CBN Releases $500m to Address Verified FX Backlog The Central Bank of Nigeria (CBN) has released US$500 million to various sectors in effort to address the backlog of verified foreign exchange (forex) transactions. This comes barely a week after the Bank paid approximately US $2.0 billion...

NAICOM Issues Crown Takaful Operational License The management of Crown Takaful Insurance Limited has received operating license from the National Insurance Commission (NAICOM) to start business for the benefit of Nigerians. The operation license is coming barely three months after the issuance of approval in principle As...

Naira Depreciation: Manufacturers Plan General Price Hike   Manufacturers have predicted fresh hikes in the prices of commodities in the market to rise in response to the continued fall of the naira against the United States dollar. On Friday, the naira plunged to N1,420/$ at the parallel...

'NNPCL Remitted Zero Allocation To Federation Account In 2022'   The Nigerian National Petroleum Company Limited (NNPCL) remitted literally zero funds to the Federation Account in 2022 due to the payment of subsidy on Premium Motor Spirit, popularly called petrol, the Chief Financial Officer, NNPCL, Umar...

About 50% of Poultry Farmers in Nigeria Have Closed Their Shops – Poultry Association The Poultry Association of Nigeria (PAN) expressed distress over the closure of more than 50% of its farms in 2023, attributing the shutdowns to sectoral challenges. Mr. Mojeed Iyiola, Chairman of the...

Naira Drops to ₦1,399 Per Dollar at Official FX Market The Nigerian foreign exchange (FX) market witnessed a historic drop in the value of the naira, reaching an unprecedented intraday rate of N1,399 per dollar at the official market on Thursday. Data sourced from the Financial...