News

Nigeria’s naira has experienced a dramatic reversal of fortune, plummeting to the rank of worst-performing currency globally in the first half of 2024, according to a Bloomberg report on Friday.Read more This depreciation comes after a brief period of strengthening earlier this year, highlighting the challenges facing the Nigerian economy. Apart from the naira, the Egyptian pound and the Ghanaian …

The Nigerian government has come under fire from civil society organisation BudgIT for its unorthodox approach to budgeting. This was contained in a statement issued on Friday by its communications officer, Nancy Odimegwu. BudgIT strongly condemns the proposal to simultaneously implement four national budgets in the 2024 fiscal year. President Bola Tinubu recently sought National Assembly approval for an extension …

The Naira depreciated in the parallel market to N1,520 per dollar yesterday from N1,510 per dollar on Wednesday. Similarly, the Naira depreciated to N1,510.1 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,510.1 per dollar from N1,507.83 per dollar on Wednesday, indicating a depreciation of …

Kingsley Moghalu, a former deputy governor of the Central Bank of Nigeria (CBN), on Friday cast doubt on the effectiveness of Nigeria’s recent economic reforms, highlighting weaknesses in their implementation. In a statement released Friday via X, Moghalu acknowledged the unsustainability of petrol and foreign exchange subsidies. However, Moghalu acknowledged the need for these reforms but faulted the government’s approach …

The Jigawa state government has dissolved the executive councils in the state’s 27 local government areas. The terms of elected officials expire on Friday. Commissioner for Local Government and Community Development, Ahmed Garba MK, in a statement issued on Friday ordered the Directors of Administration and Public Service to take over the administration of the local councils. This move effectively …

Tinubu approves N50,000 subsidy for 3.6 million Nigerian families. President Bola Tinubu has approved a grant under the National Housing and Household Support Program for 3.6 million Nigerian families. This initiative will provide N50,000 to 100,000 families in each state for three months. The disbursement of Tinubu’s subsidy to families will take place over three months, according to presidential spokesperson, …

The Court of Appeal, Lagos, on Friday upheld the conviction of Nollywood actor, Olanrewaju James alias Baba Ijesha, for sexual assault. Judge Oluwatoyin Taiwo of the Lagos State Special Offenses Court, Ikeja, on July 15, 2022 sentenced the film star to five years in prison for sexually abusing a 14-year-old minor in the state. He was indicted by the state …

Binance tightens account usage rules. Monitoring of user accounts is strengthened (all suspicious activities are carefully examined). Exchange representatives promise rewards for reports of “improper actions with accounts” (e.g., account selling). The new security measures aim to “prevent misuse of account features and improve the integrity of the platform.”

President Bola Tinubu has approved the appointment of eight new Federal Permanent Secretaries to fill existing and upcoming vacancies in the civil service. The Special Adviser on Media and Publicity to the President, Ajuri Ngelale, disclosed this in a statement in Abuja on Friday. He said the new permanent secretary was appointed after a rigorous selection process by the Office …

“It’s better to date a man in trouble than to date a multi-millionaire who has blood on his hands” – Nollywood Actor Zubi Michael “It’s not all about the money, the multimillionaire you admire may have a temple to evil things in his house. He may have scammed someone and the depressed person took his own life, but you want …