Author: Akintayo Adams

This is the fourth increase in ten days that the Central Bank of Nigeria (CBN) has made to the currency rate used to calculate customs charges at the country’s seaports.According to data from the Nigeria Customs Service’s official trade portal, the exchange rate was revised increased yesterday, February 12, going from 1,417.635/$ to N1,444.56/$. This comes as Wale Edun, the minister of finance and coordinating minister of the economy, is being urged by the Sea Empowerment Research Center (SERC) to order the CBN to cease the constant increase in currency rates used to calculate customs duties. The most recent rise,…

Ms. Bolaji Agbede has been appointed as the acting group chief executive officer, according to a Monday announcement from Access Holdings Plc. Its previous Group Chief Executive Officer, Dr. Herbert Wigwe, passed away. Along with his wife, son, and former Nigeria Exchange Group chairman Abimboloa Ogunbanjo, Wigwe passed away in a helicopter crash on Friday. The Central Bank of Nigeria’s acceptance of the nomination was mentioned in a statement released by the company’s Board of Directors on February 12, 2024. “Further to its announcement dated February 11, 2024, the Board of Directors of Access Holdings Plc (‘the Company’) has today…

On the official Nigerian Autonomous Foreign Exchange Market, the naira plummeted to a fresh all-time low of N1,534/$ on Monday. The national currency closed last Friday at N1,476.13/$, a loss of 3.93 percent, or N58, according to FMDQ Exchange, a portal that reports on the nation’s official foreign exchange trading. The official exchange rate on Monday became the worst since the Central Bank of Nigeria floated the country’s currency in June 2023. On Monday, the naira fluctuated in value between N1,480 and N1,490 on the parallel market. The local currency seems to have been trading more favorably on the black…

There is a bill scheduled to be presented in the House of Representatives that aims to create three more states in the Southwest. The proposed law, which is being supported by Oluwole Oke, the member for Obokun/Oriade Federal Constituency in Osun State, calls for the creation of the states of Oke-Ogun, Ijebu, and Ife-Ijesa. “A Bill for an Act to amend the Constitution of the Federal Republic of Nigeria 1999 (as amended)” is the name of the proposed law. It proposes changing the First Schedule, Part I of the Constitution to say, “The First Schedule, Part I of the Constitution…

The National Weather Service (NWS) has reported that 13 earthquakes rocked California in less than 25 minutes during the course of the night, with the first occurring shortly after midnight. According to US officials, the first earthquake happened on Monday and was located northwest of El Centro, a city on the southern border. A large portion of San Diego County was allegedly shaken by the 4.8 magnitude earthquake, according to the United States Geological Survey (USGS).Six minutes later, a 4.5 aftershock rocked the region, and a string of lesser aftershocks that originated west of the Salton Sea struck shortly after,…

In Nkienzha village, Miango District, Irigwe Chiefdom of Bassa local government area of Plateau State, four people have been slain by unidentified gunmen. According to information obtained by the press, the gunmen attacked the neighborhood on Sunday night at around 11 p.m. and destroyed a house, murdering all four of its occupants. According to a statement provided to journalists and signed by Davidson Malison, the departing National Publicity Secretary of the Iowa Development Association (IDA), there was an additional injury. The statement went on to say that the Irigwe Nation’s leadership has referred to the recent upsurge in attacks and…

Olympic champion and holder of the marathon world record, Kelvin Kiptum, passed away in an automobile accident in western Kenya on Monday, according to authorities. Around 11 p.m. (2000 GMT) on Sunday, the 24-year-old was traveling from Kaptagat to Eldoret when the automobile flipped, killing both the youthful phenomenon and his Rwandan instructor, Gervais Hakizimana. The car had three occupants, two died on the spot, while one was taken to hospital. The two are Kiptum and his coach,” said the police commander for Elgeyo Marakwet County in western Kenya where the accident occurred, says Peter Mulinge. “It is Kiptum who…

After banks followed the Central Banks of Nigeria’s new guidelines, foreign exchange inflows into the Nigerian Autonomous Foreign Exchange Market (NAFEM) increased last week by 66.7% to $2.2 billion. The plentiful supply was insufficiently buoyant, though, as the naira’s value fell by 2.3%. In an attempt to increase liquidity and reduce volatility in the foreign exchange market, the CBN released a number of circulars and guidelines that included new macroprudential limits for net open positions as well as the removal of restrictions on the exchange rate quotes provided by International Money Transfer Operators (IMTOs). The amount of money coming into…

Bassey Edet Otu, the governor of Cross River State, has voiced concerns regarding internet scammers’ hacking of his phone line. He claimed that the con artists were texting unsuspecting members of the public to ask for cash assistance using his phone line. In a statement he released in Calabar yesterday, Mr. Emmanuel Ogbeche, the principal press secretary for Otu, raised the alarm. Speaking, Ogbeche said, “The public is advised to disregard any such messages purportedly from the governor. One of the governor’s mobile numbers was breached by hi-tech criminals in the early hours of Sunday, February 11, 2024. “The hackers…

After defeating the Super Eagles 2-1 in the Africa Cup of Nations championship match on Sunday night at the Alassane Ouattara Stadium, hosts Cote d’Ivoire emerged victorious. This event was the 34th competition on the continent. The Elephants are vying for their third AFCON crown, having previously triumphed in 1992 and 2015, while the Super Eagles are vying for their fourth. After finishing first in Group A with a combined seven points and a three goal differential, Equatorial Guinea emerged victorious among the two teams. The Elephants, on the other hand, finished in third place, fourth overall. 18 months after…