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CBN opens dollar tap as Trump tariffs test naira

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 The Central Bank of Nigeria (CBN) sold dollars on the official market Friday as it stepped in to bolster liquidity after the naira came under renewed pressure following fresh U.S. tariffs that rattled global markets and weighed on oil prices. The apex bank intervened in the foreign exchange market with a $197.71 million sale to authorised dealers to halt the slide in the naira which fell 2.3 percent in three days. Analysts, noting this was the CBN’s first “intervention” of the year, say it may signal the start of a series of actions if market conditions continue to deteriorate in the coming days. The naira weakened by N35.77 at the official Nigerian Foreign Exchange Market (NFEM) between Wednesday and Friday, closing at N1,567.02 per dollar on April 4, compared with N1,531.25 on April 2, CBN data showed In the parallel market, the naira dropped to N1,565, down N15 from Wednesday, marking a torrid week for the currency. The CBN’s intervention, disclosed in a statement signed by Omo...

Buhari’s minister, Dalung blames government’s inaction for ongoing killings in Plateau

Solomon Dalung, a former minister of youth and sports development under Muhammadu Buhari’s presidency, has condemned the government’s inaction regarding the persistent violence in Plateau State, particularly in the Bokkos Local Government Area, where recent attacks claimed the lives of 80 people. Dalung emphasized that the attackers are terrorists, not mere herders, as some have suggested. Dalung, in an interview on Arise Television’s programe, The Morning Show, monitored by BusinessDay in Jos, pointed to the absence of justice as the key factor fueling the crisis, noting that multiple commissions of inquiry have been set up over the years, yet none have led to the prosecution of perpetrators. “This is a reflection of the lack of political will to address the problem. Until justice is served based on the reports from these commissions of inquiry, which are just gathering dust in government archives, we will not see an end to this carnage”. He recalled that governor Caleb Mutfwang of Pl...

Saudi Arabia imposes visa ban on Nigeria, 13 others ahead of Hajj

 Saudi Arabia has announced a significant change to its visa policy, restricting nationals from 14 countries, including Nigeria, from applying for new short-term visas. The restriction, which takes effect on 13 April 2025, impacts multiple visa categories, including business visas (both single and multi-entry), tourist e-visas, and family visit visas. According to the official notice, Nigerian nationals currently holding valid Saudi visas may continue travelling to the Kingdom until 13 April 2025, but must exit no later than 29 April. After this deadline, affected individuals face potential penalties, including a possible 5-year ban from entering the country. Saudi authorities have indicated that the move is “part of ongoing efforts to regulate travel ahead of the upcoming Hajj season,” according to a Gulf News report. The decision reportedly comes in response to logistical challenges and overcrowding experienced during the previous Hajj season, when many pilgrims allegedly entered...

Nigeria Moves to Ban Solar Panel Imports, Pushes for Local Manufacturing

Nigeria to phase out solar panel imports, boost domestic production, and accelerate clean energy transitions The federal government has announced plans to halt the importation of solar panels to promote local manufacturing and advance Nigeria’s shift towards clean energy.  Speaking at the unveiling of the NEV T6 electric buses in Abuja, Uche Nnaji, Minister of Science and Technology, stated that the decision aligns with a presidential directive prioritising local content in science, engineering, and technology.  Nnaji highlighted Nigeria’s capacity to produce its own solar panels, with the National Agency for Science and Engineering Infrastructure (NASENI) playing a key role in local manufacturing. He projected that as domestic production grows, more households and institutions would transition to off-grid solar power solutions.  “We have lithium in abundance here in Nigeria, so Mr. President is already taking action. We are adding value to our raw materials. The lithium ...