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Nigeria’s external reserves rise to $34.66bn, highest in 13 months

Nigeria’s overseas reserves have risen again, this time by $1.88 billion to $34.66 billion as of July 4, 2024, a thirteen-month high. This was revealed in the foreign reserve historical data foreign ofCentral Bank of Nigeria, according to Nairametrics. The surge in foreign reserves is partly due to a series of financial commitments from Afrexim […]

Petrol queues surface in Lagos, Abuja after Tinubu's subsidy announcement
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Fuel scarcity in Abuja cause by thunderstorm – NNPCL

The Nigeria National Petroleum Corporation Limited has ascribed the recent scarcity and increase in fuel prices in Abuja to difficulties in product transit caused by thunderstorms and other weather-related issues. This was disclosed in a statement by the Chief Corporate Communications Officer of NNPCL, Olufemi Soneye via his official X handle on Monday. Soneye identified […]

FG deducts N256.5bn for gas projects in six months
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Credit to government jumped by N8.4tn in May 2024

Credit to the government increased by N8.4 trillion in May 2024, dwarfing private sector credit growth by six times during the same period. This is based on the latest money and credit statistics data from the Central Bank of Nigeria for May 2024, according to Nairametrics. According to CBN data, credit to the government accounts […]

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Abuja high court grants MTN’s petition against NCC

The Federal High Court in Abuja on Monday granted the Office of the Attorney General of the Federation the authority to take over and evaluate an alleged copyright infringement case against MTN Nigeria Communications Limited and its CEO, Karl Toriola, in response to a plea filed by the latter. It was previously reported that MTN […]

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NELFUND opens student loan applications for tertiary institutions

The Nigerian Education Loan Fund has officially launched the application process for student loans across 36 state-owned tertiary institutions in Nigeria. This announcement was made via a statement released by NELFUND’s management on Sunday through its official X (formerly Twitter) account. According to NELFUND, these institutions have successfully submitted their student data to the NELFUND […]

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NIGCOMSAT partners Dimension Data to upgrade facilities

The Nigerian Communication Satellite Limited has inked a partnership deal with Dimension Data, a leading IT solutions provider. This is a bold step to improve its services by upgrading its technology to cutting-edge standards. This was disclosed by the company in a press release on Monday, according to The PUNCH. In the statement, the Managing […]

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Customs duties exchange rate falls to N1,512/$

The currency rate for customs duty collection fell from N1516/$ to N1512/$ between July 5th and July 7th, 2024. This reflects a decrease in N4 when compared to the preceding rate. The decrease in the exchange rate represents the dip in rates during the 4th and 5th of July 2024, when the official market rate […]

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MTN paid N549bn taxes, levies to FG in 2023

MTN Nigeria Communications Plc has revealed that it paid N549.3 billion in taxes and levies to the Nigerian government. This was disclosed in the company’s 2023 Sustainability Report filed with the Nigeria Exchange Limited. According to the report, MTN Nigeria increased its connectivity to 79.7 million people, achieving 92.9% countrywide coverage. “We are proud of […]

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Opay meets NDIC N5m depositors fund insurance requirement

OPay, one of Nigeria’s major financial technology businesses, has guaranteed its customers that their deposits are now insured up to N5 million, the industry benchmark set by the Nigeria Deposit Insurance Corporation. This was disclosed in a statement by Opay on Sunday. This not only demonstrated its commitment to financial security but also matched it […]

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FG seals filling station, petrol tankers in anti-smuggling operations 

The Federal Government has detained five fuel tankers and sealed three filling stations in border cities, as part of efforts to combat the smuggling of Premium Motor Spirit, also known as petrol, from Nigeria to neighboring nations, according to The PUNCH. According to a report released on Sunday, the Federal Government’s sustained anti-smuggling activities through […]

NITDA to develop blockchain "Nigerium" for data Security
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NITDA to develop blockchain “Nigerium” for data Security

The National Information Technology Development Agency has unveiled plans to create an indigenous blockchain named “Nigerium,” aimed at safeguarding Nigeria’s data and enhancing national security. This initiative responds to concerns that widely used blockchain technologies, such as Ethereum, are predominantly controlled by foreign developers who may not prioritize Nigeria’s interests. Kashifu Abdullahi, Director General of […]

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