₦airaland Forum

The British High Commissioner to Nigeria, Dr. Richard Montgomery, clarified that despite recent policy changes, PhD students from Nigeria can still bring their dependents to the UK. Montgomery disclosed this during an interview with the News Agency of Nigeria (NAN) in Abuja on Sunday.

The policy shift, which came into effect earlier this year, prohibits certain international students from bringing dependents to the UK. This decision aimed to address...

https://ratecaptain.com/british-high-commissioner-nigerian-phd-students-can-still-bring-dependents-to-uk/

In a move aimed at pre-empting potential legal disputes, nine major Deposit Money Banks (DMBs) in Nigeria have collectively set aside a staggering N383.42 billion. This provision is earmarked for the resolution of claims that may arise from ongoing legal battles between the banks and their customers, as revealed by an investigation conducted by The PUNCH.

These findings are based on the annual financial reports filed by the banks with the Nigerian Exchange Limited, shedding light on the extent of legal challenges...

https://ratecaptain.com/banks-set-aside-n383bn-for-legal-claims-amid-growing-litigation/

The Federal Government of Nigeria has reportedly raised a total sum of N11 trillion through auctions and sales of Treasury bills and savings bonds issuance within the first four months of the year 2024. This figure was unveiled in findings by The PUNCH, based on an analysis of bonds and bills results issued by the Central Bank and the Debt Management Office (DMO) during the aforementioned period.

The breakdown of this substantial sum reveals that the government raised N3.1 trillion in FGN bonds and N7.92 trillion in T-bills between January and April 2024, totaling....

https://ratecaptain.com/fg-raises-n11-trillion-through-treasury-bills-and-bonds-in-four-months/

In response to the ongoing foreign exchange crisis in Nigeria, the Economic and Financial Crimes Commission (EFCC) has taken decisive action by securing a court order to freeze 1,146 bank accounts belonging to individuals and companies. This development follows allegations of unauthorized foreign exchange dealings, money laundering, and terrorism financing.

The ruling, delivered by Justice Emeka Nwite of the Federal High Court in Abuja, grants the EFCC an interim order to....

https://ratecaptain.com/efcc-secures-court-order-to-freeze-1146-bank-accounts-over-forex-crisis/

President Bola Tinubu has brokered a significant investment deal with Danish shipping giant A.P Moller-Maersk, securing $600 million to bolster Nigeria’s existing port infrastructure and accommodate larger container shipping services.

The announcement came during a meeting between President Tinubu and Mr. Robert Maersk Uggla, Chairman of A.P Moller-Maersk, held on the sidelines of the World...

https://ratecaptain.com/tinubu-secures-600m-danish-investment-to-expand-nigerias-seaport-infrastructure/

President Bola Tinubu delivered a keynote address at the World Economic Forum (WEF) in Riyadh, Saudi Arabia, on Sunday, highlighting Nigeria’s decision to eliminate petrol subsidy as a crucial step to avert economic collapse and pave the way for growth. Tinubu emphasized the importance of global collaboration and inclusiveness in addressing socioeconomic challenges, particularly in regions like the Sahel.

In his opening remarks at the WEF plenary session, President Tinubu underscored the necessity of capital formation to drive economic progress, stressing the need for...

https://ratecaptain.com/tinubu-addresses-wef-nigerias-subsidy-removal-to-prevent-economic-collapse/

The naira experienced a significant turnaround over the weekend, marking a notable gain of 10% against the US dollar. The currency, which had been trading around N1,400 to a dollar at the close of business on Friday, saw a remarkable shift as it broke below the N1,300 resistance level at the parallel market, settling at N1,270-1,275 against the dollar.

This rapid appreciation of the naira comes amidst heightened demand for dollars in the parallel market, driven by both banks and end-users. The slow disbursement of forex...

https://ratecaptain.com/naira-records-10-surge-against-dollar-amid-efccs-crackdown-on-speculators/

The Nigerian naira experienced a sharp decline on Thursday afternoon, dropping to N1,450 per dollar in the parallel market. This marks an 8.28% decrease or a difference of N120 from the earlier reported rate of N1,330 in the morning.

Data obtained from currency traders revealed that Bureau De Change (BDC) operators listed the purchase rate at N1,350 and the approximate selling rate at N1,450, resulting in a profit margin of N100.

https://ratecaptain.com/naira-plunges-to-n1450-against-dollar-8-28-decrease-during-trading-hours/

The Central Bank of Nigeria (CBN) has once again intervened in the foreign exchange market by selling discounted dollars to licensed Bureau De Change (BDC) operators. This move is part of the CBN’s ongoing efforts to maintain liquidity in the market and stabilize the value of the naira, which has been experiencing a recent decline.

According to a circular obtained by Legit.ng, the CBN has set a special exchange rate for the sale of dollars to BDC operators. Under this arrangement, the CBN will sell...

https://ratecaptain.com/cbn-sells-discounted-dollars-to-bdcs-sets-new-exchange-rate/

Akinwumi Adesina, the President of the African Development Bank (AfDB), has raised concerns over the detrimental impact of non-transparent resource-backed loans on Africa’s economic growth trajectory. Speaking at the Semafor Africa Summit, held alongside the International Monetary Fund and World Bank 2024 Spring Meetings, Adesina emphasized the need for debt transparency and accountability to address structural issues in Africa’s debt landscape.

Adesina highlighted Africa’s ballooning external debt, which surged to $824 billion in 2021, with countries allocating 65% of their GDP to debt servicing. He pointed out that...

https://ratecaptain.com/afdb-president-warns-africas-growth-stifled-by-824-billion-in-resource-backed-loans/

The Central Bank of Nigeria (CBN) has debunked a recent news circular circulating online that claims to be a letter from the CBN cautioning financial institutions about cryptocurrency transactions. The purported letter, labeled as CBN circular FPR/DIR/GEN/CIR/06/010, allegedly warned Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs), and other financial institutions about the risks associated with cryptocurrency transactions.

In response, the CBN clarified that no such circular was issued by the bank. The CBN emphasized that it has not issued any directive prohibiting financial institutions from...

https://ratecaptain.com/27535-2/

The Federal Government has announced a significant milestone in its efforts to recover outstanding debts owed by Ministries, Departments, and Agencies (MDAs) with the recovery of N57 billion from a total debt of N5.2 trillion.

This disclosure was made by the Permanent Secretary, Special Duties, Federal Ministry of Finance, Okokon Ekanem Udo, during a Sensitisation Workshop on Federal Government Debt Recovery Drive through Project Lighthouse Programme for the South-East geo-political zone held in Enugu State on Tuesday.

https://ratecaptain.com/fg-recovers-n57-billion-debt-from-10-mdas-unveils-debt-recovery-drive/

The Economic and Financial Crimes Commission (EFCC) has taken decisive action to curb illicit peer-to-peer forex trading, freezing approximately 300 suspected illegal accounts operating on such platforms. EFCC Chairman, Ola Olukoyede, disclosed this during an interactive session with journalists in Abuja on Tuesday, stating that the move was made in response to a court order issued on Monday.

Describing the peer-to-peer financial trading scheme as a significant threat to the stability of the naira, Olukoyede emphasized that over $15 billion had flowed through...

https://ratecaptain.com/efcc-freezes-300-p-to-p-forex-accounts-to-avert-further-naira-crash/

Despite the recent reduction in diesel price announced by Dangote Petroleum Refinery, oil marketers across Nigeria have maintained high pump prices for Automotive Gas Oil (diesel), selling the commodity between N1,350 and N1,450 per litre.

Dangote Petroleum Refinery, in a move to cushion the impact of economic hardships in Nigeria, announced a further reduction in diesel prices to N940/litre on Tuesday...

https://ratecaptain.com/stations-maintain-high-pump-prices-despite-dangotes-diesel-price-cut/

Nigeria is gearing up to launch its first-ever foreign currency-denominated bond issuance in June, with the potential to raise up to $30 billion. This move is part of the country’s strategy to attract more foreign exchange inflows to stabilize the naira, which has been under pressure due to dollar shortages.

Patience Oniha, the director-general of the Debt Management Office, confirmed the plans for the debut forex bond, emphasizing its short to medium-term nature. The issuance is expected to tap into the significant dollar assets held by individuals, institutions, and Nigerians in the diaspora, aiming to bring dollar liquidity into the system.

https://ratecaptain.com/nigeria-set-to-raise-30-billion-from-debut-forex-bond/

Amidst escalating tensions in the Middle East and the anticipation of stubbornly high U.S. interest rates, the dollar remained firm on Monday, sustaining its largest weekly gain since 2022.

Last week, the dollar strengthened by 1.6% against a basket of six major currencies following a surprising uptick in U.S. inflation. This development raised doubts about potential rate cuts by the Federal Reserve, contrasting with signals from European policymakers indicating a cut within the next few months.

https://ratecaptain.com/dollar-firm-as-tensions-rise-in-middle-east-u-s-rate-hike-expectations-intact/

The National Bureau of Statistics (NBS) has reported a significant rise in Nigeria’s inflation rate, reaching 33.2% for the month of March 2024. This marks a 1.5% increase from the 31.7% recorded in February 2024, although the rate of increase slowed compared to the previous month.

The surge in inflation for March was primarily driven by escalating costs in food and beverages, alongside energy and housing expenses. Year-on-year, the headline...

https://ratecaptain.com/top-story-nigerias-inflation-rate-surges-to-33-2-in-march-2024/

In an interview with CNBC’s “Squawk on the Street,” Kristalina Georgieva, the managing director of the International Monetary Fund (IMF), expressed her belief that the Federal Reserve is poised to initiate interest rate cuts by the close of 2024. However, Georgieva cautioned against premature action, emphasizing the importance of relying on data-driven decisions.

Georgieva’s remarks follow recent inflation data indicating price growth exceeding the Fed’s 2% target, heightening concerns that the central bank might delay rate...

https://ratecaptain.com/imf-urges-central-banks-to-begin-interest-rate-cuts-by-end-of-2024/

Amidst the dollar’s recent robust performance, the Nigerian naira steadfastly maintained its bullish trajectory this week, bolstered by lingering concerns over persistent inflation and expectations of delayed interest rate hikes by the Federal Reserve.

Surging to a four-month high of N1,120 per dollar on the black market, the naira’s ascent was fueled by heightened activity in...

https://ratecaptain.com/naira-sustains-bullish-stance-despite-dollars-aggressive-gains/

Nigeria’s crude oil production faced a second consecutive monthly decline in March, dropping to 1.231 million barrels per day (mbpd), as reported by the Organisation of Petroleum Exporting Countries (OPEC) in its latest Monthly Oil Market Report for April 2024.

According to OPEC’s data, Nigeria’s oil output saw a decline from 1.322 mbpd in February to 1.231 mbpd in March, representing a significant plunge of 91 mbpd. This decline marks a continuation of the downward trend observed since the beginning of the year...

https://ratecaptain.com/nigerias-crude-oil-production-falls-again-now-at-1-23-million-barrels-per-day-opec/

The UK economy is displaying signs of resilience as it grew by 0.1% in February, prompting optimism from Chancellor of the Exchequer Jeremy Hunt, who sees this as a positive indication that the economy is on the path to recovery.

Hunt welcomed the news, stating, “These figures are a welcome sign that the economy is turning a corner, and we can build on this progress if we stick to our plan. Last week, our cuts to...

https://ratecaptain.com/uk-economy-shows-signs-of-recovery-as-gdp-edges-up-by-0-1/

The Central Bank of Nigeria (CBN) has issued a directive to all banks regarding the use of foreign currency-denominated collaterals for Naira loans, aiming to address prevailing concerns and enhance regulatory oversight in the banking sector.

In a letter addressed to all banks released on the April 8 2024, the CBN highlighted its observation of the practice where bank customers utilize Foreign Currency (FCY) as collateral for Naira loans. In response to this, the CBN has announced the prohibition of....

https://ratecaptain.com/cbn-prohibits-use-of-foreign-currency-collaterals-for-naira-loans/

The Central Bank of Nigeria (CBN) has announced the sale of foreign exchange (FX) to Bureau De Change Operators (BDCs).

In a formal communication addressed to the President of the Association of Bureau De Change Operators of Nigeria, the CBN revealed its decision to allocate $10,000 to BDCs at a rate of N1101/$1. Under this arrangement, BDCs are expected to sell the...

https://ratecaptain.com/cbn-begins-sales-of-10000-fx-for-n1101/

The Association of Bureaux De Change Operators of Nigeria (ABCON) has called on the Central Bank of Nigeria (CBN) to reconsider and decrease its applicable exchange rate, currently set at N1,251/$, citing concerns over growing disparities in the forex market.

In a letter addressed to the Director of the CBN’s Trade & Exchange Department, ABCON National President, Aminu Gwadabe, emphasized the need for a downward adjustment in the exchange rate to align with prevailing market rates...

https://ratecaptain.com/bdc-operators-urge-cbn-to-lower-exchange-rate-amid-rising-disparities/

Sell-offs in the shares of Tier-one banks on Thursday contributed to a 0.32 per cent decline in the Nigerian Exchange Ltd. (NGX) market indices.

Specifically, losses in the share prices of FBN Holdings, Access Corporation, Guaranty Trust Holding Company (GTCO), Zenith Bank, and StanbicIBTC Bank, among others, dragged down the market performance...

https://ratecaptain.com/ngx-investors-lose-n190bn-as-tier-1-banks-experience-sell-offs/

In a significant development for Nigeria’s energy landscape, the Dangote Refinery has officially commenced the sale of petroleum products, offering hope for cheaper fuel across the country. Devakumar Edwin, the executive director of the Dangote Group, announced on Tuesday, March 2, that the refinery has started supplying petroleum products to the local market.

According to Edwin, the refinery has substantial quantities of products ready for distribution, with operations underway for both sea and...

https://ratecaptain.com/dangote-refinery-initiates-sale-of-petroleum-products-promising-cheap-fuel/

The current exchange rate for customs import duties and cargo clearance payments has surpassed the official foreign exchange market rate between the Naira and the USD.

According to checks on the customs exchange rate portal, the exchange rate for cargo clearance is standing at N1,330.36/USD, whereas the official market closed at...

https://ratecaptain.com/customs-fx-rate-for-import-duties-surpasses-official-market-rate-reaching-n1330/

Bitcoin mining companies experienced a historic milestone in March as they generated over $2 billion in revenue, marking the highest monthly earnings in their history. This significant achievement surpassed the previous record set in May 2021, which stood at $1.74 billion.

According to reports from Bitcoin magazine, the revenue generated last month consisted of...

https://ratecaptain.com/bitcoin-mining-revenue-hits-record-2-billion-in-march/

The viability of domestic airlines in Nigeria hangs in the balance as the escalating cost of jet fuel poses a grave threat to their operations. In less than eight months, the price of jet fuel has surged by a staggering 109%, putting immense pressure on local carriers.

The aviation industry has been grappling with the relentless rise in the cost of aviation fuel, commonly known as Jet A1, over the past two years. This surge has compelled airlines to adjust their operations by hiking ticket prices. However, the recent spike in...

https://ratecaptain.com/nigerian-airlines-face-closure-as-jet-fuel-soars-to-n1500-per-litre/

In recent news, the UK economy has faced a significant challenge as it slipped into a recession during the final months of 2023. This downturn, confirmed by official figures, has raised concerns among citizens about its potential impact on their lives and finances. But what exactly is a recession, and how might it affect individuals? Let’s delve into these questions using Nigeria as a case study.

Understanding Recession: A recession occurs when a country’s Gross Domestic Product (GDP), the value of all goods and services produced, contracts for two consecutive quarters. Essentially, it means that the economy is...

https://ratecaptain.com/what-is-a-recession-and-how-could-it-affect-you/

The exchange rate used for calculating customs import duties and cargo clearance has recorded its fifth consecutive decrease in less than two weeks, dropping from N1,612 per dollar on March 15th to N1,405.46 per dollar presently.

The Nigerian Customs Service (NCS) previously announced that the exchange rate for duty collection and cargo clearance would be determined by the Central Bank of...

https://ratecaptain.com/customs-import-duty-exchange-rate-drops-for-fifth-consecutive-time-naira-strengthens/