Naira Now 1,710 per Dollar at Parallel Market The Naira yesterday depreciated to N1,710 per dollar in the parallel market from N1,690 per dollar on Wednesday. Similarly, the Naira depreciated to N1,660.49 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that...

FG Stalls Shell’s $1.3 billion Oil Asset Sale to Renaissance Group – Report The Federal Government, through the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has rejected the proposed $1.3 billion sale of onshore oilfields to the Renaissance Group, citing the buyer’s lack of qualification to...

CBN Addresses Outstanding Balance of $7 billion FX Backlog The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has said the apex bank is addressing the long outstanding balance from the $7 billion foreign exchange backlog it inherited from the previous administration. Speaking...

Fuel Price Hike: Reps Fear Unrest as FG, Labour Meeting Ends in Deadlock The House of Representatives have warned that the recent hike in fuel pump prices could trigger social unrest if not addressed immediately. The Green Chamber handed down the warning as a meeting between...

Customs Raises Alarm over Arms Import as 114,929 Ammunition Seized in Six Years The Nigeria Customs Service, has raised alarm over increased arms import, revealing that since 2018 it intercepted 20 significant shipments, comprising 10,498 pieces of various arms and 114,929 pieces of ammunition, with...

CBN, SEC Sanction Access Bank, UBA, Others for Forex Violations The Central Bank of Nigeria and the Securities and Exchange Commission have sanctioned 10 banks for violations of foreign exchange guidelines and other regulatory offences. These regulatory agencies responsible for overseeing the activities of Deposit Money...