By EZEKIEL OBI, Abuja- The Benin Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has arraigned Kelly Okungbowa a.k.a Ebo Stone, a Benin City-based socialite before Justice C. A. Obiozor of the Federal High Court, sitting in Benin City on a two-count charge of Naira abuse and...
Naira
The Chartered Institute of Treasury Management (CITM) on Friday called on Nigeria’s monetary authorities to consider partially backing the Naira with gold reserves as a means of stabilising the currency. The Institute’s Registrar, Mr Adedoyin Olumide, who made the call during an interview with the News Agency of Nigeria...
The Naira ended the trading week on a positive note, recording a bullish close on Friday at the official foreign exchange market. It appreciated to N1,598.72 against the U.S. Dollar, reflecting a modest gain that suggests continued efforts to stabilise the local currency. According to figures published on the...
The Economic and Financial Crimes Commission (EFCC) has said it will take action against Chief Government Ekpemupolo, better known as Tompolo, over an allegation of naira abuse. Tompolo was spotted in a viral video, reportedly during his 54th birthday celebration in April, dancing as a man sprayed ₦1,000 notes...
The Naira depreciated on Friday at the official market, trading at N1,602.18 to the dollar. Data from the Central Bank of Nigeria (CBN) website showed that the Naira lost N5.49. This represents a 0.34 per cent loss when compared to the N1,596.69 per dollar recorded on Wednesday, April 30,...
The Economic and Financial Crimes Commission (EFCC) has arrested socialite E-Money over alleged money laundering. It was gathered that E-Money, whose real name is Emeka Okonkwo, was arrested by the anti-graft agency in the Omole area of Lagos State. E-Money has now been taken into EFCC’s custody in Abuja....
The Tinubu Media Support Group (TMSG) says the federal government’s decision to make the naira-for-crude policy permanent is a sustainable solution to the cost of living crisis in the country. Chairman of the advocacy group, Mr Emeka Nwankpa, said this in a statement on Tuesday in Abuja. Nwankpa said...
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has said the recent drop in global crude oil prices has sparked hopes of a corresponding reduction in petrol prices in Nigeria National President, PETROAN, Dr Billy Gillis-Harry, while reacting to recent development in the oil and gas sector...
The African Development Bank’s President, Dr Akinwumi Adesina, has said implementation of the Special Agro-Industrial Processing Zones (SAPZs) in Nigeria would reduce food imports, strengthen the Naira, and generate millions of jobs. Adesina stated this on Thursday in Calabar, Cross River, at the groundbreaking of the SAPZ project on...
The Federal Government has said its naira-for-crude initiative with local refineries is not a temporary measure but a “key policy directive designed to support sustainable local refining”. The government also said the initiative is still in effect and will continue immediately, overruling the decision of the NNPCL under its...
A financial expert, Prof. Uche Uwaleke, has said the current size of Net Foreign Exchange Reserves (NRER) at 23.11 billion dollars will positively impact on the value of the Naira. Uwaleke, a Professor of Capital Market at the Nasarawa State University, Keffi, is also the President of the Capital...
By JOY ADARA, Abuja – The Central Bank of Nigeria (CBN) has disowned a viral circular claiming the introduction of ₦5,000 and ₦10,000 banknotes. The apex bank in a post on its X handle described the circular as “fake” and urged the public to verify information through its official...
Cash crunch has hit Lokoja, the Kogi capital, crippling most businesses and making life miserable for residents. The News Agency of Nigeria (NAN) correspondent, who monitored the development in the area, on Wednesday, reports that most banks were out of cash, leaving their customers stranded. At the First Bank...
ActionAid has raised concerns over the ongoing crisis in the petroleum sector, sparked by Dangote Petroleum Refinery’s suspension of petroleum product sales in naira. Country Director of ActionAid Nigeria (AAN), Mr Andrew Mamedu, expresssd this concern in a statement on Tuesday in Abuja. Mamedu criticised the suspension, stating that...
Some Ibadan residents have expressed anxiety over an anticipated increase in prices of items following Dangote Refinery’s move to stop the transaction of petroleum products in Naira come March 31. The respondents shared their minds in separate interviews with the News Agency of Nigeria (NAN) in Ibadan on Tuesday....
By OLA MODUPE , Lagos- Dangote Petroleum Refinery has announced a temporary halt on the sale of petroleum products in Naira, citing a currency mismatch between its sales proceeds and crude oil purchase obligations. The company in a statement released on Wednesday, said the decision was necessary to avoid...
By EMMANUEL KUJE, Abuja- Operatives of the Benin Zonal Directorate of the Economic and Financial Crimes Commission(EFCC) have arrested an official of the Edo Government, Kelly Okungbowa, popularly known as Ebo Stone, over alleged naira abuse. Head, Media and Publicity, EFCC, Dele Oyewale, announced the arrest in a statement...
By HARUNA AHMED, Kano – Operatives of the Kano Zonal Directorate of the Economic and Financial Crimes Commission (EFCC), have arrested popular TikTok influencer, Murja Ibrahim Kunya, for allegedly abusing and mutilating the Naira. Specifically, Kunya was arrested for allegedly spraying Naira notes for fun during her stay in...
Naira ended the week positively on Friday, trading at N1,517.93 to a Dollar in the official market. Data from the Central Bank of Nigeria (CBN) showed that the Naira, which had been falling since March 5, gained N29.89. This represents a 1.9 per cent increase compared to Thursday, when...
By JOY ADARA, Abuja- The Nigerian National Petroleum Company Limited (NNPC Limited) has issued a statement to clarify recent reports regarding the alleged termination of its crude oil sales agreement with Dangote Refinery. Chief Corporate Communications Officer, NNPC Ltd., Olufemi Soneye, said in a statement on Monday that the...