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Naira falls N777 against dollar after CBN announcement
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Trapped funds: CBN to give foreign airlines $150m
Economy

Why govt should make forex available for manufacturers – NECA

The Nigeria Employers Consultative Association has revealed why the Nigerian government should allocate available forex to manufacturing and other productive sectors of the economy. According to the Director-General, NECA, Mr Wale Oyerinde, the available forex to manufacturing and other productive sectors of the economy should be given priority towards resolving the challenges faced by the nation. […]

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Naira falls N777 against dollar after CBN announcement
Economy

EFCC threatens to arrest dollar hoarders over naira fall

Following the increasingly fall of the Naira, the Economic and Financial Crimes Commission has threatened to arrest Nigerians hoarding dollars and other foreign currency The Chairman of the anti-graft agency, Abdulrasheed Bawa, said this during a meeting with representatives of the Bureau De Change operators on Friday. Bawa’s meeting with the BDC operator was a […]

Aviation

Domestic airlines lose N4.3bn yearly -Ibom Air CEO

The Chief Operating Officer of Ibom Air, George Uriesi, said domestic airlines lose at least N4.3 billion annually due to their inability to operate 24 hours flights daily to the airports of their choice. Uriesi made this known while speaking at the 26th Annual Conference of the League of Airport and Aviation Correspondents on Thursday […]

Bismarck Rewane
Economy

More firms may collapse over rising FX, fuel cost – Expert

An economist and Chief Executive Officer at Financial Derivatives Company Limited, Bismark Rewane, has predicted that the high cost of power, fuel and rising foreign exchange will lead to the collapse of many businesses. In a telephone interview in Lagos, Rewane said that businesses were under pressure and the margins were being compressed. He noted […]

News

Forex trader bags two years jail for N20m theft

A forex trader identified as Shola Henry was sentenced to two years imprisonment on Tuesday by the Domestic Violence and Sexual Offences Court, Ikeja, Lagos State, for N20m theft. The Economic and Financial Crimes Commission had arrested the convict after it received a petition from a businessman, Anyasi Matthew, who claimed that Henry defrauded him […]

Energy

Cabals benefit from petrol imports, frustrate local refineries –IPMAN

The massive imports of Premium Motor Spirit, popularly called petrol, using the United States dollar, will continue to put pressure on the naira and cause a further devaluation of the local currency, the National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, Chief Ukadike Chinedu, explains in this interview  The amount spent as subsidy […]

Trapped funds: CBN to give foreign airlines $150m
Economy

Forex inflow falls by 37% in one month -CBN

The foreign exchange inflows into the country fell by 36.7 per cent in one month to $4.36bn in January, figures obtained from the Central Bank of Nigeria have shown. The CBN  revealed in its report on ‘Foreign exchange flows through the economy’ that the economy recorded lower net foreign exchange inflow in January, driven, mainly, […]

Jet A1 hike threatens airlines' existence - Ibom Air COO
Transportation

Airlines, oil marketers disagree over JET-A1 price

Nigerian airline operators are currently at loggerheads with oil marketers over the rising prices of JET-A1, also known as aviation fuel. While marketers have defended the price, which is as high as N600 per litre, airlines have insisted that it is too high, accusing marketers of exploitation. As a result, airlines have threatened to shut […]

News

Bakers hike bread price again, cite forex crisis, others

Bakers under the aegis of the Premium Breadmakers Association of Nigeria have said they will increase the price of bread, effective Monday (today). The President of the association, Emmanuel Onuorah, who made the disclosure in an interview with our correspondent on Sunday, said the increase became inevitable due to soaring costs of operations. He said, […]

Trapped funds: CBN to give foreign airlines $150m
Economy

Massive job cut looms as dollar hits N590

The lingering foreign exchange scarcity in the country has continued to worsen even as the exchange rate on the parallel market is inching towards N590/$1, our correspondent has learnt. The development may lead to massive job loss in the manufacturing industry, among other sectors, according to the Manufacturers Association of Nigeria. The development comes over […]