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CBN caps BDC forex sales at $5,000

The Central Bank of Nigeria has implemented a new policy limiting bureau de change operators to a maximum cash sale of $5,000 for foreign exchange transactions. This directive, part of the Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024/2025, aims to regulate cash sales in the foreign exchange market to enhance […]

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Enugu seals N40bn deal to revitalize Sunrise Flour Mills

The Enugu State Government has secured a significant agreement worth N40 billion with Jelfah Nigeria Limited to revitalize the long-abandoned Sunrise Flour Mills in Emene. This landmark deal aims to restore the mill’s operations and boost the local economy. The Governor, Peter Mbah disclosed this in a statement posted on his official X account on […]

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NNPCL petrol pricing decisions illegal – Falana

Senior Advocate of Nigeria and human rights activist, Femi Falana has declared that it is “illegal” for the Nigerian National Petroleum Company Limited to set the prices of Premium Motor Spirit, commonly known as petrol, following deregulation. This was disclosed in a statement by Falana on Tuesday, according to Channels. Falana stated that this action […]

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CBN to expand eNaira use for govt payments, MDAs transactions

The Central Bank of Nigeria plans to broaden the use of its digital currency, eNaira, to streamline payments into government accounts and enable Ministries, Departments, and Agencies to process vendor and beneficiary payments. This initiative is outlined in the CBN’s newly released Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024-2025. According […]

eNaira hits 905k downloads
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eNaira: Nigeria among top countries leading digital currency adoption

Nigeria has been recognized as one of the top three countries globally where Central Bank Digital Currency has gained significant traction. According to a report released by the U.S.-based Atlantic Council on Tuesday, as of September 2024, Nigeria, along with the Bahamas and Jamaica, is among the few countries that have fully launched a CBDC. […]

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Akwa Ibom allocates N60bn to acquire CRJ900 aircrafts

Akwa Ibom State Governor Pastor Umo Eno has announced a significant financial investment of N60 billion to Ibom Air for the purchase of two new Bombardier CRJ900 aircraft. This strategic investment aims to bolster the airline’s expansion efforts and enhance regional air transportation. Governor Eno revealed the allocation during a meeting with the socio-cultural organization […]

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CBN maintains 5% threshold for Ways and Means advances

The Central Bank of Nigeria has confirmed that it will maintain the Ways and Means Advances to the federal government at a 5% threshold for the fiscal years 2024-2025. This commitment was outlined in the Monetary, Credit, Foreign Trade and Exchange Policy Guidelines for Fiscal Years 2024-2025, released by the CBN on Tuesday. The guidelines […]

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FG launches $550m Ubeta upstream gas project

The Presidency has officially launched a $550 million upstream gas project between the Nigerian National Petroleum Corporation Limited and TotalEnergies, focused on developing the Ubeta field. This announcement was made by the Special Adviser to the President on Energy, Olu Verheijen during the inaugural US-Nigeria Strategic Energy Dialogue hosted by the US State Department in […]

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UN announces $6m aid for Borno flood victims

The Humanitarian Coordinator in Nigeria, Mohammed Fall announced on Tuesday that the Nigeria Humanitarian Fund will provide $6 million to aid flood victims in Borno State. This funding comes in response to the collapse of Alau Dam, located about 10 miles south of Maiduguri, Borno’s capital, on September 10. The dam’s failure has forced hundreds […]

FG deducts N256.5bn for gas projects in six months
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FG eyes $1.5bn GDP through Halal economy

The Nigerian government has announced that it will unveil a comprehensive strategy on Wednesday aimed at establishing the country as a prominent player in the $7 trillion Halal economy. Additionally, the government outlined plans to boost its Gross Domestic Product to $1.5 billion by 2027 through targeted strategic initiatives. The Special Assistant to the Vice […]

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CBN appoints Gidado as Polaris Bank board chair

The Central Bank of Nigeria has announced the new board of directors for Polaris Bank. In a statement released on Monday, the bank revealed that Kassim Gidado has been appointed as the board chairman. Gidado, who is currently the Chief of Staff at MAG Group Limited and an advisor to various governments, will lead the […]

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FG reassures civil servants of IPPIS database security

The Federal Government has reaffirmed the security of the Integrated Personnel and Payroll Information System database, following concerns about its safety. The Office of the Accountant-General of the Federation, through Director of Press and Public Relations Bawa Mokwa, issued this reassurance on Monday in Abuja, according to The Punch. Recent reports suggested that the IPPIS […]

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