Nigeria Inflation Surges to 33.2% In March

According to the National Bureau of Statistics (NBS) Consumer Price Index (CPI) report released on Monday, Nigeria's Inflation rate spiked in March 2024 reading 33.2 percent as against February which was 31.70 percent. “Looking at the movement, the March 2024 headline inflation rate showed an increase of 1.50% points when compared to the February 2024 headline inflation rate,” said the NBS. “On a year-on-year basis, the headline inflation rate was 11.16% points higher compared to the rate recorded in March 2023, which was 22.04%. “On a month-on-month basis, the headline inflation rate in March 2024 was 3.02%, which was 0.10% lower than the rate recorded in February 2024 (3.12%). This means that in the month of March 2024, the rate of increase in the average price level is less than the rate of increase in the average price level in February 2024.”

Bobrisky Arrives Court for Money Laundering Trail

Nigerian cross-dresser, Idris Okuneye aka Bobrisky, has arrived at the Federal High Court in Ikoyi, Lagos, for his arraignment on money laundering and naira abuse allegation scheduled to take his plea before the vacation judge, Justice Abimbola Awogboro. The crossdresser, who had been in the EFCC detention since Wednesday night, failed to meet the administrative bail offered to him on Thursday.
Recall that the cross-dresser was arrested on Wednesday night for allegedly spraying and stepping on naira notes.

NIMC: Banks To Issue New GMPC National Identity Card

The National Identity Management Commission (NIMC) in a statement signed by the Head of Corporate Communications of NIMC, Kayode Adegoke disclosed that the new General Multipurpose Card (GMPC) will be issued to applicants through their respective banks. The statement reads, “The card will be powered by the AFRIGO card scheme, an indigenous scheme powered by the Nigerian Interbank Settlement System (NIBSS).

FG Hike Electricity Tariff By 300%

The Nigerian Electricity Regulatory Commission (NERC) has approved an increase of 300 per cent electricity tariff for Band ‘A’ consumers in the country. The power Distribution Companies (DisCos) will be allowed to raise electricity prices to N225 ($0.15) per kilowatt-hour from N68 for urban consumers, effective from April 1, 2024. 

CBN Sells Dollars To BDCs at N1,101/$1, Bans Use Of Foreign Currency as Collaterals

The Central Bank of Nigeria (CBN) in its latest circular dated 8th of April 2024, notified Bureau De Change operators (BDCs) of the sale of $10,000 to each BDC at a rate of N1,101/$1, while also banning the use of foreign currency-denominated collaterals for naira loans; except under specific conditions. While directing BDC operators to sell to eligible customers at a spread of not more than 1.5 percent above the purchase price, the CBN asked operators to submit proof of payment and other documents at the appropriate CBN branches for disbursement.

Air Peace Plans Start of Flight Operations To New York, Houston

The Chief Executive Officer (CEO) of Air Peace Airlines, Mr Allen Onyema has revealed that the airline was planning to start flight operations to New York and Houston in the United States by the end of 2024. He made this known during an interview on ARISE News Channel, where he spoke about the airline’s Lagos to London route, adding that the company was in the process of purchasing more aircrafts.

Nigeria's Foreign Reserve Declines BY $1.02 Billion In 18 Days

Nigeria’s foreign exchange (FX) reserve has experienced a sharp decline by approximately $1.02 billion within 18 days, as the Central Bank of Nigeria (CBN) continues its aggressive defense of the naira. On March 18, 2024, the FX reserves stood at $34.45bn, but by April 3, it had plummeted to $33.50bn, based on the latest data from the CBN. Prior to the current decline, the reserve had been steadily growing, witnessing a remarkable 43-day surge between February 5 and March 18, 2024, during which it appreciated by $1.28bn. The apex bank attributed this rise to increased remittance payments from Nigerians abroad and heightened interest from foreign investors in local assets, including government debt securities.

CBN Increases Capital Base For Commercial Banks To N500bn

The Central Bank of Nigeria (CBN) on Thursday announced an increase in the capital base for different categories of banks in the country. A statement made on Thursday by the CBN’s Acting Director of Corporate Communications, Hakama Sidi Ali, in Abuja, said the capital base of banks with international authorisation had been increased to N500 billion while that of national banks was increased to N200billion. The CBN noted that commercial banks with regional authorisation are expected to achieve a N50 billion capital base. In contrast, merchant banks are expected toshore up their capital to N50 billion as the minimum capital requirement. The apex bank directed non-interest banks with national and regional authorisations to boost their capital to N20 billion and N10 billion, respectively.

New Electricity Tariff: NERC Fines AEDC N200Mn

The Nigerian Electricity Regulatory Commission (NERC) has fined the Abuja Electricity Distribution Plc (AEDC) N200million for violating the new electricity tariff order. This was made known in a statement by NERC issued on Friday which reads, “The Nigerian Electricity Regulatory Commission (“Commission”) has taken enforcement action against the Abuja Electricity Distribution Plc (“AEDC”) for non-compliance with the Supplementary Order to the April 2024 Multi-Year Tariff Order 2024 for AEDC (the “Order”).

Just In: CBN Raises Interest Rate To 24.75 Percent

The Central Bank of Nigeria (CBN) has raised the interest rate by 200 basis points to 24.75 percent, in an effort to combat the country’s increasing inflation. This increase in the interest rate was disclosed in a communiqué on Tuesday by the CBN Governor, Yemi Cardoso after the second Monetary Policy Committee (MPC) meeting of his tenure.