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Nigeria’s foreign exchange reserves have taken a significant hit, dropping by approximately $1.02bn within 18 days as the Central Bank of Nigeria steps up efforts aimed at defending the naira. On March 18, 2024, the FX reserves stood at $34.45bn, but by April 3, it had dropped to $33.50bn, based on the latest data from the CBN. Before the current decline, the reserve had been steadily growing, witnessing a remarkable […]
Imports of raw materials into the country rose by 25 per cent to N3tn in 2023. This is according to the Foreign Trade Statistics data published by the National Bureau of Statistics. The major raw materials imported during the period included cane sugar, other lubricating oils meant to be mixed further, preparations of milk containing vegetable fats and oils, mixtures of odoriferous substances, sheets for veneering, among others. Conversely, Nigeria […]
The Inspector-General of Police, Olukayode Egbetokun, on Thursday, said 141 terror cases, 214 kidnappings and 537 homicide cases were reported to the police in the last eight weeks. Egbetokun added that 3,685 suspects were apprehended for their participation in various crimes, while 401 kidnap victims were rescued. Egbetokun said this while fielding questions from journalists at the Nigeria Police Force Headquarters, Louis Edet House, Abuja. He said, “I am pleased […]
Renaissance Capital Africa report suggests that 2024 has a positive outlook for Nigeria with a strengthening currency and a rise in oil prices. Its latest report on economy review says that at the March 28 level of N1,303/$, the Nigerian naira is still largely undervalued to its long-term average, to the tune of 30 per cent. The research firm also stated that the capital market is setting for a good […]
The Economic and Financial Crimes Commission, on Monday, indicted banks as being linked to about 70 per cent of the financial crimes in Nigeria. EFCC’s Chairman, Ola Olukayode, disclosed this while speaking in Abuja at the 2023 Annual Retreat and General Meeting of the Association of Chief Audit Executives of Banks in Nigeria. He pointed out that the banking sector was increasingly becoming a cesspool of fraudulent activities and this […]
In the aftermath of the drama that ensued between Nigeria and Cameroon during the penultimate qualifying fixture for the 2024 Olympic games, Super Falcons coach, Randy Waldrum, says voodoo is strange to him. There was drama at the start of the second half inside the Moshood Abiola National Stadium in Abuja on Monday after a Cameroonian player allegedly attempted to plant ‘voodoo’ inside the Falcons goal post. Falcons’ goalkeeper, Chiamaka Nnadozie, […]
The General Overseer of the Redeemed Christian Church of God, Pastor Enoch Adeboye, on Sunday, said that the socio-economic as well as security challenges confronting the country require spiritual solutions. The spiritual leader noted that the nation’s political leaders appeared to have tried their best to seek solutions but that Nigeria urgently needed divine intervention. Adeboye stated these when he met the Kaduna State Governor, Senator Uba Sani, at the Sir […]
President Bola Tinubu, on Sunday, said his administration was keen to make Nigeria self-sufficient in food production and become a net exporter of agricultural products through what he called “aggressive mechanisation.” He affirmed his administration’s support to give ease and succour to the 2024 Hajj pilgrims. “Nigeria will become a net exporter of food through aggressive mechanisation,” Tinubu told a delegation from the Global Tijaniyya Movement, led by Khalifa Muhammad […]
Eko Disco overbilled 371,828 customers under the estimated billing category between January and June 2023, as the months of July, August and September were not captured in the report released by NERC. It overbilled these customers to the tune of N14.13bn. Ibadan Disco made N333.68m from the overbilling of 143,465 customers underestimated billing between January and September last year, while Jos Disco overbilled 1,264,537 customers to the tune of N13.3bn. […]
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