Just another News Updates
Hoteliers, school owners, and other businesses accepting payments in dollars face the threat of arrest, warns the Economic and Financial Crimes Commission (EFCC). Ola Olukoyede, Chairman of the EFCC, issued this caution in the agency’s publication, EFCC Alert, on Monday, emphasizing that individuals engaging in dollar transactions risk legal action. Exceptions are made for transactions […]
The cost of diesel has seen a notable drop following Dangote Petroleum Refinery’s entry into the market, selling at ₦1,225/litre and poised to introduce petrol sales in May. The pump price of Automotive Gas Oil (diesel) has decreased from approximately ₦1,700/litre to around ₦1,350/litre in certain areas nationwide, courtesy of Dangote’s diesel sales. The $20 […]
Economists caution that despite the recent appreciation of the naira against the dollar, Nigerians shouldn’t expect an immediate drop in food prices. They explain that there’s typically a delay between currency fluctuations and changes in commodity prices. The reason behind this delay lies in the existing stock purchased at higher prices, which businesses need to […]
The Federation Account Allocation Committee (FAAC) has allocated N1.15 trillion to the three tiers of government for last month. Last month’s revenue into the federation account totaled N2.33 trillion, with deductions and savings of N1.17 trillion, including the cost of collection, transfers, interventions, refunds, and savings of N250 billion. Notable highlights from the distributable revenue […]
As Bitcoin’s value hits record highs, Argentines are turning away from the US dollar in a bid to combat their country’s relentless inflation. Reports from Business Insider reveal a surge in Argentine Bitcoin purchases, reaching their highest level in 20 months. In the first week of March alone, weekly Bitcoin acquisitions soared to 34,700, doubling […]
Nigeria made significant strides in debt repayment, clearing $560 million owed to various nations and organizations in January 2024, marking a 339% increase from the previous year’s expenditure. Analysis by the Central Bank of Nigeria revealed this substantial payment, amid reports indicating Nigeria’s public debt reached N87.91 trillion by September 2023. The Federal Government’s commitment […]
In a remarkable initiative poised to reshape global economic dynamics, the BRICS (Brazil, Russia, India, China, and South Africa) alliance is gearing up to unveil its own currency on April 1, 2024. The announcement comes with a slew of implications, signaling a bold move away from traditional financial systems dominated by the US dollar and […]
The Spectacles obtained a photograph from the federal ministry of information and national orientation, highlighting Nigeria’s progress and benefits from recent reforms. However, The Spectacles has meticulously expanded upon the content within the image, providing readers with a comprehensive understanding of the advancements and positive changes occurring within the country. Nigeria, the largest economy in […]
The Central Bank of Nigeria (CBN) has issued new regulations mandating foreign exchange sellers to Bureau De Change (BDC) who deal in amounts equivalent to or exceeding $10,000 to disclose the sources of their forex. According to Haruna Mustapha, Director of the Financial Policy and Regulation Department at CBN, these measures aim to curb irregularities […]
In a move aimed at alleviating the plight of retired civil servants, the government of Zamfara State, under the leadership of Dauda Lawal, has commenced the screening and payment of gratuities owed to retired workers. This significant initiative has brought relief to many retirees who have long awaited their entitlements. The government’s efforts revealed a […]