Finance

Yesterday, the Naira appreciated in the parallel market, rising to N1,510 per dollar from N1,515 per dollar last Friday. However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira depreciated to N1,508.99 per dollar. According to data from FMDQ, the indicative exchange rate for NAFEM dropped to N1,508.99 per dollar from N1,505.3 per dollar…

The Nigeria Deposit Insurance Corporation (NDIC) says account name discrepancies in Bank Verification Numbers (BVN) linked to the alternate accounts of some defunct Heritage Bank customers are delaying the payment of their insured deposits. Mr Bello Hassan, the Managing Director of NDIC told the News Agency of Nigeria (NAN) on Sunday in Abuja. Hassan said the…

The federal government is targeting 135 million metric tonnes of staple crop production in 2024 with the newly unveiled Accelerated Stabilisation and Advancement Plan (ASAP). The target was part of the federal government’s comprehensive strategy to address the nation’s pressing issues with agriculture identified as key sector to bolster economic growth and food security. The…

The Central Bank of Nigeria has announced 44 lists of licensed deposit money banks in Nigeria. The apex bank disclosed this in a list released on its official website on Tuesday, May 7. According to CBN, Seven banks, including Zenith Bank, Access Bank, First Bank, First City Monument Bank, United Bank of Africa, Fidelity, and…

The former manager, First City Monument Bank, FCMB, Onitsha branch, Nwachukwu Placidus, has been sentenced to a cumulative of 121 years in prison for diverting fixed deposit funds of a customer to the tune of N112,100,000 (One Hundred and Twelve Million, One Hundred Thousand Naira only) for his personal use. Justice S. N. Odili of…

Edited By Margret Oshinowo The naira traded at a loss at the official market, depreciating to N1,402 against the dollar on Thursday. FMDQ data showed that the Naira depreciated to N1402.67 per Dollar on Thursday from N1,390.96 on Tuesday. This shows an N11.71 loss compared to the N1,390.96 recorded at the end of closing activities…

In a bid to confront the escalating threats to national security, General Christopher Musa, the Chief of Defence Staff, has initiated a robust partnership with the National Intelligence Agency (NIA). During his visit to the NIA Headquarters in Abuja, General Musa emphasized the imperative of a cohesive and formidable alliance to combat the pervasive insecurity…

The National Association of Academic Technologists (NAAT) has put forward a proposition for a new minimum wage of N350,000 for technologists working in tertiary institutions. This announcement was made by Comrade Ibeji Nwokoma, the National President of NAAT, during the 5th National Delegate Conference held at the University of Abuja. Comrade Nwokoma justified the proposal…

The naira is witnessing a revival against the US dollar, with an increase to N1,136/$ in the official exchange and N1,050/$ in the informal exchange at the end of Monday’s trading session. Market participants forecast that the dollar might decline to below N1,000 by week’s end. At the regulated foreign exchange market, figures from the…

Minister of Finance, Wale Edun, says Nigerians are saving in Dollars because they have lost faith in Naira. He noted that the recent appreciation of Naira’s value showed that Nigeria’s effort to boost its currency is yielding results. He disclosed this during his recent presentation to top business leaders in Lagos. He said the country…

Edited by Afolabi Hannah Governor Dapo Abiodun of Ogun State has affirmed his administration’s determination to assist young farmers and investors by providing support for land clearing, preparation, and agricultural mechanization. The primary goals are to ensure food security and reduce unemployment in the state. During the 37th Lisabi Day celebration in Abeokuta, the Governor,…

President Bola Tinubu has directed total compliance with the Export Prohibition Act in respect of food items to check smuggling of commodities out of the country. The News Agency of Nigeria (NAN) reports that the Comptroller-General of the service, Mr Wale Adeniyi, disclosed this during a meeting with the leaders and members of the Dawanau…

Edited by Afolabi Hannah The Bank of Ghana has taken a significant step by suspending the Foreign Exchange Trading Licences of Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN) for a month, effective from 18th March 2024. This action follows reported breaches of foreign exchange market regulations, including instances of fraudulent documentation…

The FCT Minister of State, Dr Mariya Mahmoud, says the FCT Administration will establish a police post in all its warehouses to prevent miscreants from invading and looting their contents. Mahmoud stated this in Abuja on Monday, after an assessment visit to the warehouse located at Gwagwa-Tasha, which was looted by residents on Sunday, to…

An aid mission to two hospitals in northern Gaza found horrifying scenes of children dying of starvation, amid dire shortages of food, fuel and medicines, the World Health Organization said Monday. WHO chief Tedros Adhanom Ghebreyesus said the agency’s visits over the weekend to the Al-Awda and Kamal Adwan hospitals “were the first since early…