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Naira falls N777 against dollar after CBN announcement
Economy

Inflation weakened naira 15% in 2022 – NESG

Bisola David   A recently released report by the Nigerian Economic Summit Group revealed that the naira was devalued by 14.9% due to inflation, which was brought on by the Central Bank of Nigeria’s plan to redesign the currency.   In its 2023 Macroeconomic Outlook Report titled “Nigeria in Transition: Recipes for Shared Prosperity,” the […]

Aviation

NAMA shuts Lagos airpot runway Sunday

The Nigerian Airspace Management Agency on Saturday announced the imminent closure of the international runway of the Murtala Muhammed Airport (18R/36L) in Lagos State.   The closure, according to the Amagency, will take effect from 12am to 5pm on Sunday.   NAMA revealed that the temporary closure will enable the repairs on the taxiway.   […]

Banking

Old naira: Commercial Banks to work Saturdays

The Central Bank of Nigeria has announced that commercial banks would work on Saturdays to receive the old Naira notes from customers.   The Leader of the CBN inspection team to Ebonyi State on new Naira notes, Kama Ukpai, said this during an enlightenment campaign to traders, on Friday at Eke Market, Afikpo.   Ukpai […]

Buhari unveils SDG financing framework
News

Buhari didn’t approve petrol price hike – FG

  The Federal Government of Nigeria has denied its involvement in the price increase of petrol despite the hike and scarcity nationwide. In a statement released by his media aide, Horatius Egua, in Abuja on Friday, the Minister of State for Petroleum Resources, Chief Timipre Sylva, claimed that PMS price increases had not been approved […]

News

Nigerians’ll embrace solar energy once FG ends subsidy – Expert

The CEO of Green Technologies, Aaron Esumeh, has predicted a boom in the renewable energy industry once the Nigerian government removes subsidy on petroleum products as proposed. This is as the President, Major General Muhammadu Buhari (retd) announced that fuel subsidies will end in 2023 because it is no longer sustainable. In an interview with […]

Monarchs begs CBN to extend old naira deadline
Banking

CBN to charge banks N1m daily over new currency

Wilson Adekumola     The Central Bank Of Nigeria has said that any commercial bank that failed to comply with the newly redesigned naira notes in terms of picking up for distribution will incur charges of million naira per day.     The Deputy Director on Research, Osun State Bracnch, Adeleke Adelokun made this known […]

CBN fines banks N1m daily over refusal of new naira
Banking featured

CBN fines banks N1m daily over refusal of new naira

Wilson Adekumola   The Central Bank Of Nigeria has said that any commercial bank that failed to comply with the newly redesigned naira notes in terms of picking up for distribution will incur charges of million naira per day. The Deputy Director on Research, Osun State Bracnch, Adeleke Adelokun made this known during the sensitization […]

Business

New FTX CEO plans to revive crypto company

Alex Omenye   FTX’s new chief executive, John Ray, is looking into the possibility of reviving the platform.     John told Wall Street Journal that he has set up a taskforce to explore the restarting FTX.com to “recover more value” for those who lost their money when the company filed for bankruptcy in November […]

News

Buhari regime lifts ban on charcoal, wood exportation

  The Federal Government on Thursday announced that the ban on the exportation wood and charcoal has been lifted. The Minister of Environment, Muhammed Abdullahi, said this during a stakeholders consultative meeting in Abuja on the review of the ban on charcoal and suspension of the export of processed wood and other allied products. The […]

Group backs sale of NNPC
Policy and Regulations

NNPCL PMS pump price rises above N184/ltr

The Nigerian National Petroleum Company Limited, on Thursday, increased the pump price of Premium Motor Spirit at its filling stations in Abuja to N194 per litre from N179 per litre.   Leadership reported that, in Lagos, NNPC filling stations visited displayed N184 per litre for PMS.   This development is coming after weeks of petrol […]

Business

Netflix co-founder resigns, company hits 230m subscribers

Christian George   Netflix co-founder and co-CEO, Reed Hastings, is stepping down after piloting the affairs of the company for about two decades.   This is just as the streaming giant announced that its number of subscribers peaked to 230 million in 2022.   The news about Hastings’ resignation was made available on the company’s […]

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