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Allegations of misconduct against Central Bank of Nigeria Governor Olayemi Cardoso and his deputies have surfaced, accusing them of misusing public funds and abusing their positions. With claims of extravagant allowances and improper hiring practices, calls for accountability are intensifying...
Chinese investors have seized two guest houses linked to the Nigerian government in Liverpool, UK, to recover a $70 million arbitration award. The properties are set to be sold on eBay for $2.2 million, sparking concerns over Nigeria's management of its international assets.
Chinese investors...
![Today's Naira Rate[21-08-2024]: Naira Weakens Further, Black Market Rates Reach N1,615 Per Dollar](/data/attachments/207/207447-212178087eb0d283118d468115956c78.jpg?hash=PERHMQHP25)
Nigeria
Today's Naira Rate[21-08-2024]: Naira Weakens Further, Black Market Rates Reach N1,615 Per Dollar
The Naira dropped N27.58 against the dollar in just two days, reaching N1,592.06 at the official market. In the black market, it fell to N1,615. The Central Bank of Nigeria's recent interventions are under scrutiny as the currency continues to weaken amid inconsistent foreign exchange policies...
Fuel scarcity worsens in Nigeria as IPMAN reveals NNPC hasn't supplied petroleum products for three years. Marketers now depend on private depots, buying fuel at N750 to N850 per liter. This shortage has led to long queues in major cities, exacerbating the nation's ongoing energy crisis.
The...
The National Bureau of Statistics reports a 55.66% year-on-year increase in the price of a 12.5kg cooking gas cylinder, averaging N14,261.57 in July 2024. While prices declined month-on-month, the surge raises concerns for Nigerian households facing rising living costs amid economic challenges...
The Nigerian government has raised the contribution of aviation agencies to the Treasury Single Account from 40% to 50%, causing unrest among industry stakeholders. The policy threatens operational sustainability and safety standards, prompting calls for exemptions from the increased remittance...
The Nigerian National Petroleum Company (NNPC) claims to sell petrol at half its landing cost, labeling the price difference as a “shortfall” rather than a subsidy. Critics argue this practice effectively constitutes a subsidy, raising concerns over transparency and economic impacts amid rising...
The Nigerian National Petroleum Company (NNPC) Limited confirmed that the federal government owes it N7.8 trillion in petrol subsidy debts, reversing its earlier denial of subsidy payments. The announcement has sparked outrage among Nigerians, who accuse the government of deception and demand...
![Today's Naira Rate[19-08-2024]: Black Market Dollar to Naira Rate Hits N1,610](/data/attachments/207/207391-3c34e1f818e0f6764b5946575243c176.jpg?hash=PERHMQHP25)
As of August 18, 2024, the black market exchange rate for the U.S. dollar to the Nigerian naira is N1,605 for buying and N1,610 for selling. In contrast, the Central Bank of Nigeria offers rates of N1,584 for buying and N1,585 for selling dollars.
As of August 18, 2024, the black market...
President Bola Tinubu has authorized the Nigerian National Petroleum Company (NNPC) to use its 2023 final dividends to cover petrol subsidy costs. The decision addresses a projected N6.884 trillion subsidy expense, leading to a shortfall in tax and royalty payments. The move includes suspending...
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