The Central Bank of Nigeria has announced the cessation of the practice of accepting foreign currencies as collateral for loans denominated in the local currency, the naira. In a circular issued on April 8, the apex bank directed all Nigerian banks to cease the practice of using foreign currencies as collateral for loans denominated in…
A Nigerian man named Remi has asserted that the ‘Olosho’ business is a multimillion-naira industry in the Lekki area of Lagos State. “I can assure you that ‘Olosho’ is indeed a multimillion industry in Lekki. Please refrain from disputing this fact. You haven’t witnessed what I have witnessed,” he stated on X.
The Lagos State Government has issued a directive to demolish a section of the renowned Landmark Beach Resort to facilitate the construction of the coastal highway for the Lagos-Calabar road project. In a letter dated March 19, 2024, addressed to the proprietor, Paul Onwuanibe, and signed by the Deputy Director of the Development Matters Department,…
The Nigerian Electricity Regulatory Commission (NERC) has issued a directive to electricity distribution companies (DisCos) to reimburse customers who were incorrectly billed at the new rate. According to a statement released on Saturday, April 6, by Abba Terab, the Deputy General Manager in charge of Market Competition and Rates at NERC, customers are to be…
Two days after its Monetary Policy Committee (MPC) meeting, the Central Bank of Nigeria (CBN) has announced a $1.5 billion influx of foreign exchange into the country. According to Mrs. Hakama Sidi Ali, the Acting Director of Corporate Communications at CBN, the data indicates that the inflow is a result of the bank’s initiatives aimed…
The Nigerian National Petroleum Corporation Limited (NNPCL) has refuted claims regarding potential adjustments to the pump prices of Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO). In a statement issued on Wednesday, March 27, the Chief Communications Officer of NNPCL, Olufemi Soneye, dismissed the circulating rumors and urged the public to ignore them completely.…
The Senior Staff Association of Nigerian Universities (SSANU) and the Non-Academic Staff Union (NASU) have ended their seven-day warning strike. In a circular addressed to branch chairmen across public universities nationwide, SSANU President Mohammed Ibrahim instructed SSANU and NASU members to resume their duties from Monday, March 25, 2024. The strike, which commenced on Monday,…
The government of Niger Republic has officially reopened the Konni border for operations today, March 22. This development comes one week after the Nigerian Customs Service, in accordance with the directives of the Presidency, opened the Illela land border between Nigeria and Niger Republic. The Konni border was declared open precisely at noon on Friday.…
The Nigeria Communications Commission (NCC) has announced the restoration of voice and data services that were affected by cable cuts. Dr. Reuben Muoka, the Director of Public Affairs at NCC, made this announcement in a statement issued in Abuja on Monday, March 18. Muoka explained that the disruption, which occurred on March 14, was due…
The United States House of Representatives has overwhelmingly approved a bill that could potentially lead to the banning of the social media giant TikTok within the country, marking a significant move against both China and big tech. The bipartisan-supported bill garnered a resounding vote of 352 to 65 in favor, signaling widespread concern over TikTok’s…
