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Everything You Need to Know About the NDDC Youth Internship SchemeI want to apply
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![Today's Naira Rate [05-06-2024]: Nigeria's Naira Plummets to N1,488.60/$1, Sparking Economic Concerns](/data/attachments/204/204697-bd899ca0c24b3b3c73ca8044710ce26b.jpg?hash=vYmcoMJLOz)
Nigeria
Today's Naira Rate [05-06-2024]: Nigeria's Naira Plummets to N1,488.60/$1, Sparking Economic Concerns
The Nigerian Naira hits a three-week low, closing at N1,488.60 against the US Dollar on the official market, indicating heightened volatility. Amid economic challenges, policymakers strive to stabilize the forex market through fiscal and monetary measures.
The Nigerian Naira has plummeted to...
FG is considering a six-month suspension of import duties on staple food items and drugs to tackle inflation, awaiting President Tinubu's approval. However, this proposal contradicts Tinubu's previous stance on food imports amid Nigeria's food crisis and soaring inflation rates, with rice prices...
Fuel subsidy in Nigeria is set to skyrocket, with projected expenditure reaching N5.4 trillion in 2024, a significant increase from N3.6 trillion in 2023. Despite previous claims of its elimination, a draft report reveals ongoing subsidy expenditure, sparking debates and discussions on the...
NDIC pledges to reimburse Heritage Bank depositors promptly within a week, easing concerns. The assurance comes amid ongoing efforts to restore trust in the banking sector.
The Nigerian Deposit Insurance Corporation (NDIC) has made a significant announcement regarding the reimbursement of...
Nigeria's crude oil production saw a 50 thousand barrel increase in May, according to a Reuters survey. Despite OPEC's production cuts, Nigeria and Iraq boosted output, raising concerns about adherence to quotas.
According to a recent Reuters survey tracking crude oil production in May, Nigeria...
Nigeria
First Bank Successfully Recovers N456 Billion Loan from Heritage Bank Before License Revocation
First Bank of Nigeria successfully recovered a N456 billion loan from Heritage Bank just before the Central Bank of Nigeria revoked Heritage Bank's license. This recovery averted significant financial impairment for First Bank and highlights strategic risk management within the Nigerian banking...
The Central Bank of Nigeria (CBN) has denied rumors of revoking the licenses of three banks, including Heritage Bank. The CBN assured the public of the financial system's stability and highlighted ongoing efforts for bank recapitalization to support economic growth and development.
The Central...
Africa's richest person, Aliko Dangote, discusses challenges with crude supply to Dangote Petroleum Refinery on CNN. While some international oil companies struggle, NNPC provides crucial support. Dangote emphasizes Africa's need to shift from raw material export.
Africa's richest person...
![Today's Naira Rate [04-06-2024]: Naira Struggles, Nears N2,000 Against British Pound and 1,500 Against Dollar](/data/attachments/204/204640-8457c57119a478bc5717b11aa4a694ef.jpg?hash=hFfFcRmkeL)
Nigeria
Today's Naira Rate [04-06-2024]: Naira Struggles, Nears N2,000 Against British Pound and 1,500 Against Dollar
The Nigerian Naira struggles, nearing N2,000 per British Pound and 1,500 per US Dollar, amid speculation and economic challenges. Despite $575 million in CBN dollar sales, the Naira remains weak. Global market movements and local economic policies continue to pressure Nigeria's currency...
Heritage Bank's collapse leaves First Bank facing a potential N400 billion loan loss. With 90% of Heritage Bank's loans classified as lost or doubtful, the CBN revoked its license. Depositors face uncertainty as First Bank scrambles to recover the loan, sending shockwaves through the Nigerian...
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