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The Nigerian government has detained two executives of the Binance crypto exchange platform amid efforts to stabilise the nation’s foreign exchange market and salvage the value of the local currency. Sources familiar with the matter told PREMIUM TIMES that the two executives were detained in Abuja, Nigeria’s capital, a day after they flew into the country as part of moves to negotiate with the Nigerian authorities amid a crackdown on the crypto platform. Last week, PREMIUM TIMES reported how the Nigerian…

In a bid to address the lingering price distortions affecting the Naira’s exchange rate, the Central Bank of Nigeria (CBN) has authorised the sale of $20,000 to eligible Bureaux De Change (BDCs). The decision comes after the bank said it observed continued price distortions at the retail end of the market, which is feeding into the parallel market and further widening the exchange rate premium. According to a circular on Tuesday by Hassan Mahmud, the Director of the Trade & Exchange Department at the CBN,…

The Nigerian government said Tuesday the decision to remove petroleum subsidy is a challenging one but necessary move needed to promote long-term energy security and economic prosperity in the country. President Bola Tinubu disclosed this at the opening ceremony of the ongoing 7th edition of the Nigeria International Energy Summit (NIES 2024) held at the presidential banquet hall in Abuja on Tuesday. “Our great nation has long been dependent on the revenue generated from oil exports, and as we stand at the…

The Central Bank of Nigeria (CBN) on Tuesday raised the interest rate to 22.75 per cent amid soaring inflation. The apex bank made this known after the two-day Monetary Policy Committee (MPC) meeting held between Monday and Tuesday. According to the National Bureau of Statistics, the country’s annual inflation rate jumped to 29.90 per cent in January from 28.92 per cent in December 2023, primarily fueled by a continuous surge in food prices. Olayemi Cardoso, the governor of the CBN, on Tuesday, disclosed that…

Nigeria’s naira has on several occasions in recent weeks tumbled across both the official and unofficial markets amidst an increased forex demand and a significant spike in the prices of goods and services across the country. The local currency traded at an average of N1500 and above mark at the spot market last week, closing the week on a negative note at N1,665.50/$1 last Friday — the lowest the currency has ever recorded at the segment according to data posted by FMDQ. Similarly, amidst speculations and…

The government of Qatar has reversed its earlier position not to host a business meeting with Nigerians on the sideline of President Bola Tinubu’s visit to the country next month. The Qatari embassy in Abuja in a “Note Verbale” dated 23 February to the protocol department of Nigeria’s foreign affairs ministry, said the “Qatar Chamber of Commerce will host” the Business and Investment Forum on the margins of President Tinubu’s visit. The embassy had earlier said it could not host the side event, leading to…

Standing behind a parked vehicle in front of her shop loaded with some food commodities, 58-year-old Nkiruka Romanus wipes her face with the back of her palms to clean a simmering sweat. It was a hot Saturday afternoon in late January and Mrs Romanus recalled how she and her late husband started the foodstuff business with N15,000 in 1994. Mrs Romanus, popularly known as Mama Chikwado, has been in the business of selling food items such as beans, rice, flour, and sugar among others at the Olojudo market, Ido…

There is intense apprehension at the Central Bank of Nigeria (CBN) Thursday that the Naira may weaken further as the Federation Account Allocation Committee (FAAC) is set to disburse allocations from the revenues generated into the federations’ accounts among the federal, state and local governments. Sources within the apex bank Thursday told PREMIUM TIMES that there are concerns that funds from FAAC were often illegally converted to dollars by some corrupt state governors at the unofficial market, with a ripple…

The Nigerian government has blocked the online platforms of Binance and other crypto firms to avert what it considers continuous manipulation of the forex market and illicit movement of funds. Sources within the major telecommunication companies in the country told PREMIUM TIMES Wednesday evening that the Nigerian Communications Commission (NCC) communicated the directive to telcos and they had started acting on it. Apart from Binance, other platforms such as Forextime, OctaFX, Crypto, FXTM, Coinbase, Kraken,…

The Nigerian Association of Road Transport Owners (NARTO) on Tuesday directed its members to immediately resume petroleum loading activities. The National President of NARTO, Othman Yusuf, gave the directive after a meeting held in Abuja. The meeting was attended by the Minister of State Petroleum Resources (Oil), Heineken Lokpobiri, with NARTO, oil marketers and the Nigerian Midstream and Downstream Petroleum Regulatory Authority, (NMDPRA). NARTO had in a letter dated 15 February, addressed to the General…