The Central Bank of Nigeria, CBN, has vowed to clamp down on currency hoarders and speculators whose activities affect the appreciation of naira against the US dollar. A source conversant with the CBN’s decision claimed that the speculators and hoarders are sabotaging the government’s efforts towards stabilising the local currency. NEWSEMBASSY recalls that following some…
The naira fell against the U.S. dollar at both the official and parallel market on Wednesday marking a sharp reversal from the temporary gain achieved last week. The domestic currency depreciated 0.55% to close at N874.71 to a dollar at the close of business on Wednesday, data from the NAFEM where forex is officially traded,…
The presidential candidate of the Labour Party, LP, in the 2023 general elections, Peter Obi, has lamented the ‘dollarisation’ of the Nigerian economy. Speaking during an interview with Arise TV on Monday on the state of the country, Peter Obi stated that the Naira should have been devalued. He added that the use of the…
World Bank Country Director, Nigeria Office, Shubham Chaudhuri, has lauded President Bola Tinubu’s reform policies. Chaudhuri, who commended the policies at a symposium on Thursday in Ibadan, however, called for speedy rollout of palliatives to cushion their effects on Nigerians. The symposium was organised by the Department of Agricultural Economics, Faculty of Economics and Management…
Nigeria Deposit Insurance Corporation, NDIC, announced it will begin investigating directors of the 183 banks that recently had their licenses revoked. This was disclosed by the Managing Director of the NDIC, Mr Bello Hassan at a one-day capacity-building workshop for law enforcement agencies on Thursday in Lagos. The NDIC says it plans to work with the Economic…
NNPCL, The Nigerian National Petroleum Company Limited has secured a $3 billion crude repayment loan to support the naira and stabilise the foreign exchange market, a terse statement posted on the official account of the company on X (formerly known as Twitter) said on Wednesday. The statement noted that the oil company secured the funding…
Nigerian senators, Each serving Nigerian senators received not less than N2 million as allowance before proceeding on seven weeks of vacation, NewsEmbassy can report. A senator who requested not to be named because he was not authorised by the upper house to speak on the matter confirmed to NewsEmbassy that all the 109 senators were…
