Economy
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Naira expected to decline further despite rising foreign reserves
The Nigerian foreign exchange (FX) market will likely witness further depreciation in the value of the naira despite a rise in the external reserves. Nigeria’s external reserves rose by 0.69 percent to $32.642 billion as of May 16, 2024 from $32.418 billion in May 9, 2024 data from the CBN…
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Nigeria Customs signs MoU with China to enhance trade
The Nigeria custom service (NCS) has signed a Memorandum of Understanding (MoU) with the General Administration of Customs of the People’s Republic of China (GACC) aimed at fostering a bilateral relationship that will enhance trade and drive economic growth. Leading some of his management team in Shenzhen, China where the pact…
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Gov Douye Diri-accuses Oil companies for environmental degradation in Bayelsa
Gov. Douye Diri of Bayelsa says International Oil Companies (lOCs), particularly Shell Petroleum Development Company, have been responsible for the environmental degradation in the state. Diri disclosed this at the Annual Convention and Fund Raising of the Ijaw National Congress (INC) of the America’s, held in Houston, Texas, U.S., on…
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NLC and TUC demand that the increase in electricity prices be reversed and close the Ikeja Electric headquarters.
Members and leaders of the Nigerian Labour Congress (NLC), Trade Union Congress (TUC) and other affiliate labour unions in Lagos state are currently picketing the head office of Ikeja Electric today. The action led to the shutdown of the company’s premises to any activities. The reason for the industrial action…
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Price Of A Bag Of Rice, Beans, And Other Food Commodities This Week
With the recent increment of food prices in Nigeria, households are feeling the squeeze, with necessities like rice, beans, and garri prices continues to skyrocket.This predicament remains despite the federal government’s slowness in raising the national minimum wage, leaving many residents unable to satisfy their fundamental needs. Across the country,…
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The Plateau government asks for cooperation from interested parties to uphold human rights.
Mrs Olivia Dazyem, the Acting Executive Chairperson, Plateau Gender and Equal Opportunity Commission, has sought the collaboration of Federal and State agencies to protect human rights in the state. Dazyem told the News Agency of Nigeria (NAN) on Tuesday in Jos that that the move was to help tackle the…
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Tinubu promises more policies to industrialize Nigeria
A statement by the presidential spokesman Chief Ajuri Ngelale, said Tinubu disclosed this when he received a delegation of the African Association of Automotive Manufacturers and the Nigerian Automotive Manufacturers Association. The President, represented by his Chief of Staff, Femi Gbajabiamila, met the members led by the Minister of Industry,…
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OPay, Palmpay, others clamps down on Crypto following CBN directive
In a move aligning with the Central Bank of Nigeria’s (CBN) recent stance, several fintech companies have issued warnings to their customers regarding cryptocurrency trading. These companies, including OPay, PalmPay, Moniepoint, and Paga, have informed users that crypto transactions are prohibited on their platforms. The warnings come after the CBN reportedly directed…
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Stock market rises by 1.4% in holiday shortened week
In the holiday shortened trading week ended Friday, May 3, Nigeria’s equities market rose by 1.4 percent. Investors interest in banking and insurance stocks helped push the market higher despite sell off in consumer goods, industrial, and oil & gas stocks. The All Share Index (ASI) rose to close at…
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Nigerians hoarding 94% cash – CBN
Nigerians are holding onto cash at an unprecedented rate, with a staggering 94 percent of the country’s currency outside the banking system.This trend was revealed by the Central Bank of Nigeria’s (CBN) in its latest March, 2024 Money and Statistics data. The figures paints a concerning picture of declining trust…