The Naira on Friday appreciated to N1,245 per dollar in the parallel market, from N1,250 per dollar on Thursday. Similarly, the Naira appreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,251.05 per dollar. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,251.05 per dollar from N1,255.07 per dollar on… Read more

FOLLOWING the depreciation of the Nigerian currency(Naira) in the past few months, further setbacks have hit the West African market region’s local currency as trans-border traders have started rejecting the currency. Vanguard findings across the Seme border show that the traders on both sides are now preferring either the CFA or the domestic currency of… Read more

There are indications that non-Nigerians have taken over haulage business in Nigeria. Raising the alarm over this development, the Council of Maritime Unions and Associations, COMTUA, in a statement by its president, Comrade Yinka Aroyewun, said that most of the trucks belonging to the foreign companies for haulage business are painted in military colours and… Read more

Governor of Central Bank Bank, CBN, Mr. Yemi Cardoso, is set to lead discussions at the upcoming 2024 edition of the Vanguard Annual Economic Summit. This is coming at the backdrop of significant recovery recorded in the foreign exchange market, following his landmark monetary policy and foreign exchange measures in the past seven months. The Naira appreciated… Read more

In a bid to attract patronage to their facilities four major Nigerian ports have been enmeshed in a stiff contest over handling of ‘Very Large Ships, VLS’. The four ports are the newly commissioned Lekki port, Apapa port, Tin-can Island port, all in Lagos and Onne port in Port Harcourt. The bigger the size of… Read more

Pension Funds Administrators (PFAs), the largest investment group in Nigeria, have increased their investments in corporate bonds in order to take advantage of the high interest rate environment triggered by the hike in the Monetary Policy Rate, by Central Bank of Nigeria, CBN. CBN had further raised MPR, which is the benchmark for interest rates in… Read more

Governor of Central Bank Bank, CBN, Mr. Yemi Cardoso, is set to lead discussions at the upcoming 2024 edition of the Vanguard Annual Economic Summit. This is coming at the backdrop of significant recovery recorded in the foreign exchange market, following his landmark monetary policy and foreign exchange measures in the past seven months. The Naira appreciated… Read more

Nigeria detains Binance executive on tax, money laundering charges (ghanaweb.com) Read more

There are indications that the Nigeria Customs Service (NCS) has come under severe pressure over instability in customs duty rate arising from foreign exchange rate fluctuation. The fluctuation has forced the duty rate to be changed 28 times in three months of this year. Meanwhile the Customs has announced a N1.347 trillion revenue generation in its… Read more