MTN Nigeria and other multinational business leaders are appealing to the Federal Government to allow price adjustments in the telecommunications sector to sustain their investments in the country. Speaking at the 30th Nigerian Economic Summit in Abuja, MTN’s Chief Financial Officer, Modupe Kadri, emphasized that telecom companies have been unable to raise their prices for […]
Author archives: Gloria
Dollar to Naira Black Market Exchange Rate Today, October 16, 2024
As of Tuesday, October 15, 2024, the black market (parallel market) exchange rate for the U.S. dollar to the Nigerian naira was ₦1663 for buying and ₦1670 for selling at the Lagos Parallel Market, according to Bureau De Change (BDC) sources. Black Market Dollar to Naira Exchange Rate: CBN Official Exchange Rate: Please note that […]
No National Grid Collapse, Only Line Tripping – Power Minister Clarifies Nationwide Blackout
The Minister of Power, Adebayo Adelabu, has dismissed claims that Nigeria’s national grid collapsed twice within 24 hours, clarifying that the incident was merely a line tripping. Adelabu explained that what happened was not a full grid collapse, as the major cities of Abuja, Lagos, and Ibadan were unaffected, and the issue was resolved within […]
World Bank Lists Naira Among Sub-Saharan Africa’s Worst-Performing Currencies
The Nigerian naira has been ranked as one of the worst-performing currencies in Sub-Saharan Africa for 2024, according to the latest report by the World Bank. By August 2024, the naira had depreciated by about 43% year-to-date, placing it in the same category as the Ethiopian birr and the South Sudanese pound. This steep decline […]
HURIWA Criticizes Tinubu, Calls for Immediate Removal of Power Minister After Latest Grid Collapse
The Human Rights Writers Association of Nigeria (HURIWA) has strongly condemned the recent collapse of the national electricity grid, which occurred on October 14 and 15, 2024. In response, HURIWA has called for the immediate removal of the Minister of Power, Adebayo Adelabu, citing his “gross incompetence” and lack of qualifications for the role. Comrade […]
NNPC Agrees to Sell Petrol to IPMAN at ₦995/Litre Following DSS Intervention
The Nigerian National Petroleum Company Limited (NNPCL) has reached an agreement to sell Premium Motor Spirit (PMS) to members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) at a price of ₦995 per litre. This agreement comes after the Department of State Services (DSS) intervened in ongoing disputes between the parties. Hammed Fashola, the […]
Naira Appreciates as Dollar Turnover Drops by 44% in Official Market
Nigeria’s currency, the Naira, appreciated significantly on October 14, 2024, gaining N10 in the parallel market, trading at N1,680 per US dollar compared to last weekend’s rate of N1,690. In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira also strengthened, reaching N1,552.92 per dollar, a gain of N88.35 from last weekend’s rate of N1,641.27. […]
Nigeria Extends Deadline for Private Jet Owners to Verify Import Duties Compliance
The Federal Government of Nigeria has extended the deadline for private jet owners to complete the mandatory verification process regarding unpaid import duties. Initially scheduled to conclude on October 14, 2024, the deadline has now been moved to November 14, 2024, allowing an additional month for compliance. This extension was confirmed in a statement by […]
TCN Clarifies Partial National Grid Collapse, Begins Power Restoration
The Transmission Company of Nigeria (TCN) has clarified that the national grid collapse on Monday, October 14, 2024, was only partial. The incident, which occurred around 6:48 PM, led to a significant power outage across the country, with zero load allocation reported to all eleven Electricity Distribution Companies. The TCN spokesperson, Ndidi Mbah, explained that […]
Dollar to Naira Black Market Exchange Rate Hits N1700 on October 15, 2024
On October 15, 2024, the dollar to naira exchange rate in the black market (also known as the parallel market) reached N1696 for buying and N1700 for selling, according to reports from Bureau De Change (BDC) operators in Lagos. The Central Bank of Nigeria (CBN) maintains that it does not recognize the black market for […]