When Naira went haywire and some people were celebrating, inwardly we were laughing at them

Vice-President Kashim Shettima has assured Nigerians that the Naira will continue to appreciate against the Dollar in the foreign exchange market.    Speaking when a delegation of the Lagos Chamber of Commerce and Industry (LCCI) led by its President, Gabriel Idahosa, paid him a courtesy visit in his office at the President Villa, Abuja, Shettima stated that when the Naira went haywire and some people were celebrating, they were inwardly laughing at them because they know they have the leadership

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Nigeria’s Inflation rate hits 33.20% as Naira rebounds

The National Bureau of Statistics NBS says Nigeria’s inflation rate jumped to 33.20% in March 2024 compared to February 2024 headline inflation rate which was 31.70%.     A report released by the NBS on Monday, April 15, reads   “Looking at the movement, the March 2024 headline inflation rate showed an increase of 1.50% points when compared to the February 2024 headline inflation rate. On a year-on-year basis, the headline inflation rate was 11.16% points higher compared to the

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Bobrisky pleads guilty to Naira abuse as court strikes out Money Laundering charges

  Popular cross-dresser, Idris Olanrewaju Okuneye aka Bobrisky, has pleaded guilty to the Naira abuse charge leveled against him by the Economic and Financial Crimes Commission (EFCC). Bobrisky was arraigned before the Federal High Court, Lagos on a six-count charge bordering on alleged Abuse of the Naira and alleged Money Laundering .       When the charge was read, Bobrisky pleaded guilty to the first four counts bordering on Naira abuse.  Before the charge was read, the EFCC’s counsel,

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Naira exchanges at N1,534 to a dollar for the first time in official market

The closing exchange rate between the naira and dollar on the official NAFEM market reached N1,534/$1 on Monday, February 12th, 2024, marking the weakest performance ever recorded for the naira against the dollar at the end of a market, according to Nairametrics.   According to the Financial Literacy Website, throughout the day, the intra-day high and low values stood at N1,550 and N1,000 respectively, underscoring Nigeria’s ongoing descent amid central bank reforms aimed at transitioning towards a free market exchange

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Court jails actress six months for spraying and stepping on New Naira notes

Justice Chukwujekwu Aneke of the Federal High Court sitting in Ikoyi, Lagos, on  Thursday, February 1, 2024, convicted and sentenced one Oluwadarasimi  Omoseyin, an actress, to six months imprisonment for spraying and stepping on the new Naira notes at a social event in Lagos.   She was first arraigned on February 13, 2023, by the Lagos Zonal Command of the Economic and Financial Crimes Commission, EFCC, on two-count charges, to which she pleaded “not guilty”. She was subsequently granted bail

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CBN disburses $61.64mn to Airlines to boost Naira valuation

  The Central Bank of Nigeria (CBN) has injected approximately US $61.64 million into the hands of foreign airlines operating in the country, a move intended to send the Naira soaring This targeted dollar releass aimed at clearing a portion of the backlog of matured foreign exchange obligations owed to the airlines, is a big step towards stabilizing the country’s forex market and boosting investor confidence. The Acting Director of CBN’s Corporate Communications Department, Mrs. Hakama Sidi Ali confirmed this

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