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Abuja will experience power outages from January 6 to 21, 2025, due to the relocation of transmission towers along the Outer Southern Expressway. Areas affected include Lugbe, Airport Road, Nyanya, and Mararaba. The AEDC apologized for the inconvenience and thanked residents for their...
Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), confirmed that 1,000 staff exits from the bank were voluntary. The restructuring initiative, aimed at enhancing efficiency, offered staff career progression opportunities. The House of Representatives continues its investigation...
Nigerian telecom operators, including MTN, propose a 100% tariff hike, citing rising operational costs like inflation and exchange rate fluctuations. The proposal, submitted to the Nigerian Communications Commission (NCC), faces uncertain approval. The hike aims to sustain the sector amid...
NNPC invites former President Olusegun Obasanjo to visit the rehabilitated Port Harcourt and Warri refineries to verify their operational status. This follows Obasanjo's concerns about the refineries' inefficiency and NNPC’s transparency. The company reassures the public of its commitment to...
The Nigerian government plans to reduce crude oil supply to Dangote Refinery from 300,000 barrels per day due to the onstreaming of Warri and Port Harcourt refineries. This move is part of the Naira-for-Crude initiative, aimed at increasing local refining capacity and competition in the...
The Association of Telecommunications Companies of Nigeria (ATCON) has called for an increase in call tariffs by Q1 2025 to help telecom operators improve service quality and address the impact of currency depreciation on infrastructure. The move aims to ensure the sustainability and growth of...
![Today's Naira Rate [31-12-2024]: Naira Sees Improvement as Parallel Market Rate Drops to N1,650](/data/attachments/211/211938-c67b02c939f9c8481152d37dbd74bdcd.jpg?hash=hFfFcRmkeL)
Nigeria
Today's Naira Rate [31-12-2024]: Naira Sees Improvement as Parallel Market Rate Drops to N1,650
The Nigerian Naira appreciated to N1,650 per dollar in the parallel market on December 31, 2024, from N1,655 the previous day. In the official market, the currency strengthened to N1,535 per dollar. The Central Bank of Nigeria plans policy changes to reduce the gap between the parallel and...
First Bank of Nigeria has dismissed 100 senior executives as part of a 2025 restructuring plan under new MD Olusegun Alebiosu. Chairman Femi Otedola leads the shakeup, targeting leadership renewal. High-profile exits include Folake Ani-Mumuney and others, amid allegations of financial misconduct...
Mele Kyari, GCEO of NNPC, has announced that the Warri Refinery is now operational, producing 125,000 barrels daily despite ongoing rehabilitation. While work remains, this marks significant progress in Nigeria’s refinery revitalization efforts, with stakeholders optimistic about the refinery's...
Nigeria receives a $1.5 billion loan from the World Bank to support fuel subsidy removal and tax reforms. The loan, disbursed in two tranches, strengthens the government's economic stabilization efforts. It follows a series of reforms, including deregulating the fuel market and submitting a tax...
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