News
-
Power sector: I never called for subsidy removal — Adelabu
Minister of Power, Chief Adebayo Adelabu has clarified his position on subsidy in the power sector, explaining that he did not advocate removal of subsidy, but canvassed a clear cut policy to address the illiquid issues in the sector. In a statement yesterday by his Special Adviser, Strategic Communication and…
-
NAFEM: Dollar supply rises by 180% as banks sell $440m
Dollar supply in the official foreign exchange market rose by 180.59 percent to $440.13m on Friday. This is as the naira closed the week at N1435.53/$ on Friday after what was a turbulent week. According to data from FMDQ Security Exchange, forex turnover rose by 180.59 percent to $440.13m on…
-
Davido shakes off Grammy defeat, congratulates Tyla on victory
Nigerian artiste, David Adeleke, known as Davido has felicitated South African female rapper, Tyla, for emerging victorious in the inaugural Best African Music Performance category at the 66th Grammy Awards ceremony. Tyla’s song, ‘Water’ came top against ‘Amapiano’ by Asake and Olamide; ‘City Boys’ by Burna Boy. ‘Unavailable’ by Davido…
-
Naira rebounds as banks offload excess dollars
Ahead of the midnight February 1, 2024 deadline given by the Central Bank of Nigeria to commercial banks to sell all excess foreign exchange holdings, Deposit Money Banks on Thursday made frantic efforts to offload their surplus dollar stocks. It was learnt that the treasury departments of the DMBs spent…
-
You are a useless man if you see a bowl of food and the very first thing that comes to your mind is “I need to go and marry a wife” – Nigerian X user says
One Cross has said that a man who immediately thinks about marriage when he sees a plate of food, is useless. “You see a bowl of food and the very first thing that comes to your mind is “I need to go and marry a wife” ??? You are a…
-
Illegal refineries should be licensed not destroyed – NULGE
The Nigeria Union of Local Government Employees has appealed to the Federal Government to stop the Navy from destroying refining sites tagged “illegal” in Niger Delta. The NULGE President, Ambali Olatunji, made the call at a press conference to mark the end of its National Executive Council meeting on Wednesday…
-
JUST IN: FG raises exchange rate for cargo clearance to N1,356/$
The Federal Government through the Central Bank of Nigeria has raised the exchange rate for cargo clearance from N952/$ to N1.356 per dollar. This is coming weeks after the rate was increased from N783/$ to N952/$. In November, the exchange rate for cargo clearance was raised from N757 per dollar…
-
Court remands five for stealing fish in Adamawa
A Jimeta Chief Magistrate Court in Yola, the Adamawa State capital, on Wednesday, ordered the remand of three fishermen and two businesswomen at the correctional centre for allegedly conspiring and stealing fish. Aminu Mohammed (27), Yauba Musa (25), Abubakar Mohammed (31), Halima Musa (21), and Amira Sani (23), all from…
-
Tinubu orders AGF, Lokpobiri to end $1.3bn oil block dispute
President Bola Tinubu has ordered the Attorney-General of the Federation, Lateef Fagbemi (SAN), Minister of State for Petroleum Resources, Heineken Lokpobiri, and other agencies of government to clear all court cases around the $1.3bn deepwater OPL 245 oil block located in southern Niger Delta. Other agencies that also received the…
-
Naira falls to N1,490/$ in parallel market
THE naira yesterday depreciated to N1,490 per dollar in the parallel market from N1,470 per dollar on Tuesday, approaching the N1,500 threshold. However, the naira appreciated to N1,455.59 per dollar in the Nigerian Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM fell to…