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Government Plans Gradual Increase in Value Added Tax (VAT) Rate Nigeria’s Finance Minister and Coordinating Minister of the Economy, Wale Edun, has disclosed that the government is planning to raise the Value Added Tax (VAT) rate to 15%, but the increase will primarily target luxury goods. Edun made this announcement during an investor forum at…
A New Era for Nigeria’s Economy: Reducing the Use of Dollars The Nigerian government, led by President Bola Tinubu, is making significant strides in its efforts to de-dollarize the country’s economy and strengthen the local currency. According to Minister of Finance and Coordinating Minister of the Economy, Wale Edun, the administration’s focus is on shifting…
Nigerian National Petroleum Company Limited Takes Steps to Repay $6 Billion Debt to Suppliers The Nigerian government has made an important announcement regarding the country’s state-owned oil and gas company, the Nigerian National Petroleum Company Limited (NNPCL). According to the Ministry of Finance, the NNPCL has started the process of repaying its outstanding debt of…
**Naira Hits Record Low as Currency Continues Decline in Parallel Market** The Nigerian naira has continued its downward spiral, with the exchange rate hitting ₦1,740 per dollar in the parallel market, sparking concerns among experts. The currency has been experiencing a significant depreciation trend, with some market analysts predicting that it could exceed ₦1,800 per…
Fuel Crisis Deepens: Nigeria’s Oil Marketers Face Uncertainty as Petrol Prices Soar As the country grapples with the recent hike in fuel prices by the Nigerian National Petroleum Company Limited, many are left wondering what’s next. Here’s an update on the current petrol scarcity and government response. A steep decline in fuel consumption is wreaking…
специализированная Dollar to Naira Exchange Rate: Aboki FX Rates for October 27th Check out the latest black market dollar to naira exchange rate for October 27th. We’ve got you covered with the current rates for buying and selling your dollars in Naira. Today’s Dollar to Naira Rate Aboki FX Rates In the parallel market, the…
Rising Rice Prices in Nigeria: A Concern for Low-Income Families The cost of living in Nigeria has taken another hit, with the price of locally-produced parboiled rice now standing at N105,000 per 50kg bag. This increase is a far cry from the minimum wage of N70,000, leaving many families struggling to make ends meet. The…
Oil Marketers Face Uncertain Future as Fuel Consumption Plummets and Prices Soar The oil marketing industry in Nigeria is grappling with unprecedented challenges, with over 10,000 retail outlets at risk of shutting down due to a drastic decline in fuel consumption and rising costs. According to recent data from the Nigerian Midstream and Downstream Petroleum…
Airtel Africa Reports Revenue Decline Due to Nigeria’s Currency Plunge Airtel Africa’s half-year results for the period ending September 30, 2024, reveal a significant decline in revenue, primarily attributed to the drastic depreciation of the Nigerian naira. Despite a 19.9% increase in revenue in constant currency, the reported revenue took a hit, declining 9.7% due…
Parallel Market Exchange Rate: What’s the Dollar Worth in Naira Today? Get the latest black market dollar to naira exchange rate for October 26th, 2024. You can convert your dollar to naira at these rates. Dollar to Naira Rates in the Black Market Current Exchange Rates in the Lagos Parallel Market As of Saturday, October…
Finance Minister and Oando Group President Meet with Afreximbank President to Foster Collaboration and Secure Funding A high-level meeting was held between Finance Minister, Wale Edun, Oando Group President, Wale Tinubu, and Afreximbank President, Prof. Benedict Oramah, during the World Bank-IMF Annual Meetings in Washington, D.C., with a focus on securing funding for Nigeria’s economic…
Fuel Scarcity Continues to Plague Nigeria, IMF Clarifies Subsidy Removal, and Citizens React The International Monetary Fund (IMF) has clarified that it did not influence Nigeria’s decision to remove fuel subsidies, emphasizing that the move was independently made by the Nigerian government. This clarification came following widespread accusations linking the IMF to recent economic policies…
Naira’s Value on the Rise: Dollar to Naira Exchange Rate in the Black Market Here are the current black market exchange rates for October 25th. You can exchange your dollar for naira at these rates. Ahead of the Game: Current Dollar to Naira Exchange Rate at the Black Market Finding Your Way in the Market…
As Nigerians React to Fuel Price Hike, Experts Urge Investigations into Nigeria’s Troubled Petroleum Sector With fuel prices soaring, the country is bracing for the worst. Following the recent cabinet reshuffle, experts are calling for transparency and urgent action to address the nation’s struggling petroleum sector. Austin Aigbe, Regional Advocacy Lead and ECOWAS Liaison Officer…
Current Dollar to Naira Exchange Rate in the Parallel Market Finding the best exchange rate for your dollar to naira conversion can be a challenge. We’ve got you covered. Here’s the latest exchange rate for 24th October 2024. What’s the Dollar to Naira Rate in the Parallel Market Right Now? Black Market Dollar to Naira…
Federal Government Sets Ambitious Target to Boost Nigeria’s Compressed Natural Gas (CNG) Conversion In a bid to drive progress and sustainability, the federal government has announced an ambitious plan to increase Nigeria’s Compressed Natural Gas (CNG) conversion by a remarkable 733%. By June 2025, the government aims to achieve a conversion rate of 250,000, up…
