Peter Obi urges leaders to patronize local tourism Says Nigeria can earn $20bn yearly Cites Turkey’s $61bn success Former Anambra Governor Peter Obi has called on Nigerian leaders to lead by example and prioritize taking their holidays within the country, rather than abroad. Speaking after the Domestic Tourism Conference in Enugu State, Obi took to … Read more
Wasiu Ademola Bakare, a member and one of the elders of the Epe Club, an influential group of Epe indigenes, has written an open letter to President Bola Tinubu, urging him to deliberately manage the successes of his administration’s economic reforms, particularly the removal of fuel subsidies and the changes to foreign exchange policy. Bakare, … Read more
CBN Reforms, Diaspora Trust Driving Remittance Surge – Dabiri-Erewa Dabiri-Erewa described the jump in remittance inflow as “humongous” “Our exchange rate is becoming a lot more competitive” – Cardoso Hon. Abike Dabiri-Erewa, Chairman/CEO of the Nigerians in Diaspora Commission (NiDCOM), has hailed the recent surge in diaspora remittances as a major boost to Nigeria’s economy, … Read more
Afrinvest projects Naira at N1,804 per dollar by 2025 due to FX volatility. CBN faces challenges in meeting foreign exchange demand. EFEMS introduces relative stability amid Naira fluctuation The Nigerian Naira is expected to depreciate to a fair value of N1,804 per dollar in the official market by 2025, according to a recent Afrinvest report … Read more
Top 10 Currencies in Africa Giving Dollars a Good Run US Dollars Adoption For International Trade Libyan Dinar Africa’s Strongest Currency Overtime the US Dollars a prominently strong currency has been adopted by international market forces to transact business in the global stage. It’s the currency through which many countries of the world use to … Read more
The naira appreciated by N135 against the dollar, closing at N1,640 in the parallel market on Monday. In the official market, the naira strengthened to N1,539.55 from N1,541.68. The currency gains coincide with the Nigerian government’s announcement of a three-day public holiday for Christmas and New Year. The naira saw a significant appreciation against the … Read more
The naira declined against the dollar in both the official and parallel foreign exchange markets, closing the week with a downward trend. According to FMDQ data, the naira slightly weakened to N1,541.68 per dollar on Friday, compared to N1,541.38 on Thursday, reflecting a loss of N0.3. EDITOR’S PICKS Sanwo-Olu Donates N75M to Support Legionnaires and … Read more
The naira strengthened against the dollar on the parallel foreign exchange market on Wednesday. Bello, a Bureau de Change operator at Garki, Abuja, confirmed to EKO HOT BLOG that the naira traded at N1,660 per dollar, improving from N1,675 on Tuesday, marking a gain of N15. EDITOR’S PICKS PDP Declares Ethiope East Federal Seat Vacant … Read more
The Senate has initiated a move to restore Nigeria’s monetary sovereignty by prohibiting the use of foreign currencies for payments and transactions within the country. EKO HOT BLOG reports that this effort aims to ensure that all financial transactions, including salaries, are conducted in naira. The proposed ban would cover not only local workers but … Read more
The naira weakened against the dollar on Friday in the foreign exchange market, ending the week on a downward trend. According to data from the Central Bank of Nigeria’s FX rate, the naira depreciated to N1,540.00 per dollar on Friday, compared to N1,532.00 on Thursday, reflecting a slight decline of N8 at the official market. … Read more
Crude oil refiners and Operators in Nigeria’s downstream sector have pointed to dollar-denominated charges on locally refined petrol as a major factor behind the higher cost of locally produced fuel compared to imported Premium Motor Spirit (PMS). Data from the Major Energies Marketers Association of Nigeria (MOMAN) revealed that as of December 5, 2024, the … Read more
The Naira has regained value against the US dollar in the official foreign exchange market, just 24 hours after experiencing a depreciation. Central Bank of Nigeria (CBN) exchange rate data for Tuesday revealed that the Naira strengthened to N1,525 per dollar, up from N1,538.50 on Monday. This marks a gain of N13.5 compared to the … Read more
The Presidential Air Fleet (PAF) incurred expenses totaling N19.43 billion from July 2023 to September 2024, with N13.55 billion spent in 2024, covering 66% of the year’s budget allocation. Most funds went towards “Forex Transit Funds” for foreign exchange needs during international engagements, including fuel, maintenance, and operational services abroad, officials said. EDITOR’S PICKS Electricity … Read more
The dollar surged, and bitcoin hit a record high Wednesday as traders reacted to Donald Trump’s projected wins in two key swing states, sparking expectations of tax cuts, tariffs, and potential inflation under his administration. While polls had forecast a close race, Trump appeared to gain an edge over Democratic rival Vice President Kamala Harris … Read more
The Central Bank of Nigeria (CBN) is urged by the World Bank to avoid forex auctions and instead adopt a structured, transparent approach to foreign exchange interventions to stabilize the naira. This recommendation was highlighted in the Nigeria Development Update, which suggests CBN focus on a flexible, market-reflective exchange rate policy to foster economic stability. … Read more
The federal government, led by President Bola Tinubu, has revealed plans to significantly reduce the use of the U.S. dollar, in the Nigerian economy , focusing on strengthening the local currency, Naira. According to Wale Edun, Minister of Finance and Coordinating Minister of the Economy, the administration aims to de-dollarise the economy as part of … Read more
The Nigerian National Petroleum Company Limited (NNPCL) has begun the process of addressing its outstanding debt of over $6 billion, a development confirmed by the Nigerian government through the Ministry of Finance. EDITOR’S PICKS BREAKING: Tinubu Arrives Abuja After Two-Week Working Vacation In UK, France NIDCOM Gears Up for 7th Nigeria Diaspora Investment Summit, Aims … Read more
The Minister of Aviation and Aerospace Development, Festus Keyamo, has announced that Nigerian airline operators will now purchase Jet A1 fuel exclusively from the Dangote Refinery. This move follows an agreement between the operators and the refinery, which has Keyamo’s full support. EDITOR’S PICKS Health, Planning Ministries Partner with AfDB on Sustainable System Project Shamim … Read more
In the midst of Nigeria’s complex economic and political landscape, meaningful conversations become crucial catalysts for change. My recent discussion with Bolade Agbola, a distinguished Agricultural Economist, stockbroker, banker and Business Administration doctorate holder, offered invaluable perspectives on the country’s pressing challenges. EDITOR’S PICKS Health, Planning Ministries Partner with AfDB on Sustainable System Project Shamim … Read more
The Federal Executive Council (FEC) has given its approval for the Economic Stabilization Bills (ESB), marking a significant step in the government’s Accelerated Stability and Advancement Plan. This decision was reached during the council’s 18th meeting, chaired by President Bola Tinubu at the Aso Chambers of the State House in Abuja. The ESB, based on … Read more