In response to a runway excursion incident involving Dana Air, which occurred at the Murtala Muhammed International Airport in Lagos, the Ministry of Aviation and Aerospace Development has directed the Nigerian Civil Aviation Authority (NCAA) to suspend the airline pending comprehensive audits on its fleet. The ministry’s Permanent Secretary, Dr. Emmanuel Meribole, issued a letter…
Data from the FMDQ securities exchange revealed that on Monday, April 22, the value of the naira depreciated against the United States dollar to N1,234 at the official foreign exchange market. This exchange rate signifies a decline of N65 or 5.26 percent from the rate of N1,169.99/$1 recorded on Friday, April 19. Earlier in the…
Foreign portfolio investment (FPI) inflows into Nigeria’s stock market surged by 167.8 percent Year-on-Year (YoY) to N118.92 billion in February 2024 from N44.52 billion in the same period of 2023. This increase was fueled by enhanced liquidity in the foreign exchange (FX) market, following reforms by the Central Bank of Nigeria (CBN). According to the…
Minister of Finance and coordinating minister of the economy, Wale Edun, has revealed that Nigeria has successfully obtained a $2.25 billion loan from the World Bank, featuring a remarkably low interest rate of 1%. Addressing attendees at the annual meetings of the International Monetary Fund (IMF) and World Bank Group on April 20, Edun announced…
The Federal Competition and Consumer Protection Commission (FCCPC) has emphasized its determination to combat price fixing by businesses. In a statement shared on its official X handle on Sunday, April 14, the FCCPC underscored its commitment to safeguarding consumers’ interests and ensuring fair market practices, particularly regarding pricing. “While the commission cannot directly control prices,…
On Friday, April 12, the Naira witnessed a significant appreciation at the official market, reaching N1,142.38 against the dollar. The improvement in the Naira’s value was evident from data obtained from the official trading platform of the FMDQ Exchange. The platform, responsible for overseeing the Nigerian Autonomous Foreign Exchange Market, indicated that the Naira gained…
According to the latest Monthly Oil Market Report for April 2024 from the Organisation of Petroleum Exporting Countries (OPEC), Nigeria experienced a decline in its crude oil production for the second consecutive month this year, dropping to 1.231 million barrels per day in March. OPEC’s report, which obtained crude oil production details directly from Nigeria,…
The presidency has expressed confidence that the Naira will witness a significant boost by the first quarter of 2025, thanks to recent interventions in the foreign exchange market and the full resumption of operations by the refineries. Speaking to state house correspondents on Thursday, April 11, the Special Adviser to the President on Media and…
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.
