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Major oil marketers in Nigeria are considering increasing the pump price of petrol following the lingering scarcity of dollars and high exchange rate. According to the marketers, the exchange rate which went to as high as N400 to $1 last week, is seriously affecting them as they cannot continue to import fuel at such rate and sell at the Federal government stipulated price of N145 per liter. Many of them say if the N400 to $1 persists, they will be forced to increase the pump price.

According to the Senior Special Assistant to President Buhari on Media and Publicity, Shehu Garba, the dollar subsidy is non-discriminatory and was also approved for Christians as well.

Nigerians on twitter are reacting angrily to the CBN directives to banks and authorized Forex dealers to sell dollars to intending Muslim pilgrims at N197 to $1. Many Nigerians feel the directive is insensitive mostly at this time when our economy is in recession. They are of the opinion that such subsidies should be given to Education, Health, manufacturing and other key sectors. See more reactions after the cut...

CBN has stopped all privately owned money transfer companies from wiring money, leaving only three foreign owned companies to do it. Comedian Basketmouth thinks this is a wrong move as it will make life more difficult for Nigerians. See the rest of what he posted after the cut...

The Central Bank of Nigeria yesterday said cheques can now be paid into savings accounts. Before now, cheques were only paid into current accounts. In a circular signed by Director, Banking & Payments System Department, Dipo Fatokun and issued to all banks and financial institutions yesterday August 2nd, the apex bank said bank customers with savings account linked to their BVN can deposit a maximum of N2 million cheque per day.

 Abia State Internal Revenue Service has reacted to the alleged fake tax clearance certificate the state governor, Okezie Ikpeazu, reportedly presented during the state's PDP governorship primaries in 2014. According to a statement released by the state's internal revenue service this morning, the tax certificates of Ikpeazu are not fake and were duly issued by them. There is tension in the state currently after a High court in Abuja ordered Ikpeazu to vacate his office after his opponent in the state's PDP overnorship primaries, Uche Ogar, proved to the court that Ikpeazu tendered fake tax credentials to their party. Read full text of the statement released by the Abia state internal revenue and signed by its chairman, Udochukwu G. Ogbonna, below The attention of the Abia State Internal Revenue Service has been drawn to a court judgement of the Federal High Court Abuja on the tax clearance certificate issued to Dr. Okezie Victor Ikpeazu by the Se...

President Buhari says Nigeria is paying dearly for incompetence in managing high revenue that accrued from oil, particularly over the past decade, and for allowing the decay of critical infrastructure. Speaking at the State House, Abuja, today, while receiving the Chief Global CEO of Unilever, Paul Polman, President Buhari said his administration is working very hard to change the structure of the Nigerian economy battered by several years of mismanagement.

The Central Bank of Nigeria today announced a flexible foreign exchange regime that would be determined by market forces. Speaking at a news conference in Abuja today June 15th, the Central Bank governor, Godwin Emefiele said under the new plan, the official exchange rate of the naira will exist in a "single flexible window," which will take off on June 20th.

Here is a list of all the 23 conditions state governors have to fulfill to access the Federal government's N90 billion loan that was announced by Minister of Finance, Kemi Adeosun yesterday June 14th. The conditions include;

Minister of Finance, Kemi Adeosun, says the Federal government will be granting states a N90 billion loan which is to be paid back within one year. At a meeting with the finance commissioners of the 36 states to discuss the Fiscal Sustainability Plan FSP in Abuja yesterday June 14th, Adeosun said the loan will be given to the state governments after they meet 22 stringent conditions put together by the federal government. According to her, the loan will be in two tranches

The apex bank says it would be announcing a new Foreign exchange policy tomorrow June 15th,

Photo credit @The Guardian Nigeria

Senator Ben Murray-Bruce tweeted this question as some Nigerians are alleging that Naira denominated ATM cards no longer work abroad‎.

The Nigerian stock market crashed by N1.732tn within one year of the Muhammadu Buhari-led Federal Government. The Nigerian Stock Exchange data showed that the NSE market capitalisation on May 28, 2015 was

Officials of the EFCC in Gombe state yesterday interrogated 11 Gombe state INEC staff for allegedly collecting N120 million from some politicians to manipulate results in the 2015 general election.  A source at the commission gave the names of the electoral officers as Godwin Maiyaki Gambo (Balanga), Bukar Alone Benisheik (Dukku), Jibril. B. Muhammed (Billiri), Dunguma Musa Dogona (Funakaye), Mohammed. A. Wanka (Kaltungo), Ishaku Yusuf (Kwami), Suleiman Isawa (Nafada), Babagana Malami (Shongom), and Nuhu Samuel (Yamaltu/Deba). The electoral officers for Akko and Gombe councils, Ahmed Ali Biu, and Mohammed.B.Zannah, reportedly admitted to have collected the bribe from one Yunusa Ali Biri, also a retired electoral officer who acted as Gombe coordinator of bribes for electoral officers in the state.

Read his piece below...