EFCC 7,000-man Task Force Clamps Down on Dollar Racketeers The Economic and Financial Crimes Commission has raised a 7,000-man special task force across its 14 zonal commands to clamp down on dollar racketeers. In a move to reduce the pressure on the naira, the spokesperson for...

FBN Holdings Reports N350bn FX Loss in 2023 FBN Holdings, one of the biggest banks in Nigeria, has reported a foreign exchange loss of N350.3 billion last year compared to a gain of N22.4 billion in 2022, according to its latest unaudited financial statements. Foreign exchange...

50% Tax on Telecom Operators Deter Foreign Investment – NCC The Nigerian Communications Commission (NCC) has appealed to states and local government councils across the country to cut taxes imposed on telecom companies, asserting that excessive taxation will be counterproductive to the growth of the...

Minister Discloses Plan to Improve Country’s Gas Sector as Debt Hits $1.3bn The Federal Government is now implementing measures to significantly reduce the cost of Liquefied Petroleum Gas, popularly called cooking gas, the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, announced on Tuesday. Ekpo...

Education, Medical Tourism Responsible for Naira Depreciation – Cardoso  The governor of Central Bank of Nigeria (CBN), Olayemi Cardoso, has blamed the depreciation of the naira on the growing numbers of Nigerians going abroad for education and medical treatment. Cardoso spoke on Tuesday during a plenary...

CBN FX Reforms Deliver Record $844m Single-day Trade Turnover in Nigeria’s foreign exchange market jumped to $844 million on February 3, the highest level of trades since June 2, 2022, according to data compiled by the FMDQ Securities Exchange Ltd. The amount is three times more...