National Power Grid Collapses, Crashes To 59MW, Plunging Nigeria Into Darkness
In a turn of events, the national power grid of Nigeria experienced a crippling collapse on Sunday, sending power generation plummeting to a mere 59.9 megawatts around noon. This unprecedented incident, as reported by the Federal Ministry of Power, resulted in widespread blackouts across the nation. Power distribution companies, grappling with the fallout, squarely blamed […]
Forex Liquidity Surge As Banks Rush To Comply With CBN’s New Regulations
In a surprising turn of events, the official foreign exchange market witnessed a 180.59 percent surge in dollar supply, reaching a remarkable $440.13 million on Friday. The naira closed the week at N1435.53/$, concluding a turbulent week that saw forex turnover skyrocket from $156.86 million on Thursday, according to data from FMDQ Security Exchange. Apart […]
CBN Places $1m As Capital Requirements For International Money Transfer Operators-Report
In a move to fortify the foreign exchange market and streamline fund remittance, the Central Bank of Nigeria (CBN) has set a new benchmark, requiring International Money Transfer Operators (IMTOs) to maintain a minimum share capital of $1 million. Dr. Hassan Mahmud, the Director of the Trade & Exchange Department, officially unveiled these guidelines via […]
Warri Refinery Nears Completion Amidst National Petroleum Revitalization Efforts
In a development, the Nigerian National Petroleum Company Limited (NNPCL) confirmed that the long-awaited mechanical completion of the Warri Refining and Petrochemical Company is anticipated in the first quarter of 2024. The refinery, an integral part of Nigeria’s oil infrastructure, has been under rehabilitation, impacting its production capabilities. Chief Corporate Communications Officer of NNPCL, Olufemi […]
Nigerians Are Crying, Address Economic Pains – Musician K1 Begs Tinubu
Wasiu Ayinde Marshal, the renowned Fuji maestro known as K1 De Ultimate, took the stage to deliver a heartfelt message to President Bola Tinubu on behalf of Nigerians. In a video that surfaced during one of his performances, the usually staunch supporter of the President expressed the collective frustration of Nigerians regarding the current state […]
N890bn Injected Into Nigeria’s Economy In 3 Months Under Cardoso’s Leadership
The Central Bank of Nigeria (CBN) reports an increase of N890 billion in currency in circulation (CIC) between September 2023 and December 2023. This surge, observed during Governor Cardoso’s first three months in office, brings the total CIC to N3.65 trillion in December, marking a substantial 32% rise from the N2.76 trillion recorded in September. […]
Maintaining Healthy Diet For Nigerians Soars From N703 To N786- NBS
The National Bureau of Statistics (NBS) disclosed yesterday that the average cost of maintaining a healthy diet for Nigerian adults has surged from N703 in October to N786 in December 2023. The announcement came during the unveiling of the “Cost of a Healthy Diet (CoHD)” indicator report by Adeyemi Adeniran, the Statistician-General of the Federation. […]
Sell Excess Dollar In 24hrs, CBN Orders Banks
In a move to stabilize the nation’s exchange rate, the Central Bank of Nigeria (CBN) has issued a directive compelling Deposit Money Banks to sell their excess dollar stock by February 1, 2024. The decision, revealed in a circular titled “Harmonisation of Reporting Requirements on Foreign Currency Exposures of Banks,” aims to curb what the […]
JAMB Gives Strict Warning Against Multiple 2024 UTME Registrations
The Joint Admissions and Matriculation Board (JAMB) issues a stern caution to candidates and the public regarding the 2024 Unified Tertiary and Matriculation Examination (UTME) registration. Severe Consequences for Offenders Ville Pius, the Director of the Test Administration Department at JAMB, emphasizes that engaging in multiple registrations for the 2024 UTME is strictly prohibited, with […]
500 Dollars To Naira Today 3rd June
Today, see our comprehensive guide as we look at the price of USD to naira today June 3rd, 2023 in the black market exchange rate! In the past few days, the price of dollars to naira has not been stable as it has been moving upwards. As of yesterday June 2nd, the price of 1$/naira […]