The Central Bank of Nigeria (CBN) has reacted to the recent global markets development saying it reflect broader global macroeconomic shifts. A statement issued on the headed paper of the apex bank on Saturday and signed by the Director, Financial Markets Department, Omolara Omotunde Duke (Ph.D.) acknowledged that the Bank has noted recent movements in…
Korede Abdullah in Lagos The naira fell to N1,600 per dollar in the Nigerian Foreign Exchange Market (NFEM) today, marking a significant depreciation after holding steady around N1,500 for the past three months. This shift signals renewed pressure on the currency amid ongoing economic challenges and market volatility. According to the Central Bank of Nigeria…
Korede Abdullah in Lagos President Bola Ahmed Tinubu has appointed Mr. Ayo Sotinrin as the new Managing Director of the Bank of Agriculture, effective immediately. This information is contained in a press statement released on Friday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga. Sotinrin is expected to bring a…
Korede Abdullah in Lagos The Lagos State Government has raised alarm over the unsustainable energy expenses in the state, revealing that residents collectively spend over N13 trillion monthly on electricity. This concern was highlighted on Thursday by the Commissioner for Energy and Mineral Resources, Mr. Biodun Ogunleye, during a press briefing ahead of the inaugural…
Korede Abdullah in Lagos The Central Bank of Nigeria (CBN) has dismissed a widely circulated message falsely claiming the introduction of N5,000 and N10,000 banknotes. On Thursday, the apex bank disclaimed the circular through a statement released on its official X (formerly Twitter) account on described it as, “fake” and urged Nigerians to rely only…
Korede Abdullah in Lagos The Federal Government of Nigeria has signed a $174.59 million Programme for Country Partnership (PCP) agreement with the United Nations Industrial Development Organisation (UNIDO) to enhance the nation’s industrial sector. Announced by the Director of Information and Public Relations at the Ministry of Budget and Economic Planning, Mrs. Julie Osagie-Jacobs in…
The National Agency for Food and Drug Administration and Control (NAFDAC) has imposed stringent regulatory measures as it reopens the Bridgehead Drug Market in Onitsha, Anambra State. After a month-long closure for sanitization and regulatory reforms, the market reopened on March 7, following its shutdown on February 10. NAFDAC stated that the closure was essential…
World Bank has announced the approval of $1.08 billion in concessional financing for Nigeria, indicating a significant effort to enhance education quality, nutrition, and community resilience nationwide. According to World Bank The funding, revealed on Wednesday, will allocate financial support to three major initiatives: $500 million for the NG-CARES Program to strengthen resilience in households…
President Bola Tinubu will on Wednesday depart for Paris, France, on a two-week working visit. “During the visit, the President will appraise his administration’s mid-term performance and assess key milestones,” The President’s Special Adviser on Information and Strategy, Mr Bayo Onanuga, disclosed in a statement Wednesday. The statement is titled, ‘President Tinubu to embark on…
Korede Abdullah in Lagos President Bola Tinubu has sacked the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Mele Kyari, the chairman of the NNPC Board, Pius Akinyelure, along with all other board members appointed in November 2023. Tinubu has appointed Engineer Bashir Bayo Ojulari as the new Group CEO and…
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