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Nigeria has surged to second place in global food insecurity rankings, with over 24 million people facing hunger. The 2024 Global Report on Food Crises attributes this to conflict, economic shocks, and climate change. Rising food prices and insecurity in agricultural regions have exacerbated the...
Nigeria's Defence Industries Corporation (DICON) is now a major supplier of arms to various African countries, according to Defence Minister Bello Matawalle. Celebrating its 60th anniversary, DICON has expanded its capabilities to produce military vehicles and artillery, marking a shift toward...
Nigeria's chemical and non-metallic products sector faces a severe downturn, with over 50 firms shutting down or running at low capacity, resulting in around 100,000 job losses. The crisis is driven by high energy costs, inflation, and unstable exchange rates. Urgent government intervention is...
![Today's Naira Rate[12-08-2024]: Naira Strengthens to N1,580/$ in Parallel Market; NAFEM Rate Drops](/data/attachments/207/207139-d494322407b277d99d98dc1c9b7201ce.jpg?hash=PERHMQHP25)
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Today's Naira Rate[12-08-2024]: Naira Strengthens to N1,580/$ in Parallel Market; NAFEM Rate Drops
The Naira appreciated to N1,580 per US dollar in the parallel market on August 12, 2024, up from N1,585. In the Nigerian Autonomous Foreign Exchange Market, the rate fell to N1,570.99 from N1,574.20. The trading volume decreased by 23.7%, widening the gap between market rates.
On August 12...
President Bola Tinubu has inaugurated 30 locally assembled compressed natural gas (CNG) buses in Abuja, donated by DAPPMAN and NNPC. Assembled by Innoson Motors, these buses symbolize Nigeria’s commitment to sustainable transportation and the government's broader initiative to promote CNG as an...
In the first half of 2024, Nigeria’s nine oil-producing states received N341.59 billion from the federation account based on the 13 percent derivation formula. Delta State led with N113.78 billion, but issues of debt and mismanagement persist despite these substantial allocations.
In the first...
The NDIC has disbursed 82.36% of insured deposits to Heritage Bank customers but 17.64% are delayed due to issues like missing BVNs and PND instructions. Efforts are underway to resolve these issues and ensure full payment. Uninsured deposits will be settled as liquidation dividends.
The...
The NDIC has disbursed ₦5 million each to 82.36% of customers affected by the closure of Heritage Bank. The payments, initiated shortly after the bank's license was revoked, underscore NDIC's commitment to depositor protection, though some accounts remain pending due to regulatory issues.
In a...
The ICPC has confirmed an investigation into NAHCON over the N90 billion hajj subsidy. Officials were arrested for not responding to inquiries, but the commission did not shut down NAHCON. The ICPC emphasized its legal bounds, while NAHCON officials continued to assist with the probe.
The...
Dangote Refinery disputes NUPRC's claim of allocating 26 million barrels of crude, stating it has only received one cargo. The refinery urges NUPRC to allow direct crude purchases from Nigerian producers as per the Petroleum Industry Act, highlighting ongoing challenges in Nigeria's oil and gas...
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