The Central Bank of Nigeria (CBN), on Thursday, announced the lifting of the ban on 43 items previously restricted from accessing foreign exchange (forex) from the investor’s and exporters’ (I&E) window. In 2015, the CBN initially restricted 41 items from accessing FX from the I&E window, the country’s official market. By implication, importers of […]
The Central Bank of Nigeria (CBN) has lifted the forex ban on 43 items and also promised to intervene in the FX market from “time to time”. The apex bank had in 2015 restricted the items from accessing FX from the I&E window, saying they were “not valid for foreign exchange and could be […]
Nigeria’s crude oil output rose to an all-time high of 1.35 million barrels per day in September 2023, as the country pumped its highest volume of crude oil so far since this year. Latest figures obtained from the Nigerian Upstream Petroleum Regulatory Commission, on Wednesday, showed that the country’s output in September was about […]
Seven oil marketers, who imported Premium Motor Spirit, popularly called petrol, about a month ago, have stopped bringing in the commodity into the market, leading to pockets of scarcity in some parts of the country. It was gathered on Friday that the only importer of PMS at the moment was the Nigerian National Petroleum […]
The Debt Management Office (DMO) on Tuesday offered for subscription, Ijarah Sukuk valued at N150 billion. According to a statement by the DMO, the Sukuk is issued by Federal Government of Nigeria (FGN) Roads Sukuk Company PLC, on behalf of the Federal Government. It said that the Sukuk were offered at N1,000 per unit, […]
The Chairman, Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Mohammed Bello Shehu, has said that out of 200 million Nigerians, only 40 million pay tax. Speaking with Daily Sun, in Abuja, Shehu said that what the tax reform act and the revenue committee are set to do is to make sure that the informal […]
Aviation workers including pilots and engineers have issued notice of indefinite nationwide strike beginning from Tuesday October 2, 2023. This is in reference to the strike declared by the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC). Daily Trust reports that the two Labour unions had directed all Nigerian workers to embark […]
The ruling All Progressives Congress APC has dismissed concerns that the President Bola Tinubu administration may have reintroduced fuel subsidy through the back door, saying the government only intervened to ensure some measure of price stability and predictability. There had been reports that the Administration spent N169.4 in August to keep the fuel […]
The Organization of the Petroleum Exporting Countries (OPEC) says Nigeria’s oil production increased to 1.18 million barrels per day (bpd) in August 2023 — up from 1.08 million barrels in July. In its monthly oil market report released on Tuesday, the oil cartel said Nigeria fell behind Libya on the list of Africa’s largest […]
The Central Bank of Nigeria (CBN) has asked deposit money banks (DMBs) to stop utilising gains from the revaluation of the naira to pay dividends or finance operations. CBN said a review of the foreign exchange regime change showed the DMBs are in a position to profit from the policy because of its potential […]
