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The Governor of the Central Bank, Olayemi Cardoso, on Tuesday, said Nigeria has enough funds in its foreign reserve to last 15 months of importation of goods. Mr Cardoso, who appeared before the House of Representatives Committee on Banking Regulations, said the funds in the reserve could import 12 months of goods and services, noting that if it’s only importation of goods, it would last 15 months. The CBN boss noted that Nigeria has N$39.12 billion in its reserve. According to him, the funds rose from US$34.70 billion at the end of June 2024. “The reserves rose by 12.74% to…

KRA is set to track crypto transactions in real time with the new tax system.   NewsOnline Nigeria reports that the Kenya Revenue Authority (KRA) is set to introduce a new tax system that will monitor crypto transactions in real-time to maximize and perfect their tax program.   This Nigeria news platform understands that KRA seeks to deepen its pool of tax revenue by turning its attention to crypto users in the East African country.   Kenya has over 4 million crypto users one of the highest in Africa hence present revenue opportunities for the KRA.   The KRA revealed that crypto transactions…

The Transmission Company of Nigeria has said that Monday’s national grid collapse was partial, noting that it has begun system recovery to restore supply. The spokesperson of TCN, Ndidi Mbah disclosed this to DAILY POST in a chat on Monday. According to her, the national grid did not collapse entirely as the Akwa Ibom generating Station was “Islanded” to enable it to continue supply through the Eket, Ekim, Uyo and Itu 132 Kilovolt substation. “It was a partial system disturbance.” “The entire system did not collapse as the IBOM Generating Station was ISLANDED (i.e. separated to stand alone to continue…

The Managing Director/CEO of Unity Bank Plc, Mrs. Tomi Somefun has commended the lender’s frontline staff for effectively translating its Customer Service Charter thereby forging a culture of responsiveness and exceptional partnership to demonstrate unwavering commitment to customers. In a message commemorating this year’s Customer Service Week, Mrs. Somefun celebrated with staff in customer service roles and expressed deep appreciation to the bank’s clients for their continued trust and loyalty, which have propelled the bank’s growth and success. “This year’s theme “Above and Beyond” supports our mission at Unity Bank which enables us to reflect on our collective journey so far where…

Cooking Gas Price has crashed to N1,500/per KG amid hardship. NewsOnline Nigeria reports that the price of cooking gas in Nigeria has soared, reaching N1,500 per kilogram in some areas, as confirmed in a recent survey. This has added to the burden on Nigerians already facing economic challenges. In Ogun and Lagos states, consumers are feeling the impact as the price of a 12.5kg cylinder now exceeds N17,000 in some areas, up from N12,000 just three months ago.  Abuja residents are seeing similar increases, with prices reaching over N17,000 in some districts. Despite promises of price relief from government officials, the trend shows no signs…

When the Federal Government announced in September that it would start paying the proposed minimum wage of N70, 000, with a promise to pay civil servants the areas from July and August, not many Nigerians were excited about the news. And the reasons were obvious, one of them being the recent hike in electricity bill. A recent report quoting the FIJ calculation clearly indicated that average minimum wage earners spend at least 57.3 percent of their salaries on electricity bills if they use only seven appliances for a month. The FIJ report noted that while the wage increase was a…

The leadership of the Sports Writers Association of Nigeria, SWAN, at the national level, has lifted the suspensions of two members of its National Executive Committee, NEC. The suspended members, Azuka Raph Chiemeka, Vice President of the South-South Zone, and Ijeoma Nwante, National Financial Secretary, were reinstated on Saturday during a virtual SWAN full council meeting over the weekend. According to a communiqué released after the meeting, the decision to lift the suspensions came after both members expressed regret and offered apologies, which the NEC accepted. In the same meeting, the full council also approved plans for SWAN’s 2025 membership…

The US Government has moved to arrest and imprison Allen Onyema over alleged $20 million fraud. NewsOnline Nigeria reports that the United States has accused the Chief Executive Officer of Air Peace, Allen Onyema, of obstruction of justice in an ongoing investigation. In a superseding indictment, the U.S. Attorney’s Office for the Northern District of Georgia accused Onyema and Air Peace’s Chief of Administration and Finance, Ejiroghene Eghagha, of submitting false documents to thwart a federal investigation into their activities.  This Nigeria news platform learnt that both Onyema and Eghagha have been under scrutiny since 2019 for alleged money laundering. The Air Peace CEO…

Former Minister For State has been shot dead.NewsOnline Nigeria reports that a senior politician in Mumbai, India’s financial capital, was shot dead on Saturday, just weeks before crucial state elections. This Nigeria news platform gathered that the police are investigating the involvement of a notorious crime gang in the murder. Baba Siddique, 66, a prominent local lawmaker and former Maharashtra state minister, was fatally shot multiple times in the chest outside his son’s office in Mumbai, according to Indian media reports.  Maharashtra’s deputy chief minister, Ajit Pawar, a member of the same political party as Siddique, expressed his shock over the “cowardly attack.” The…

Foremost Yoruba monarch, Oba Adeyeye Ogunwusi, Ojaja II, the Ooni of Ife, has called for a holistic review of education policies to meet up with contemporary challenges of Nigeria. The monarch made the call on Saturday at the maiden combined convocation ceremonies of Ojaja University, Eiyenkorin, Ilorin, Kwara State. Ooni, who acknowledged progress made in the sector over the years, stated that a lot still needed to be done to rescue tertiary education from a steady decline. “While it is true that a lot has been done and is still being done to rescue the Nigerian tertiary education from a…