Banks sell $172m as CBN, EFCC battle currency speculators

The naira gained marginally against the United States dollar at the Nigerian Autonomous Foreign Exchange Market on Tuesday, closing at N1,542.58/$ from N1,551/$ recorded on Tuesday. The rate represents a…

IMF sees Naira depreciating by 35% to N2,081/$1 in official market

The International Monetary Fund, IMF, has warned that the official exchange rate may further depreciate by about 35 per cent, this year, adding that this could lead to inflation rate…

CBN FX gateway bank may impact banks’ liquidity – Fitch

Credit rating agency, Fitch Ratings, has said that the proposed foreign currency gateway bank announced by the Central Bank of Nigeria may have a negative impact on the liquidity of…

Naira weakens as banks’ dollar sales plunge by $252m

Dollar sales by Deposit Money Banks and other entities at the Nigeria Autonomous Foreign Exchange Market dropped by $252m to $84.1m on Friday. This represents a 74 percent drop from…

Three states emerge highest in foreign investments in Nigeria – NBS

Lagos, the Federal Capital Territory and Rivers have emerged as states with the highest foreign investments in the fourth quarter of 2023. The National Bureau of Statistics disclosed this in…

Stakeholders want private sector partnership on food security

Tackling the growing problem of food insecurity and malnutrition in the country was at the front burner when stakeholders met during the SUN Business Network Annual Meeting held in Lagos…

Power minister laments as electricity subsidy rises to N3tn

The indebtedness of Nigeria’s power sector to electricity generating companies and gas producers has risen to about N3.3tn, the Federal Government declared on Wednesday. It also revealed that subsidy on…

Dangote refinery to export two fuel cargoes – Report

The Dangote Petroleum Refinery has issued tenders to sell two fuel cargoes for export, the first from the newly commissioned refinery, trading sources with knowledge of the matter told Reuters.…

Naira gains at official market, weakens to N1500/$ parallel market

The naira gained marginally against the United States dollar on Tuesday, appreciating to N1,499/ from an all-time low of N1,534/$ on the official Nigerian Autonomous Foreign Exchange Market. This means…

Audit report: No record of funds recovered between 2016-2019

The Central Bank of Nigeria (CBN) has no records of monies recovered by the Economic and Financial Crimes Commission (EFCC) between 2016 and 2019 as required. This is according to…

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