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![Today's Naira Rate[01-11-2024]: Naira Declines to N1,735/$ in Parallel Market as Rate Gap Widens](/data/attachments/209/209769-b93ce5212c24c3bd08e3fa7610c004b1.jpg?hash=hFfFcRmkeL)
Nigeria
Today's Naira Rate[01-11-2024]: Naira Declines to N1,735/$ in Parallel Market as Rate Gap Widens
The naira depreciated to N1,735 per dollar in the parallel market, while appreciating to N1,666.72 in the official NAFEM market. With trading volumes down and the exchange rate margin widening to N68.28, economic concerns over currency stability intensify as Nigeria faces foreign exchange...
Jubilee-Life Mortgage Bank, a leading institution in Nigeria’s housing and mortgage sector, has been operational for over 30 years. Its mission is to transform Nigeria’s homeownership landscape. Known for its customer-centred approach, the bank provides tailored mortgage and investment solutions...
Festus Keyamo, Nigeria's Minister of Aviation, clarified that the House of Representatives did not request the revocation of Living Faith Church’s airstrip license. He explained that any motion regarding private airstrips was referred to the Aviation Committee for review, emphasizing the...
The Nigerian Federal Government has issued a nine-month ultimatum for individuals holding US dollars outside the banking system to deposit their cash without penalties. Finance Minister Wale Edun announced that this initiative, effective from October 31, aims to promote financial inclusion and...
The Dangote Petroleum Refinery clarified it hasn't received payments from the Independent Petroleum Marketers Association of Nigeria (IPMAN) for petrol sales. The refinery stated that no approval from the Nigerian National Petroleum Corporation (NNPC) exists for such transactions, emphasizing...
Access Bank has launched its first Asian branch in Hong Kong, aiming to strengthen Africa-China trade ties. The new branch, focusing on trade finance, operates under a restricted license, enhancing Access Bank’s global reach amid Hong Kong’s non-Western market pivot.
Nigeria's largest bank...
TAJBank, Nigeria’s second licensed non-interest bank, provides ethical, Sharia-compliant banking services to individuals and businesses. Founded in 2019 by Hamid Joda and Sherif Idi, TAJBank operates from its headquarters in Abuja and has expanded to multiple regions. The bank emphasizes...
Major General Olufemi Olatubosun Oluyede has been appointed as the acting Chief of Army Staff (COAS) of the Nigerian Army by President Bola Tinubu. This appointment comes after the temporary indisposition of Lt. General Taoreed Abiodun Lagbaja. Oluyede has extensive military experience and...
Taiwo Oyedele, chairman of the Presidential Committee on Fiscal Policy, responded to Northern Governors' opposition to the proposed derivation model for VAT distribution. He argued for a fairer system that considers the location of consumption, emphasizing the need for equitable revenue sharing...
BudgIT's 2024 State of States Report reveals that only Lagos and Rivers can cover their operating costs without relying on the Federation Account Allocation Committee. The report highlights significant dependency on federal funding, with 34 states relying on FAAC for 62% of their recurrent...
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