The Central Bank of Nigeria (CBN) has disclosed that the nation’s official currency, the naira can now stand as a payout option for remittances from the diaspora. The was contained in a circular dated July 10, 2023, and signed by CBN’s Director, Trade and Exchange Department, O.S. Nnaji. Additionally, the apex bank mandated that in … [Read more…]
The Nigerian National Petroleum Company Limited (NNPC Ltd) has restated plans to issue its Initial Public Offer (IPO) to investors very soon. The Group Chief Executive Officer (GCEO) of NNPC Ltd, Mele Kyari said this at the 22nd edition of the 2023 Nigeria Oil and Gas (NOG) Energy conference and Exhibtion on Tuesday in Abuja. … [Read more…]
President Bola Tinubu has suspended the newly introduced Green Tax by way of Excise Tax on Single-Use Plastics, including plastic containers and bottles. The President has also signed an Executive Order suspending the “5% Excise Tax on telecommunication services as well as the Excise Duties escalation on locally manufactured products.” A statement released on Thursday … [Read more…]
The Debt Management Office (DMO) has commended President Bola Tinubu for his economic focus on improved expenditure as a way of reducing public debt levels. The Director-General of the DMO, Patience Oniha, said this in an interview with the News Agency of Nigeria (NAN) on Friday in Abuja. Oniha cited the removal of petrol subsidy … [Read more…]
President Bola Tinubu says Nigeria is ready for business, urging foreign investors to take advantage of the opportunities and ongoing reforms in the country. The President told investors on Thursday in Paris, France, that ongoing reforms including the removal of fuel subsidy and unification of exchange rate, will be sustained for a more competitive economy … [Read more…]
Naira weakened significantly against the United States dollar on the Investors and Exporters (I&E) window on Wednesday, data posted on the FMDQ securities exchange window where forex is officially traded showed. The decline occurred as foreign exchange supply within the market segment plummeted substantially. According to the FMDQ data published, the naira closed at N763.17 … [Read more…]
The Federal Government, on Monday, said six new companies have received approval to import petroleum products into Nigeria. The Managing Director of Nigeria Mainstream and Downstream Petroleum Regulatory Authority (NMDRA), Farouk Ahmed made this disclosure to state correspondents at the Presidential Villa. Farouk stated that apart from the approved six, several companies applied for permit … [Read more…]
The Central Bank of Nigeria (CBN) has declared the removal of cash deposit limitations on domiciliary accounts, saying account holders can withdraw up to $10,000 per day. The apex bank, in a statement made available to Channels Television on Sunday, stated that this followed a June 14 announcement on new guidelines in the foreign exchange … [Read more…]
The Central Bank of Nigeria (CBN) may have embraced the painful, but realistic path to foreign exchange rate convergence, adopting a clean float at the interbank market. The option, a liberalist move that supports the interplay of demand and supply to determine the equilibrium rate, saw the apex bank pulling the trigger on the naira … [Read more…]
The Federal Government, yesterday, offered its first terminal establishment licences under the Petroleum Industry Act (PIA) to Nigeria National Petroleum Company Limited and Balema Oil Producing Limited, while wooing investors into the sector. Offered by the Nigerian Midstream Downstream Petroleum Regulatory Authority (NMDPRA), the move, according to the Chief Executive of the regulator, Farouk Ahmad, … [Read more…]
Governor Abdullahi Sule of Nassarawa State says the government of ex-President Muhammadu Buhari spent more than the $19 billion used in building the Dangote Refinery on maintenance of the country’s refineries. Nigeria has refineries in Kaduna, Port Harcourt, and Warri but none is operational with experts saying the recent launch of the Dangote Refinery would … [Read more…]
The Central Bank of Nigeria has called on the public to disregard the news report published by the Daily trust newspaper titled “CBN Devalues Naira To 630/$1”. In a statement signed by the Ag. Director, Corporate Communications, Isa AbdulMumin, the institution stated that the report was filled with “outright falsehood”. The statement read “The attention … [Read more…]