forex
3 days ago
Financial analysts have stated that a stable foreign exchange regime would facilitate speedy return to profitability of Nigerian Breweries Plc and other multinationals that were hit by a gale of foreign exchange headwind in the 2023 financial year. This is coming as the company has announced strategic business recovery plans designed to return it…
17 Apr
Just last week, Nigeria’s local manufacturing sector was dealt a huge blow as one of the biggest brewers in the country, Nigerian Breweries, announced that it is suspending operations in two of its nine breweries.
23 Mar
The Supreme Council for Shari’ah in Nigeria (SCSN) has expressed concern over the present exchange rate of naira to dollar and the potential threat of the situation to Nigeria’s participation in this year’s Hajj in the Kingdom of Saudi Arabia.
20 Mar
The Central Bank of Nigeria (CBN) has lifted foreign exchange (forex) restrictions on the importation of milk and dairy products in the country. CBN announced the lifting of forex restrictions in a communique to all the commercial banks in Nigeria dated Tuesday, March 12, 2024, with the reference number TED/FEM/PUB/FPC/001/010. “Please be informed that the…
15 Mar
Small businesses and consumer goods firms are facing heavy disruption in their supply chain and operational costs due to inflation, currency risk, removal of fuel subsidies leading to a significant increase in energy costs, and scarcity of foreign exchange (FOREX).
4 Mar
Justice Lewis Allagoa of a Federal High Court in Lagos, on Monday, struck out the charge against 19 Bureau De Change (BDC) Operators, following the withdrawal of the case.
19 Feb
The Poultry Association of Nigeria (PAN), Lagos State Chapter, has blamed increase in the price of egg on the fluctuating foreign exchange rate and greed by some middlemen.
17 Feb
Those who know Mr. Olayemi Cardoso will agree he got his current job as the Governor of Central Bank of Nigeria on a platter of solid professional background and strong personal attributes. His pedigree is rich as his character is unsullied. Cardoso had a remarkable private sector career where he shone brilliantly in banking, stockbroking…
3 Feb
The Center for Fiscal Transparency and Integrity Watch (CFTIW) on Saturday raised the alarm over the free fall of the naira and its adverse effects on Nigerians and the economy. The Central Bank of Nigeria (CBN) has issued regulations to mitigate the forex crisis, the recent being a circular directing the "Harmonisation of Reporting Requirements…
3 Feb
Nigeria's central bank has said there was no plan to convert the funds in domiciliary accounts to naira. Media reports had claimed that the bank planned to convert about $30 billion in the accounts to naira to halt the Nigerian currency's free fall. "This news is fake," CBN said on its X account said on…
30 Jan
The Central Bank of Nigeria (CBN) has announced the complete payment of foreign exchange (FX) owed to all foreign airlines operating in the country.
Latest
3 mins ago
Authorities have confirmed the escape of 118 inmates from the Suleja Medium Security Custodial Centre, Niger state, following a heavy downpour that wreaked havoc on the facility, Wednesday night. The rain which lasted hours was said to have destroyed part of the main facility and the perimeter fence giving way for the inmates to escape.…
7 mins ago
A yet-to-be-identified elderly passenger has passed away in a commercial bus while travelling along the Ogbomoso-Ilorin expressway in Kwara State. Eyewitnesses said the deceased was believed to be in his late 60s. The incident, which left fellow passengers in shock, reportedly occurred after the bus experienced mechanical problems near Ote town. According to Abeni Okin,…
10 mins ago
A Nigeria woman, Clara Chizoba Kronborg, has broken the Guinness World Record (GWR) for the longest interviewing marathon. Kronborg who is a social media entrepreneur broke the world record with a time of 55 hours and 24 seconds, according to GWR. Kronborg in setting a new record smashed the previous one which was 37 hours…
18 mins ago
Gunmen suspected to be terrorists have killed two people, including the chairman of the All Progressive Congress (APC) for Mai Dabino community in Danmusa Local Government Area of Katsina State, Saidu Basa. The incident occurred on Wednesday afternoon at about 3:30 pm, along the road leading from Mai Dabino to Danmusa. It was learnt that…
28 mins ago
A former Director-General of the Bureau of Public Service Reforms, Dr. Joe Abah, has narrated how an air crash was averted in Lagos on Friday. Abah, who made this disclosure in a post on his X handle, said he boarded a 7:00 am Ibom Air flight in Lagos, heading to Abuja. The flight also had…
28 mins ago
US-led coalition forces shot down four drones and an anti-ship missile launched by Yemen's Huthi rebels, American authorities said Thursday, as the Iran-backed group announced strikes against US and Israeli ships.
46 mins ago
A fire incident disrupted flights at the Murtala Muhammed International Airport (MMIA), Lagos, on Thursday morning. The Federal Airports Authority of Nigeria (FAAN), in a statement on Thursday, said smoke was detected emanating from the E54 bridge at 05:29 hrs. FAAN's director of public affairs and consumer protection, Obiageli Orah, said the airport engineers immediately…
52 mins ago
The death toll from a migrant boat disaster off Djibouti this week has risen to 24, the UN's migration agency said, highlighting a sharp increase in the number of people returning from Yemen to the Horn of Africa nation this year.
1 hour ago
US far-right conspiracy website Gateway Pundit is filing for bankruptcy, its founder said Wednesday, as it battles a string of lawsuits alleging it promoted misinformation related to the 2020 election.