The Nigeria Customs Service (NCS), Murtala Muhammed International Airport Command, has intercepted $578,000 in undeclared cash from an inbound passenger arriving from South Africa. John Harrison, the Customs Area Controller, disclosed this to journalists at the command’s headquarters on Friday. He stated that the suspect, Okorie Sunday, arrived in Nigeria on Wednesday, March 19, 2025,
The federal government’s promise to increase the allowance for National Youth Service Corps (NYSC) members from ₦33,000 to ₦77,000 remains unfulfilled, seven months after the announcement. Despite reaffirming in January 2025 that payments would begin in February, corps members are still waiting. The delay has left many corps members frustrated and feeling deceived. They had
The Nigerian naira appreciated by 0.16 percent on Wednesday, closing at 1,530.52/$ from 1,532.93/$ recorded in the previous trading session, according to data from the Central Bank of Nigeria (CBN). The official market saw the naira trading between a high of 1,545/$ and a low of 1,500/$, reflecting a narrower fluctuation compared to the previous
A recent Household Expectations Survey conducted by the Central Bank of Nigeria (CBN) has found that 65.5 percent of Nigerian households support a reduction in lending rates as a measure to improve the economy.The survey, carried out in February 2025, gathered public opinions on key economic factors, including inflation, interest rates, exchange rates, and overall
The Nigerian National Petroleum Company Limited (NNPC) has firmly denied reports alleging an explosion at the Port Harcourt Refining Company (PHRC) in Rivers State. In an official statement, NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, clarified that no such incident occurred, labeling the rumors as unfounded and misleading.​ Soneye emphasized that the PHRC remains fully
A temporary suspension of fuel sales in Nigeria’s local currency, the naira, due to challenges in securing sufficient crude oil under the existing naira-for-crude arrangement. ​ The 650,000-barrel-per-day facility, located near Lagos, has faced difficulties obtaining adequate crude volumes through the Nigerian government’s naira-based crude purchasing system. The refinery’s management indicated that sales in naira
Global financial markets tumbled on Tuesday as escalating Israeli airstrikes on Gaza heightened geopolitical tensions, triggering a selloff on Wall Street and driving gold prices to record highs. The downturn coincided with the U.S. Federal Reserve’s critical monetary policy meeting, adding to economic uncertainty. Middle East Tensions Fuel Market DeclineAccording to Reuters, the latest wave
Economic policymakers are optimistic about driving significant growth as financial sector regulators push forward with bank recapitalisation and foreign exchange (forex) reforms. Upon assuming office in 2023, President Bola Tinubu outlined his vision for economic expansion over the next eight years. Analysts have projected that Nigeria’s economy could surpass a $1 trillion valuation within this
The Nigerian Senate has taken a significant step toward amending the Nigerian Data Protection Act of 2023, with a new bill aimed at compelling major social media platforms to establish physical offices within the country. The bill, titled “A Bill for an Act to Amend the Nigerian Data Protection Act, 2023, Mandating the Establishment of
The Bureau of Public Procurement (BPP) issued 395 ‘No Objection’ certificates to various Ministries, Departments, and Agencies (MDAs) during the 2023 fiscal year, approving projects worth over N2.94tn. This was detailed in the agency’s annual report, which highlighted the government’s commitment to transparency, efficiency, and accountability in public procurement. According to the report, BPP’s intervention
