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The Nigerian National Petroleum Company Limited and fuel marketers under the aegis of the Independent Petroleum Marketers Association of Nigeria, on Tuesday, clashed again over the removal of subsidy on petrol. This came against the backdrop of the depreciation of the naira against the United States dollar at both the official Investors & Exporters Window and the parallel market. On Tuesday, the local currency closed at 998/dollar at the official […]
The Central Bank of Nigeria (CBN) has assured depositors and customers of Nigerian banks of the safety of their funds in the banks. The Acting Director, Corporate Communications Department of the CBN, Hakama Sidi-Ali, gave the assurance in a statement on Wednesday.According to Mrs Sidi-Ali, the assurance was informed by reports about a recommendation for the federal government to take over some CBN-supervised financial institutions. The News […]
About a week to Christmas Day, shoppers have condemned the worsening naira scarcity, with many of them expressing frustration over their inability to make vital purchases for the Yuletide celebration. Findings by The PUNCH on Sunday revealed that banks were still rationing cash over-the-counter, while several Automated Teller Machines visited did not dispense cash. Our correspondents who visited ATM galleries in Lagos, Abuja, Osogbo, Makurdi, Sokoto, Edo, and Gusau, among […]
The Central Bank of Nigeria (CBN) on Thursday said the country’s inflation rate and the pressures on the exchange rate will reduce in 2024. While the country’s inflation rate jumped to 27.33% in November – the highest in 18 years, the apex bank’s governor Yemi Cardoso projects a slump in 2024. “The outlook for the domestic economy remains positive and is expected to maintain the positive trajectory for 2024,” he […]
By Oduyemi Odumade The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says some of the taxes and levies collected in the country were not remitted to the Government coffers. The Minister who stated this when he appeared before the House of Representatives Committee on Appropriation said although there was multiplicity of taxes and levies in the country, only nine of such taxes are paid to […]
By Oduyemi Odumade The Speaker of the House of Representives, Dr. Abbas Tajudeen has decried that Nigeria loses over 300,000 barrels of crude oil per day due to theft, vandalism and other criminal activities. Dr. Abbas who stated this in Abuja at the inauguration of a special committee to investigate Oil and crude oil theft in the country also said that the nation was reported to be incurring losses […]
By Oduyemi Odumade The House of Representatives Committee on Defence has expressed concern over the distressing state of the Defence Industries Corporation of Nigeria, DICON, emphasises the imperative of revitalizing the corporation. we Speaking with newsmen in Abuja, the Chairman of the Committee, Mr. Babajimi Benson who explained that DICON was established in 1964 to provide the material needs of the nation's Armed Forces and other security agencies, explained that […]
By Georgina Humphrey The Federal Government has inagurated a 10- man Committee to strengthen the mechanism for full scale and industrial production of Salt and Kaolin in the country. Permanent Secretary, Ministry of Solid Minerals Development and Steel Development, Dr Mary Ogbe stated during the Inauguration in Abuja. Dr. Ogbe explained that the initiative to explore and exploit Salt and Kaolin, aligns with the Renewed Hope Agenda of the […]
By Tersoo Zamber The Central Bank of Nigeria has extended the legal tender status deadline of the old design of N200, N500 and N1,000 denominations. A statement by the apex bank Director of Corporate Communications, Dr. Isah Abdulmunin says the decision is in line with international best practices and to forestall a repeat of earlier experiences. To this end, all banknotes issued by the Central Bank of Nigeria, in […]
