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First Bank suspends dollar transactions on naira debit cards
Banking

First Bank suspends dollar transactions on naira debit cards

First Bank of Nigeria has suspended international transactions using the Naira Mastercard, Naira Credit Card, our Virtual card, and Visa Prepaid Naira card due to the increasing scarcity of foreign exchange in Nigeria. This was revealed in an email sent to customers that Nairametrics obtained titled “Review of Naira Card cross-border limit.” In addition, only […]

Segun Arinze defends foreign models, voiceover artists' ban
Economy

Segun Arinze defends foreign models, voiceover artists’ ban

Veteran actor and President of the Association of Voice Over Artists, Segun Arinze, has defended the ban on foreign models and voice-over artists in Nigeria. Speaking during an interview with CNN on Wednesday, Arinze said that the ban will save forex for Nigeria media companies, adding that it will boost Nigeria’s homegrown talents in the […]

Trapped forex: Expert pushes for ticket purchase in dollars
Aviation featured

Trapped forex: Expert pushes for ticket purchase in dollars

To resolve airlines’ $464m trapped funds, a former Director-General of the Nigerian Civil Aviation Authority, Dr Harold Demuren, proposed that first-class and business class passengers buy tickets in dollars. According to The Punch, Demuren told the Federal Government adding that the economy class passengers can buy their tickets in naira, which he proposed will help […]

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

Harmonise foreign exchange rate – Group tells CBN

The Nigerian Economic Summit Group has urged the Central Bank of Nigeria to harmonise foreign exchange rates as the nation battles scarcity of forex and dwindling value of the naira, amongst other economic challenges. NESG’s call comes hours after the Nigeria Employers Consultative Association asked the government to allocate available forex to manufacturing and other […]

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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  • 8th August 2022
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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 […]

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