The naira strengthened to 1,494.03/$ at the official window on Thursday according to data from FMDQ Securities Exchange Limited. Similarly, it appreciated at the parallel market to 1,510.00/$, further reducing the spread between the markets to 15.5/$. The gap between the official foreign exchange and the parallel market rates is closing, following the various policies…
The Federal Government has approached the Federal High Court in Abuja to compel the cryptocurrency exchange company, Binance Holdings Limited, to pay $79.51bn and N231m for alleged economic losses caused by its operations in Nigeria. The Federal Inland Revenue Service, which is the plaintiff in the suit marked FHC/ABJ/CS/1444/2024, is also seeking payment of $2bn…
The number of dormant bank accounts in Nigeria is over 19.69 million, according to the industry customer account database released by the Nigeria Inter-Bank Settlement System. The data, which tracks monthly account statuses throughout 2024, indicates a steady rise in inactive accounts, coinciding with new regulatory measures by the Central Bank of Nigeria requiring commercial…
The Minister of State for Agriculture, Aliyu Abdullahi, says contrary to fears expressed in some quarters, Nigeria is not close to being at risk of food scarcity. He said President Bola Tinubu understands the importance of food security, prompting him to declare a state of emergency just two months after he assumed office. “What I…
The President of the Dangote Group, Alhaji Aliko Dangote is now the 86th richest man in the world as his wealth rose to $23.9bn. This is coming a year after the $20bn Dangote Petroleum Refinery commenced operations in Lagos. According to Forbes on Tuesday, which ranks the Nigerian entrepreneur as the wealthiest person in Africa,…
The Federal Government of Nigeria has dismissed bribery allegations by Tigran Gambaryan, an executive of Binance Holdings Limited, as false and unsubstantiated. Gambaryan recounted his experiences in the hands of the Nigerian government and some lawmakers. Gambaryan claimed three lawmakers, including Peter Akpanke and Philip Agbese, demanded a $150 million bribe in cryptocurrency payment into…
The Naira rose to N1,493 in the official foreign exchange market on Thursday. According to data published by the Central Bank of Nigeria (CBN), the exchange rate for the Nigerian Foreign Exchange Market (NFEM) fell to N1,493 per dollar from N1,506 per dollar on Wednesday, indicating N13 appreciation for the naira. The official exchange rate…
The Lagos State Government has announced plans to launch a ₦500 million intervention fund “Ounje Eko,” farmers’ subsidy programme from next week Wednesday, February 5th, 2025. Abisola Olusanya, the state commissioner for agriculture and food systems, announced this at a news conference held at Alausa Ikeja on Wednesday. According to her, the Lagos State farmers’…
The Governor of the Central Bank, Olayemi Cardoso has announced that forensic verification to clear all pending foreign exchange backlogs is now completed and payments will commence soon. During the launch of the foreign exchange code, Cardoso lamented how it took the bank over twelve months to clear the $7 billion foreign exchange backlog in…
The Naira has appreciated to N1,640 per dollar in the parallel market from N1,655 per dollar on Monday. According to data published by the Central Bank of Nigeria (CBN) showed that the exchange rate for the Nigerian Foreign Exchange Market (NFEM) fell to N1,526.3 per dollar from N1,533.5 per dollar on Monday, indicating N7.2 appreciation…
