business
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Nigeria’s local currency is currently exchanging above 2,000 naira against the Great Britain Pound at the parallel market. A Bureau de Change operator at Wuse Zone 4, Malam Ibrahim, confirmed the rates on Monday. He said, Yes it is true, we are currently selling above N2,000 for the pounds and it is still about the […]
The Nigerian government has cracked down on underperforming power distribution companies (Discos), announcing they could lose half their operating expenditures if they fail to meet stipulated standards. This warning came through the Nigerian Electricity Regulatory Commission (NERC) at the recent NESI Stakeholders Meeting in Lagos. The NERC emphasized that each Disco’s performance will be individually […]
Retired General Jones Oladeinde Arogbofa, who served as Chief of Staff to former President Goodluck Jonathan, passed away on Saturday in Abuja. He was 72 years old. Arogbofa, a native of Ondo State, had a distinguished career in the Nigerian Army, rising to the rank of Brigadier General before his retirement in 2004. He later […]
Access Holdings Plc has announced the appointment of Ms. Bolaji Agbede as the Acting Group Chief Executive Officer. This follows the death of its former Group Chief Executive Officer, Dr. Herbert Wigwe. Wigwe died in a helicopter crash alongside his wife, son, and a former chairman of the Nigerian Exchange Group, Abimboloa Ogunbanjo on Friday. statement […]
The Federal Government has entrusted the Bank of Industry (BOI) with the role of serving as the executing agency for a substantial N200 billion fund, designed to bolster businesses across Nigeria. This initiative, spearheaded by the Federal Ministry of Industry, Trade, and Investment (FMITI), comprises three distinct funds: the Presidential Conditional Grant Scheme (PCGS), the […]
The Federal Government through the Central Bank of Nigeria has raised the exchange rate for cargo clearance from N952/$ to N1.356/$ This is coming weeks after the rate was increased from N783/$ to N952/$. In November, the exchange rate for cargo clearance was raised from N757 per dollar to N783 per dollar, representing a 3.4 […]
Oil marketers raised anxieties recently, expressing fear that the Naira’s depreciation against the dollar (currently around N1,450/USD) could translate to higher pump prices for petrol. They questioned how the Nigerian National Petroleum Company Limited (NNPCL) could maintain current subsidized fuel costs with increasing import costs. However, at an event in Abuja, the Minister of State […]
Bureau de Change (BDC) operators in Abuja have pulled down their shutters, citing a critical shortage of US dollars. This announcement, made by association chairman Abdulahi Dauran, comes as the Nigerian Naira continues to depreciate against the greenback. The Naira hit an all-time low of N1,482 per dollar on the official market on Tuesday. Meanwhile, […]
The Lagos State government is gearing up for a major infrastructure push in 2024, allocating a whopping 550.68 billion naira to develop and maintain critical projects across the state. This ambitious plan, announced by Commissioner of Economic Planning and Budget Ope George, represents 24.28% of the entire budget and reflects a strong commitment to improving […]
The Independent Media and Policy Initiative (IMPI), an advocacy group, voiced support for President Bola Tinubu’s ambitious plan to cultivate 500,000 hectares of land across the country, potentially aiding in lowering food costs. At a press conference in Abuja, the group’s Chairman, Niyi Akinsiju, lauded the collaboration between the federal government and state governments on […]
