Similar to the Central Bank of Nigeria (CBN) and the Federal Airports Authority of Nigeria (FAAN), the Nigerian Upstream Petroleum Regulatory Commission is contemplating relocating some of its units to Lagos state. In a circular dated February 14, 2024, the agency stated that the decision is motivated by the desire to improve service delivery, lower…

On Monday, February 12th, 2024, the official NAFEM market saw the closing exchange rate between the naira and dollar hit N1,534/$1, marking the weakest performance ever recorded for the naira against the dollar at the end of a market session, according to reports from Nairametrics. Throughout the day, the intra-day high and low values stood…

Herbert Wigwe, the Chief Executive Officer of Access Holdings, and his wife, Chizoba, tragically lost their lives in a helicopter crash in California on Friday night, February 9. Reports indicate that the helicopter was en route to Las Vegas when it crashed near Boulder City, situated between Nevada and California. The San Bernardino Sheriff’s Department…

The Nigeria Labour Congress (NLC) and the Trade Union Congress of Nigeria (TUC) have jointly issued a 14-day ultimatum for a nationwide strike to the Federal Government. This ultimatum comes in response to the government’s failure to fulfill the 16-point agreement reached with organized labour (NLC and TUC) on October 2, 2023. Despite the diligent…

The Nigerian National Petroleum Corporation Limited (NNPCL) has refuted rumors of any intention to raise the price of Premium Motor Spirit (PMS), commonly referred to as petrol. In a statement released on Thursday, February 8, the Chief Corporate Communications Officer of NNPCL, Olufemi Soneye, urged Nigerians to refrain from engaging in panic buying of petrol.…

Justice Ambrose Lewis-Allagoa of the Federal High Court, Ikoyi, Lagos State, has issued a directive compelling the federal government to establish price regulations for various goods and petroleum products within a seven-day period. The judge’s ruling came in response to a motion presented and argued by Femi Falana SAN, a respected human rights activist. Falana…

The National Agency for Food and Drug Administration and Control (NAFDAC) has officially prohibited the production and sale of alcoholic beverages in sachets containing less than 200ml. Prof Mojisola Adeyeye, the director-general of NAFDAC, revealed that the five-year grace period granted to manufacturers to cease the production of such drinks in sachets and PET bottles,…

The Central Bank of Nigeria has rejected reports suggesting that it intends to convert $30 billion in domiciliary deposits held in Nigerian commercial banks into Naira. The initial claim, reported by Punch, suggested that this measure was being considered to stabilize the national currency. According to a “Presidential source,” the government was concerned about forex…

The Federal Government is contemplating a policy shift that would lead to the conversion of foreign currencies held in citizens’ domiciliary accounts to the Nigerian naira in an effort to stabilize the national currency. If the plan is implemented successfully, the government will mandate the conversion of foreign currencies residing in both individual and corporate…

The Senate has issued a directive for the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, to appear before it on Tuesday, February 6. The summons is in relation to concerns about the current state of the economy and the fluctuating value of the Naira in the foreign exchange market. Led by Senator…