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The Nigerian National Petroleum Company Limited (NNPCL) has authorized major marketers to lift petrol from Dangote Refinery, but independent marketers remain excluded. The new arrangement raises concerns over pricing and access, prompting calls for more transparency and an open market for all...
![Today's Naira Rate[18-09-2024]: Naira Gains to N1,539.65 as Dollar Supply Surges, Boosting FX Market](/data/attachments/208/208428-eed813ce5f785b72cc3ca07b2771db31.jpg?hash=PERHMQHP25)
Nigeria
Today's Naira Rate[18-09-2024]: Naira Gains to N1,539.65 as Dollar Supply Surges, Boosting FX Market
The Nigerian naira strengthened by N116.84 against the U.S. dollar due to increased dollar liquidity, closing at N1,539.65 in the official FX market. With a 7.59% rise, the surge in supply boosts import prospects and investor confidence, though concerns linger for exporters facing reduced...
The Central Bank of Nigeria (CBN) has implemented a 0.005% cybersecurity levy on all electronic transactions. The levy, under the 2015 Cybercrime Act, aims to bolster Nigeria’s cybersecurity framework. The revised levy follows public opposition to the previously proposed 0.5%. The funds will...
Instagram has launched "Teen Accounts" with enhanced privacy and parental controls for users under 18. The new settings, including automatic private profiles and restricted messaging, aim to protect young users amid growing concerns about online safety and mental health.
Instagram has...
Aviation workers in Nigeria have suspended a planned protest against the Federal Government's 50% revenue deductions from aviation agencies. Unions blamed the policy for hampering the agencies' operations but have paused protests pending ongoing discussions with higher authorities regarding the...
![Today's Naira Rate[18-09-2024]: Naira Gains to N1,539.65 as Dollar Supply Surges, Boosting FX Market](/data/attachments/208/208398-6b420ca64d95293fadcf9548ce69b3bb.jpg?hash=PERHMQHP25)
Nigeria
Today's Naira Rate[18-09-2024]: Naira Gains to N1,539.65 as Dollar Supply Surges, Boosting FX Market
As of September 18, 2024, the black market exchange rate for the US dollar against the Nigerian Naira reached N1,660. This significant disparity from the official Central Bank rate highlights ongoing economic challenges and a persistent shortage of foreign exchange in Nigeria.
As of September...
Nigeria's central bank warns of risks to foreign reserves due to petrol subsidy removal and lower oil earnings. Despite $36.08 billion in reserves, increased debt servicing and potential capital outflows pose challenges. The CBN remains optimistic, citing favorable trade terms and rising oil...
Nigeria's Minister of Aviation, Festus Keyamo, has formally requested landing slots for Air Peace at London Heathrow Airport, citing ongoing denials. He warns of potential restrictions on British Airways if the situation does not improve, highlighting the need for reciprocal arrangements under...
Dr. Ngozi Okonjo-Iweala has announced her intention to seek a second term as Director-General of the World Trade Organization (WTO). Supported by 58 member countries, her re-nomination reflects her leadership achievements since taking office in March 2021. The process to reappoint her will...
Nigerian petroleum marketers are demanding transparency from Dangote Refinery over its fuel pricing as the NNPCL announced new rates across the country. Marketers are also considering fuel imports to stabilize prices, citing concerns over Dangote’s production capacity, as domestic supply remains...
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