Fuel queues have continued to linger across Lagos State, despite the Nigerian National Petroleum Company Limited’s reassurance of enough Premium Motor Spirit stock in-country. The NNPCL had in a statement on Tuesday; said Nigerians should not panic as regarding fuel supply in the country, stating that there was no supply issue. “The recent tightness […]
Acting Director-General of the Nigeria Civil Aviation Authority (NCAA), Capt. Chris Najomo, has frowned at what he called “the alarming reports” of flight delays, disruptions, and schedule changes without adequate notice to passengers. Najomo reiterated the need for airlines to improve their services, saying, “it is no longer business as usual as errant airlines […]
The Association of Master Bakers and Caterers of Nigeria (AMBCN), Abuja chapter, says they will increase the price of bread. AMBCN said the upward review is due to the rising cost of all baking materials in the country. In a statement on Friday, Adeyemi Richard, secretary of the association, said the survival of the […]
The Central Bank of Nigeria, CBN, has approved an increase in the import duty rate by 43 percent. Recall that the exchange rate for duty collection is usually determined by the CBN. Importers and stakeholders in trading woke up on Friday to find the increase in the exchange rate, which before now was set […]
L The depreciation of the naira against the United States dollar by 55 per cent at the official foreign exchange market has led to a commensurate depreciation in airfares on international routes in Nigeria, according to findings by The PUNCH. The naira had fallen from approximately 900/dollar to over 1,400/dollar on Monday after the FMDQ […]
The Federal Government has again defended its removal of subsidy on petroleum despite the cost of living and inflation soaring in the aftermath of the move. Nigeria had for years swapped crude for gasoline that it then subsidises for its domestic market, causing a huge drain on revenue, and foreign exchange and contributing to […]
The Central Bank of Nigeria (CBN) has ordered Deposit Money Banks (DMBs) to sell their excess dollar stock latest February 1, 2024, as part of moves to stabilise the nation’s volatile exchange rate. In a new circular released on Wednesday, the apex bank also warned lenders against hoarding excess foreign currencies for profit. Titled, […]
The International Air Transport Association (IATA) has lauded the Central Bank of Nigeria (CBN) for releasing $64.44 million in blocked airline funds. but said $700 million remains blocked in Africa’s most populous nation. The group disclosed it was in consultations with airline members to verify the release of these revenues “While this development is […]
China’s global dominance in electric cars helped it overtake Japan as the world’s biggest vehicle exporter last year, official data confirmed Wednesday. Japanese giants such as Toyota and Nissan have been much more cautious than their Chinese counterparts, like BYD on electric vehicles (EVs), banking instead on hybrid models. Figures released Wednesday by the […]
The Central Bank of Nigeria (CBN) has announced the complete settlement of foreign exchange (FX) owed to all foreign airlines operating in the country. The final tranche of $64.44 million brings the total disbursements to airlines to $136.73 million, effectively clearing all verified claims within the sector. “The Central Bank of Nigeria, fulfilling its […]
