Economy

Black Market Exchange Rate: Today’s USD to NGN Rate on June 22nd, 2024

Mfon Ekanem - June 22, 2024

The current state of the Dollar to Naira exchange rate in Nigeria, particularly in the informal market known as the black market or parallel market, remains a topic of significant interest and concern among Nigerians. As of June 21,...

Economy

Nigeria: May Sees a 70.12% Increase in Cooking Gas Prices, Reports NBS

Emeka Udeh - June 21, 2024

In May 2024, the average retail price of refilling a 5kg cylinder of Liquefied Petroleum Gas (LPG), commonly referred to as cooking gas, surged by 70.12% compared to the previous year, reaching N7,418.45 from N4,360.69 in May 2023, as...

Economy

Nigeria seeks 18-month deadline extension for World Bank’s $800 million palliative loan

Abbah Umar - June 19, 2024

Nigeria has formally requested an 18-month extension on the closing date of the World Bank’s $800 million palliative loan. This strategic move is intended to bolster the country’s social safety net programs in response to escalating inflation and economic...

Economy

Economic Crunch in Nigeria – Access to Basic Necessities

Emeka Udeh - June 19, 2024

In Nigeria, the economic landscape has been shaped by a series of challenges that have tested the resilience of its people. Amidst fluctuating oil prices, political instability, and the global pandemic, accessing basic necessities has become increasingly difficult for...

Aviation

FG summons 80 private jets owners over operating papers, Import duty

Abbah Umar - June 18, 2024

The Federal Government, through the Nigerian Customs Service (NCS), has embarked on a renewed effort to address the issue of improperly imported private jets in the country. This initiative which has seen about 80 operators of private jets summoned to...

Economy

Who Are the Vandals Sabotaging Nigeria’s Infrastructural Efforts?

A Effanga - June 17, 2024

In recent years, Nigeria has made concerted efforts to improve its infrastructure, from roads and bridges to pipelines and power installations. However, these efforts are being significantly hampered by a persistent problem: vandalism. Vandalism of infrastructure not only hinders...

Economy

Customs Seizes N4.1 Billion Worth of Narcotics from Canada and India at Lagos Seaport

Emeka Udeh - June 15, 2024

The Tin Can Island Command of the Nigeria Customs Service (NCS) made a significant announcement on Friday regarding their interception of illicit substances imported into the country, underscoring their commitment to safeguarding national security and public health. According to...

Economy

Amidst economic challenges another international firm exits Nigeria

Abbah Umar - June 15, 2024

Another setback has hit Nigeria as American fund management firm BlackRock Inc. has announced it is selling off its equity investments in the country citing liquidity challenges in these markets and difficulty in repatriating funds in dollars. BlackRock Inc. also...

Economy

“Nigerians Seek Higher Minimum Wage of N100,000, Not Political Statements, Idam Urges Tinubu”

Mfon Ekanem - June 15, 2024

Human rights activist and lawyer, Maduabuchi Idam, has voiced concerns over President Bola Tinubu's apparent lack of commitment to the welfare of Nigerian workers, specifically criticizing the proposed national minimum wage of N62,000. Idam emphasized that this figure is...

Economy

Nigerian Banking Sector Loses N14.71 Billion to Fraud Over Five Years

Mfon Ekanem - June 14, 2024

The Nigerian banking sector has experienced significant financial losses due to a marked increase in fraudulent activities over the past five years. This alarming trend has raised concerns about the security measures in place and the evolving tactics used...

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