Forex Scarcity Drags Naira to N950/dollar Naira fell further to the dollar after closing at 950/$ at the parallel market on Wednesday. The naira which had earlier closed at 930/$ at the close of operations on Tuesday, was bought and sold at 935/$ and 950/$ on...

Reps Deny Taking N100m Palliative, Faults NLC Claims The House of Representatives has denied claims by the leadership of the Nigeria Labour Congress that the Federal Government gave N100m to members of the National Assembly as palliatives. The National Assistant Secretary of the NLC, Christopher Onyeka,...

Power: Blackout as National Grid Collapses Again  There is a widespread blackout across the country following the total collapse of Nigeria’s electricity grid early Thursday morning. It was gathered that the grid collapsed totally around 12:40 a.m. on September 14, 2023, leading to the massive loss...

7.5% VAT On Diesel May Disrupt Fuel Supply, Says NARTO   The Nigerian Association of Road Transport Owners (NARTO) on Tuesday, called on the Federal Government to stop the 7.5 per cent Value Added Tax on Automotive Gas Oil, popularly known as diesel. NARTO said the halt...

CBN Orders Banks To Save Gains From FX Revaluation   The Central Bank of Nigeria, CBN, has ordered banks to save gains from foreign exchange (FX) revaluation as a buffer against emerging economic shocks. The regulator in this regard stopped banks from using FX revaluation gains to...

Macroeconomic Management: Nigeria Needs Urgent Structural Reforms - World Bank   The World Bank has raised concerns over Nigeria’s macroeconomic management, calling for an urgent need for structural reforms to among other things improve revenue mobilization and financial management. The Bank said this would be imperative for...