' return to Nigerian airspace by October 3, 2024. The agreement allows Nigerian airlines to operate direct flights to the UAE, boosting aviation ties, business, tourism, and cultural exchanges between the two nations. A new...
The Major Energy Marketers Association of Nigeria (MEMAN) reports a significant drop in the landing cost of petrol to N981.08 per litre in September 2024, down from N1,130 in July. Despite the decrease, petrol prices remain high, sparking ongoing debate about fuel costs and subsidy removal in...
IFitness is trending after announcing a subscription price increase from ₦24,890 to ₦38,958 for all branches, effective November 1, 2024. Members in Ikorodu and Ibadan will pay ₦28,985, up from ₦19,890. Despite complaints, many customers plan to continue their memberships amid mixed social media...
Femi Otedola increases his stake in First Bank of Nigeria Holdings to 13.15% after purchasing 534 million shares for N16 billion. This move elevates his total shares to over 4.7 billion, surpassing Barbican Capital's 8.67% stake amid ongoing legal disputes over share ownership.
Femi Otedola...
The Nigerian government is proposing an amendment to the National Identity Management Commission (NIMC) Act, requiring foreigners to register for the National Identity Number (NIN). This move aims to enhance taxation and identification processes for expatriates living and working in Nigeria...
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