Author: Casey Ayodeji
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Naira Continues Rapid Gain Against the Dollar as Rate Drops to N1,535
The Nigerian naira has experienced a remarkable appreciation, closing at N1,535 to the dollar on Friday, December 6, 2024, in an unprecedented market transformation driven by the Central Bank of Nigeria’s Enhanced Foreign Exchange Market System (EFEMS). The trading day revealed extraordinary market dynamics, with an intra-day high of N1,575 and a low of N1,510,…
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Port Harcourt Refinery Sells First Fuel Oil Cargo to Dubai Trader
The Port Harcourt refinery has made its first significant export, selling a Low Sulphur Straight Run Fuel oil (LSSR) cargo to Dubai-based Gulf Transport & Trading Limited (GTT), according to a detailed report by Kpler, a data intelligence company tracking energy markets. “The LSSR was produced from the 60,000 bpd section of the refurbished Port…
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Police File Fresh Cybercrime Charges Against Dele Farotimi
The Ekiti State Police Command has filed an additional 12-count cybercrime charge against Dele Farotimi, a Lagos-based human rights advocate, following allegations of judicial corruption in his book “Nigeria and its Criminal Justice System.” Farotimi was arrested in Lagos and brought to Ado-Ekiti to face trial for allegedly defaming Aare Afe Babalola, a senior advocate…
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PDP Declares Ibori Daughter’s Seat Vacant After Defection to APC
The Peoples Democratic Party (PDP) has declared the federal house of representatives seat for Erhiatake Ibori-Suenu vacant, following her defection to the All Progressives Congress (APC) on Thursday. In a statement, PDP national spokesperson Debo Ologunagba called on the Independent National Electoral Commission (INEC) to conduct a new election to fill the position for the…
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Nigeria Logs N5.81trn Trade Surplus in Q3 2024
The National Bureau of Statistics (NBS) has reported a trade surplus for Nigeria in the third quarter of 2024, with exports outweighing imports and signaling a positive economic momentum. The bureau’s report reveals that Nigeria’s total merchandise trade reached N35.16 trillion, marking an impressive 81.35% increase compared to the same period in 2023. Exports totaled…
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Naira Gains Three Days of Consecutive Appreciation
The Nigerian naira has shown significant gains in recent days as trading data reveals a steady appreciation of the naira across both official and parallel markets. On the Nigerian Autonomous Foreign Exchange Market, the currency closed at 1,567/$ on Thursday, a notable improvement from 1,608/$ the previous day and a substantial leap from 1,660/$ on…
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BoI, AGF Sign $50m Deal to Empower Women Entrepreneurs and MSMEs
The Bank of Industry (BoI) has signed a $50 million portfolio guarantee agreement with the African Guarantee Fund (AGF), aimed at revolutionizing access to finance for women entrepreneurs, Micro, Small, and Medium Enterprises (MSMEs), and green businesses across Nigeria. The agreement which was signed on Thursday at the Africa Investment Forum (AIF) in Rabat, Morocco…
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Reps Propose Tax Relief for Loss-Making Companies
Legislators in Nigeria’s House of Representatives are moving to provide financial reprieve for companies experiencing economic hardship. The proposed bill would amend the Companies Income Tax Act to eliminate minimum tax requirements for businesses recording losses during assessment years. Currently, Section 33 of the existing Act mandates that companies with no taxable profits must still…
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Dele Farotimi’s “Nigeria and Its Criminal Justice System” Gains Massive Popularity Following Legal Drama
In an unexpected turn of events, Dele Farotimi’s book “Nigeria and Its Criminal Justice System” has rocketed to Amazon’s bestseller list, driven by a controversial arrest that has captured national attention. The sudden surge in popularity highlights the Streisand effect, where attempts to suppress information only amplify public interest. Published in July 2024, the book…
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Nigeria’s Minister of Aviation Takes Bold Steps to End Airport Harassment
In a move to address long-standing traveler complaints, the Federal Airports Authority of Nigeria (FAAN) has announced measures to combat harassment and extortion at Nigeria’s international airports. Approved by Minister of Aviation Festus Keyamo, the initiative signals a decisive government response to mounting public frustration. “Yesterday, I approved some far-reaching measures by the Federal Airports…