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Monday, 24 February 2025 04:16

Concerns mount over N12trn support as Naira shows temporary gains

The federal government has deployed a massive N12 trillion (approximately $8 billion) in market interventions to artificially prop up the naira, according to Bismarck Rewane, Chief Executive Officer of Financial Derivatives Company. The temporary strengthening of the naira to N1,500 against the dollar masks significant underlying economic pressures and unsustainable market manipulation, Rewane revealed in a Channels Television interview on Friday. "We've actually spent almost $8 billion trying to support the naira at current levels," Rewane explained, highlighting how this short-term stabilization relies heavily on borrowed funds, including $4 billion in new bond issues, rather than organic economic growth. Rewane,…

Monday, 24 February 2025 04:14

Currency in circulation soars as cash outside banks hits 90%

Nigeria's currency in circulation has reached an unprecedented N5.24 trillion in January 2025, with an alarming 90.4% of this cash – N4.74 trillion – being held outside the banking system, according to latest Central Bank of Nigeria (CBN) data. This represents a dramatic 43.5% surge from January 2024's N3.65 trillion, highlighting growing concerns about the effectiveness of Nigeria's cashless policy and financial inclusion efforts. The amount held outside banks has similarly jumped by 44.5% from N3.28 trillion in January 2024. The year-long trend shows persistent growth in both metrics: Q1 2024 saw steady increases, with circulation rising from N3.65 trillion…

Sunday, 23 February 2025 04:56

UK man convicted for silent prayer lauds JD Vance for Munich speech mention: ‘Overwhelmingly thankful’

A British Army veteran and father-of-two has spoken of his gratitude to U.S. Vice President JD Vance for highlighting his conviction for silent prayer in a speech to world leaders in which the American leader warned that free speech is "in retreat" in Europe. Adam Smith-Connor was convicted last October of breaching an abortion clinic buffer zone in Bournemouth, England, by praying silently. He was given a two-year conditional discharge and ordered to pay £9,000 ($11,335). Addressing world leaders at a security conference in Munich on Friday, Vance drew attention to the 51 year old's conviction by saying "perhaps most…

Saturday, 22 February 2025 04:23

FG to scrap Visa-on-Arrival policy, introduces alternative

The Federal Government has announced plans to discontinue its Visa-on-Arrival policy, citing inefficiencies in the current system. In its place, the government will introduce landing and exit cards, which prospective visitors will be required to complete before entering the country. The Minister of Interior, Olubunmi Tunji-Ojo, disclosed this on Friday during the closing ceremony of a week-long capacity-building training on Advanced Passenger Information (API) and Passenger Name Record (PNR) data for national security and law enforcement. The event was held at the headquarters of the Nigeria Immigration Service (NIS) in Abuja. Tunji-Ojo revealed that individuals of interest have been attempting…

Saturday, 22 February 2025 04:22

National Library raises alarm as 29 Nigerian languages face extinction

As Nigeria joins the global community in celebrating International Mother Language Day, the National Library of Nigeria has sounded the alarm over the critical endangerment of 29 indigenous languages out of the country’s 563. At an event marking the 2025 edition of the day in Abuja, the National Librarian and Chief Executive Officer, Chinwe Anunobi, highlighted the precarious state of languages such as Njerep and Ichen, which are on the verge of extinction. Anunobi emphasized the importance of integrating local languages into educational curricula and urged teachers to instill pride in students regarding their linguistic heritage. She also encouraged parents…

Thursday, 20 February 2025 04:29

FG sues Binance for $81.5bn in economic losses, tax backlog

Nigeria has filed a lawsuit against cryptocurrency exchange Binance, seeking $79.5 billion in damages for alleged economic losses and an additional $2 billion in back taxes, according to court documents released on Wednesday. The suit, marked FHC/ABJ/CS/1444/2024, was brought before Inyang Ekwo of the federal high court in Abuja on February 11. Authorities have accused Binance, the world’s largest crypto exchange, of exacerbating Nigeria’s currency crisis. In 2024, the government detained two Binance executives, citing concerns that cryptocurrency platforms were being used for speculative trading of the naira. Binance, which is not registered in Nigeria, has yet to comment on…

Thursday, 20 February 2025 04:27

FG bans tankers exceeding 60,000-litre fuel from Nigerian roads

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced a ban on fuel tankers with a capacity exceeding 60,000 litres from operating on Nigerian roads. The decision, revealed during a press briefing in Abuja on Wednesday, is set to take effect on March 1, 2025, as part of efforts to reduce road accidents involving heavy-duty petroleum tankers. Ogbugo Ukoha, NMDPRA’s Executive Director of Distribution Systems, Storage, and Retailing Infrastructure, explained that the ban aims to address the rising number of truck-related accidents, which have resulted in significant loss of life and injuries. He cited a tragic incident on…

Wednesday, 19 February 2025 04:49

Rebasing magic: Nigeria's inflation rate ‘drops’ to 24.48% amid rising prices

Nigeria's inflation rate has significantly decreased from 34.8 percent in December 2024 to 24.48 percent in January 2025 following the rebasing of the Consumer Price Index (CPI), according to the National Bureau of Statistics (NBS). The NBS, in a statement released Tuesday, explained that the rebased CPI reflects an updated price reference period with 2024 as the base year and a weight reference period of 2023. The statistician-general, Adeyemi Adeniran, said the "all-items index which is used to measure headline inflation for January 2025 was 110.7," resulting in the new headline inflation figure. The rebasing exercise, announced in October 2024,…

Wednesday, 19 February 2025 04:48

CBN orders directors with bad loans to step down, mandates publication of dormant accounts

The Central Bank of Nigeria (CBN) has issued two major directives aimed at strengthening governance and transparency in the banking sector, ordering directors with non-performing loans to step down immediately while also requiring financial institutions to publish details of dormant accounts and unclaimed balances. In a circular dated February 17 and signed by Acting Director of Banking Supervision Adetona Adedeji, the CBN mandated that bank directors with non-performing insider-related loans must immediately vacate their positions. Banks are also required to recover outstanding debts by enforcing collateral recovery and taking possession of affected directors' shareholdings. "Directors with non-performing insider-related facilities are…

Wednesday, 19 February 2025 04:47

Tributes pour in for Edwin Clark, deceased at 97

Edwin Clark, a former Federal Commissioner for Information and prominent South-South leader, passed away on Monday night at the age of 97. His death was announced by his family, who confirmed that the chairman of the Pan Niger Delta Forum (PANDEF) died peacefully. President Bola Tinubu shared his grief on Tuesday, describing Clark as a "passionate advocate for resource control, economic, and environmental justice in the Niger Delta." Tinubu highlighted Clark's extensive service to Nigeria, noting his roles as a councillor, state, and federal cabinet member, and his significant influence on the national political scene for nearly six decades. Former…

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Tuesday, 18 February 2025 04:49

Oil production rises to 1.7m bpd as theft reduces drastically - FG

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reported a significant reduction in oil theft across the country, with daily losses now at approximately 5,000 barrels per day (bpd). This improvement has contributed to a steady increase in oil production, which now stands at 1.7 million bpd. NUPRC Chief Executive Gbenga Komolafe shared these developments in Abuja on Saturday, according to a statement released by Olaide Shonola, Head of Public Affairs and Corporate Communications at NUPRC. "Through kinetic and non-kinetic interventions, oil theft has significantly reduced to 5,000 bpd, leading to a steady production increase to 1.7 million bpd," Komolafe…

Monday, 17 February 2025 04:52

Viral video: Nigerians demand credible tests to determine which lasts more - NNPC’s or Dangote’s petrol?

Nigerians have called on the Federal Government to conduct fresh tests to confirm the quality of petrol sold in filling stations across the country. This came amid allegations from a viral video that the petrol from the Nigerian National Petroleum Company Limited doesn’t last long in fuel tanks. This is even as the Petroleum Products Retail Outlet Owners Association of Nigeria said the fuel from the NNPC is of the quality standard. On Saturday, the NNPC denied claims that it sells substandard petrol with a high burn rate. In a statement by its spokesperson, Olufemi Soneye, the NNPC said it…

Monday, 17 February 2025 04:51

FG faces backlash over Canada visa requests for 70 officials amid economic crisis

In a move that has sparked widespread criticism, senior Nigerian government officials, including the Chief of Defence Staff (CDS), General Christopher Musa, and other top military officers, applied for visas to attend the Invictus Winter Games in Canada. The delegation, comprising over 70 officials, was denied visas by the Canadian Embassy, leading to a heated exchange between Nigerian officials and the Canadian High Commission. The controversy has drawn sharp criticism from former Chairman of the National Human Rights Commission (NHRC), Chidi Odinkalu, who lambasted the Nigerian officials for their actions. Odinkalu questioned the rationale behind sending such a large delegation…

Monday, 17 February 2025 04:49

Again, accidental airstrike wipes out family of 6 in Katsina

Seven innocent civilians were said to have been killed by a military airstrike that hit Yauni community, Zakka ward of Safana Local Government Area of Katsina State. Daily Trust gathered that three other security personnel, including two police officers and an operative of the state owned Community Watch Corps (CWC), were earlier killed in a gun duel with bandits. A resident who pleaded anonymity told our reporter that the incident was as a result of the local government election which took place on Saturday. The bandits had reportedly planned to attack voters in Zakka village. However, having heard of their…

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