The Central Bank of Nigeria says it will discontinue the foreign exchange price verification system portal used by importers from July 1. It also noted that the Price Verification Report will no longer be a requirement for the completion of a Form ‘M’. The Form ‘M’ is a declaration of intention to import physical goods into Nigeria. The apex bank disclosed this information in a circular posted on its website on Wednesday adding that it took the decision given recent developments in the Nigerian Foreign Exchange Market. The notice signed by the Acting Director of r, the Trade and Exchange…
Author: Temitope N.
The Federal Government said on Wednesday it had made significant progress in discussions with Development Finance Institutions to establish a Special Purpose Vehicle aimed at expanding the nation’s fibre optic network by 90,000 kilometers. The Minister of Communications and Digital Economy Bosun Tijani highlighted a productive meeting with stakeholders that outlined the necessary steps for the SPV. “We had an extremely productive conversation with Development Finance Institutions and other stakeholders to identify and outline steps towards setting up the SPV to build out 90,000 km of fibre optic connectivity across Nigeria,” Tijani said on X (formerly Twitter). The move follows…
The Federal Government plans to conduct a drug use survey as part of its efforts to combat drug abuse and develop preventive measures. It said the survey to be conducted soon would help the government break the vicious cycle of drug abuse, safeguard teeming youth from falling prey to the illicit act and ensure proper resource allocation to address the issue effectively. President Bola Tinubu President Bola Tinubu said this at an event held on Tuesday in Abuja to commemorate the 2024 United Nations International Day Against Drug Abuse and Illicit Drug Trafficking themed, “The Evidence is Clear: Invest…
The Federal Government has launched an investigation into the alleged unauthorised sale of National Identification Number (NIN), following revelations that the personal data of Nigerians were available for purchase online at a fee. The revelation has sparked widespread concern regarding the protection of individual privacy rights and potential economic repercussions. The Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, while addressing the issue confirmed he had begun discussions with the Minister of Interior, Olubunmi Tunji-Ojo, on the matter. The Ministry of Interior currently oversees the National Identity Management Commission, the body responsible for managing Nigeria’s identity database. “While…
In the past week, the Nigerian National Petroleum Company Limited said it uncovered another 165 illegal refineries in various locations across the Niger Delta. According to a NNPC documentary between June 15 and 21, about 400 incidents of oil theft and vandalism were reported by both the government and private security agencies. It was said that 69 illegal connections were discovered and disconnected in Bayelsa and Rivers States. It noted that no fewer than eight cases of oil spills owing to vandalism or illegal connections were reported across the region. In Warri, Delta State, an illegal loading point was said…
The exchange rate between the naira and the dollar fell to a six-week low on Monday, closing at N1,490.2/$1, just N10 shy of hitting N1,500/$1. This is according to official data from the FMDQ, where currencies are traded officially. The exchange rate has remained stable throughout June, oscillating between N1,470 and N1,480/$1. The latest slide closer to N1,500 will send jitters to currency watchers, as it represents a psychological ceiling that, when breached, might be perceived as a new wave of depreciation. What the data is saying According to close-of-day data from the FMDQ, the exchange rate closed at N1,490.2/$1…
The governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has said that the country recorded a total foreign exchange inflow of about $24 billion in the first quarter of 2024. Cardoso made this disclosure in a statement during an interview with Bloomberg TV on Tuesday in London. The CBN governor mentioned that the monetary policy tools employed by the apex bank are showing positive impacts on the FX market. Cardoso noted that the rise in FX liquidity in the first quarter of 2024 is the highest in any quarter since 2021. “In terms of liquidity, especially on the…
The Economic and Financial Crimes Commission (EFCC) has secure a final forfeiture order of the Federal High Court Lagos against a $1.4 million allegedly linked to the former governor of the Central Bank of Nigeria (CBN), Godwin Emefiele. This is coming days after another court sitting in Lagos ordered final forfeiture of N11,140,000,000.00 worth of properties and N1.04 billion traced to Emefiele by the EFCC. The anti-graft agency stressed that the monies, which allegedly amount to proceeds of crime, are domiciled in Titan Bank to the knowledge of the embattled CBN governor. The proceeding on Tuesday is amid several lawsuits…
Lagos State has a housing gap of about 2.3 million houses, according to Honourable Moruf Akinderu-Fatai, the Lagos State Commissioner for Housing, who spoke at the Stanbic IBTC Home Ownership Summit on June 25, 2024. Moruf Akinderu-Fatai, was represented at the summit by the permanent secretary of the Lagos State Ministry of Housing, Engineer Abdulhafiz Gbolahan Toriola. Engineer Toriola, who took the keynote address highlighted the increasing demand for housing in Lagos State, as well as the business opportunities available in the housing sector. He said, “In Lagos, the demand for housing is ever-increasing, and the importance of facilitating home ownership cannot…
The Oyo State Government has announced the opening of an online portal for the recruitment of 7,000 primary school teachers and 100 caregivers for special schools across the state. The Executive Chairman of the State Universal Basic Education Board (SUBEB), Dr. Nureni Adeniran, unveiled the portal during a news conference held in Ibadan on Tuesday. The job portal, accessible at subeb.jobportal.oyostate.gov.ng, will be operational from 6 p.m. on June 25 until July 9. The recruitment Dr. Adeniran emphasized the importance of utilizing the official portal to avoid potential scams. “Subeb.jobportal.oyostate.gov.ng is the only authorized SUBEB job portal for applying to the…
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has denied the claim made by the leadership of Dangote Refinery that there is imported dirty fuel in the country. The Authority stated that It would never encourage the importation of dirty fuel into the country and ensures that only quality petroleum products are consumed by Nigerians. Mr. Ogbugo Ukoha, Executive Director, Distribution Systems, Storage and Retailing Infrastructure, NMDPRA, made this known while speaking with newsmen after a meeting with oil marketers and local refiners on Tuesday in Abuja. Dangote Oil Refinery and Petrochemicals had accused the Authority of granting…
The Nigerian National Petroleum Company (NNPC) Ltd has recorded a total of 400 incidents of crude oil theft in the past week. This is according to the company’s weekly program tagged “Energy and You” which states that these incidents include; illegal refineries, illegal connections, vandalism, oil spills, illegal storage locations and others. According to the company, there were 165 cases of illegal refineries in the week between the 15th and 21st of June 2024. Also, cases of illegal connection amounted to 69, there were 15 cases of vandalism, 8 incidences of oil spill, 19 cases of illegal storage location, 74…
The Abia State Government has announced a ban on the operation of tricycles and motorcycles in the cities of Aba and Umuahia from 7 PM to 6 AM, effective July 1. This decision was disclosed by the Commissioner for Local Government and Chieftaincy Affairs, Mr. Uzor Nwachukwu, in Umuahia. According to the Commissioner, the decision to ban the operations of motorcycles and tricycles in these two cities is targeted at improving security by curbing criminal activities often carried out using these vehicles during late hours. “The information available to security agencies reveals that most of these robbery attacks happen in…
A segment of Lagos-based Dangote Refinery was engulfed with fire on Wednesday afternoon, June 26, 2024, triggering an alarm in its environs. Witnesses in nearby areas reported seeing large plumes of smoke and hearing loud noises from the direction of the refinery. Information was gathered that the fire broke out around noon in the effluent plant of the refinery. In addition, video footages circulating on social media show thick black smoke rising from the affected part of the complex. Another video showed that the fire did not affect most parts of the complex, with engineers on-site watching the smoke…
The average fare paid by commuters for bus journeys within the city per drop increased by 0.86%, rising from N967.76 in April 2024 to N976.08 in May 2024. This information is based on the Transport Fare Watch for May 2024, which was recently released by the National Bureau of Statistics (NBS). The NBS report further highlighted that, on a year-on-year comparison, the average fare paid by commuters for an intra-city bus journey per drop rose significantly by 50.26%, increasing from N649.59 in May 2023 to N976.08 in May 2024. “The average fare paid by commuters for bus journeys within the…
The Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, has officially reacted to the alleged purchase of his National Identification Number (NIN) slip for N100 on a website that has now been taken down. Tijani in his first response to the issue, which has sparked data privacy concerns among Nigerians, said he has contacted the Minister of Interior, Olubunmi Tunji-Ojo, over the issue. He expressed confidence that the Ministry and the National Identity Management Commission (NIMC) are addressing the matter. Recall that the NIMC, formerly under Tijani’s Ministry’s supervision, was moved to the Ministry of Interior in September last year. …
The Federal High Court, Abuja has agreed with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), in declining to determine a N100 million lawsuit instituted against the Commission which bordered on its oil prospecting licenses (OPL). Justice Inyang Ekwo delivered the ruling on Wednesday in a suit filed by NJ Exploration Limited against NUPRC over the alleged withdrawal of its oil prospecting licences (OPLs) 321 and 323 by the NUPRC. The OPL is granted by Nigeria’s Minister of Petroleum Resources to an applicant company that is registered for oil exploration and production business in Nigeria. What transpired in court Nairametrics previously…
A delegation from the Federal Government and the leadership of the Academic Staff Union of Universities (ASUU) are currently in a private meeting to address ongoing issues and prevent a strike by the union. According to the News Agency of Nigeria (NAN), the meeting began at approximately 4:30 p.m. on Wednesday in the office of the Minister of Education, Prof. Tahir Mamman. The Federal Government’s team includes the Minister of State for Education, Dr. Yusuf Sununu, along with other senior ministry officials. ASUU President, Emmanuel Osodeke, who is heading the union’s delegation, informed reporters that the meeting aims to discuss…
The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) Secretary-General, Mr Afolabi Olawale has accused thirteen members of the Petroleum Tanker Drivers(PTD) Branch of the union of nearly killing him when he was on an administrative assignment at the Abuja office of the union. Olawale made the allegation before the Federal Capital Territory High Court sitting on Wednesday in an amended charge instituted by the Attorney-General of the Federation relating to an alleged attempted murder of the National President of NUPENG, Williams Akporeha, and two others. NUPENG is one of the industrial unions in Nigeria and one of the…
The Central Bank of Nigeria (CBN) has officially discontinued its Price Verification System (PVS) portal just ten months after its launch. The announcement, made through a circular dated June 26, 2024, indicated that recent developments in the Nigerian Foreign Exchange Market necessitated this decision. The official circular from the CBN, signed by Dr W. J. Kanya, Acting Director of the Trade & Exchange Department, states that effective July 1, 2024, all applications for Form M will be validated without the need for a Price Verification Report from the PVS portal. The circular read: “We refer to the circular dated August 17,…