In a recent development, the Nigerian Naira experienced a minor depreciation in the official market, with an exchange rate of N1,309.39 to a dollar on Thursday. The Naira lost N8.96 or 0.69 percent compared to the previous day’s rate of N1,300.43 against the dollar. This slight decline reflects the currency’s fluctuation in response to market Read More…
Author: EditPro
Mixed trade picture for Nigeria: Export prices rise, import costs climb
Nigeria’s trade picture for Q4 2023 shows a mixed bag, according to the National Bureau of Statistics (NBS) report on Commodity Price Indices and Terms of Trade. While export prices edged up, import costs rose at a faster pace, leading to a slight decline in the overall terms of trade. “The All-commodity group export price Read More…
Central Bank of Nigeria raises minimum capital requirements for banks to ₦500bn
In a significant move, the Central Bank of Nigeria (CBN) has introduced new minimum capital requirements for banks, aiming to bolster their financial stability and enhance their capacity to support the Nigerian economy. Here are the key details: New Capital Thresholds: Implementation Timeline: Strategies for Compliance: The CBN encourages banks to explore various avenues to Read More…
Nigerian theatre icon Wole Oguntokun passes away, leaving a legacy of cultural impact
The Nigerian arts and culture scene is in mourning once more following the untimely passing of Wole Oguntokun, a renowned playwright, director, and cultural advocate, who died in Canada on March 27, 2024. Though the details are sketchy, his death was confirmed by Jahman Anikulapo, a respected Nigerian journalist and culture archivist in response to Read More…
Sanwo-Olu calls for unity and patriotism amid economic challenges
Governor Babajide Sanwo-Olu of Lagos State has urged citizens to unite and seek solutions rather than engage in a blame game over the nation’s current economic difficulties. Speaking at the 25th State House Ramadan Tafseer Anniversary Prayer, Sanwo-Olu, represented by Deputy Governor Dr. Obafemi Hamzat, emphasised the need for collective action and patriotism. “The challenges Read More…
Dangote Foundation’s food donation eases hardship for Lagosians
Governor Babajide Sanwo-Olu has commended the Dangote Foundation for its substantial donation aimed at alleviating the economic struggles faced by Lagos residents. The foundation’s contribution of 80,000 10kg bags of rice and 4,500,000 loaves of bread is part of a broader national food intervention programme. During the programme’s launch at Lagos House, Ikeja, Sanwo-Olu highlighted Read More…
INEC distances itself from Labour Party’s Anambra convention
The Independent National Electoral Commission (INEC) has officially distanced itself from the Labour Party’s (LP) National Convention held in Anambra, stating that the event was not under its supervision. Mr. Rotimi Oyekanmi, the Chief Press Secretary to the INEC Chairman, confirmed this development to the News Agency of Nigeria (NAN) on Thursday. While Oyekanmi refrained Read More…
Super Eagles set sights on World Cup qualifiers after friendly setbacks
The Nigerian national football team, the Super Eagles, are rallying after a recent friendly 0-1 defeat handed them by Mali, with defender Kenneth Omeruo expressing the squad’s resolve to secure maximum points in the upcoming 2026 FIFA World Cup qualifiers. The team’s departure from Morocco follows mixed results in friendlies against Ghana and Mali, with Read More…
Putin asserts Russia’s non-aggression towards NATO amid F-16 controversy
In a recent statement, Russian President Vladimir Putin has emphatically denied any Russian intentions to launch attacks on NATO countries, including Poland, the Baltic states, and the Czech Republic. This declaration comes amidst the ongoing conflict with Ukraine, which has seen the deepest rift in Russia-West relations since the Cuban Missile Crisis of 1962. Addressing Read More…
Lagos tops Nigerian states in debt as national public debt reaches N97.34 trillion
The National Bureau of Statistics (NBS) has released a concerning report on Nigeria’s public debt stock, which has surged to N97.34 trillion ($108.23 billion) in the fourth quarter of 2023. This represents a 10.73% increase from the previous quarter, with Lagos State leading the charge in both domestic and external debts. The NBS report indicates Read More…