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Naira Opens Below N1000/$

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After ranking as the second worst currency in February 2024, the naira has surged to become one of the top-performing currencies in recent weeks, all thanks to its bullishness despite the dollar's recent aggressive climb. Early in the day, the Naira opened at some areas of the parallel market below N1000 to a dollar. Experts claim that through several FX reforms and interventions, the Central Bank of Nigeria (CBN) has liberated dollar liquidity and is the primary cause of the Naira's bullishness.

FG Extends Eid-El-Fitr Holidays To Thursday, April 10

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The Federal Government has extended the Eid-El-Fitr holiday to Thursday April 11, 2024 as addition to the earlier declared 9th and 10th April, to celebrate the end of the holy month of Ramadan. Dr Aishetu Gogo Ndayako, the Permanent Secretary, Ministry of Interior, announced this in a statement on Tuesday.

NERC Directs DisCos to Refund Customers Wrongful Billing, Gives April 11 Deadline

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The Nigerian Electricity Regulatory Commission, NERC, has given 11 electricity distribution companies till April 11, 2024, to refund customers wrongly billed at the new rate. This was contained in a document signed by Abba Terab, the DGM, Market Competition, and Rates for the commission and made available on Saturday in Lagos. The refund, NERC said, should be through energy tokens no later than April 11, and file evidence of compliance with the Commission by April 12. It also directed all Electricity Distribution Companies to provide as much clarity as possible to all affected customers.

Nigeria, Egypt Slips In IMF Latest Forecast

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Nigeria had the largest economy in Africa in 2022, but in 2023, Egypt took over as the largest economy. However, both countries experienced a decline in their economic fortunes due to high inflation rates caused by currency devaluations. These currency devaluations worsened their internal economic crises. Nigeria's GDP for this year is projected to be $253 billion based on current prices according to the International Monetary Fund's (IMF) World Economic Outlook. This figure is lower than the GDPs of Algeria, Egypt, and South Africa which are projected to be higher, at $267 billion, $348 billion, and $373 billion, respectively.

World Bank Targets Affordable Health Services For 1.5 Billion People

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The World Bank, with a rich history of supporting health services for women and children across more than 100 countries, has announced that the group is planning on providing quality and affordable health services that will reach not less than 1.5 billion people by 2030. According to Ajay Banga, President of the World Bank Group, this initiative is part of a larger global endeavor to guarantee a basic standard of care across all stages of life, from infancy through adulthood. The Group is also accelerating efforts to achieve greater scale and impact through enhanced collaboration with partners and increased engagement with the private sector.

Dangote Refinery Reduces Diesel Price To N1,000 per litre

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Dangote refinery in a statement issued on Tuesday has disclosed that the price of Automotive Gas Oil (AGO), popularly known as diesel, has been reduced from N1,200 per litre to N1,000 per litre. The statement reads in part, “In an unprecedented move, Dangote Petroleum Refinery has announced further reduction of the price of diesel from 1,200 to 1,000 Naira per litre.

Tinubu Appoints New Boards For SEC, NAICOM

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President Bola Tinubu has approved the appointment of several Nigerian professionals to the Board of the Securities and Exchange Commission (SEC). The announcement was made in a statement issued by Ajuri Ngelale, Special Adviser to the President on Media and Publicity. Mr. Mairiga Aliyu Katuka has been appointed as the Chairman of the board of SEC, while Mr. Emomotimi Agama has been appointed as the Director-General of the board.

2024 Budget: N3.7trn Projects Value Not Visible – Sen. Ningi

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The Chairman of the Northern Senators Forum, NSF, Senator Abdul Ningi of the PDP-Bauchi Central, has asserted that projects valued at N3.7 trillion in the 2024 Appropriation Act is not visible.

Tinubu Directs Customs To Return Seized Food Items To Owners

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The Nigerian President, Bola Tinubu has directed the Nigeria Customs Service, NCS, to release seized food items at the border communities to the rightful owners, with the order that the items should be sold in Nigerian markets. The Controller-General of Customs, Adewale Adeniyi, revealed this while meeting with people from border areas at Kongolam and Mai’Adua border stations in Katsina State on Saturday.  Adeniyi stated that the authority was not based on legal guidelines, but rather reflecting the deep sense of generosity he holds towards Nigeria.