The Minister of Finance, Wale Edun, has stated that Nigerians are saving in Dollars because they have lost The Minister of Finance, Wale Edun, has stated that Nigerians are saving in Dollars because they have lost faith in the Naira.    He stated this during a recent presentation to senior business leaders in Lagos State, adding that the recent appreciation of the Naira's value demonstrated that Nigeria's efforts to strengthen its currency are bearing benefits.    He stated that the country seeks all diasporic funds to bolster the Naira, adding that the country’s foreign direct investment dropped to N3.7 billion in 2023.    He said, “Because of lack of faith in the currency, people have decided to try to hold and save in dollars.    “We are targeting all the funds in the diaspora. There are all these funds that you have brought into your (local foreign currency) accounts; we are targeting them.”

Nigerian govt to sell crude oil in Naira to Dangote and other local refineries Nigeria will sell crude oil to Dangote and local refineries to boost the Naira, the FG has announced.     The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, disclosed this during a briefing in Abuja on Monday, April 15.  He said Nigeria’s total crude oil and condensate reserves increased to 37.5 billion barrels on January 1, 2024, with a life index of 68.01 years.   “The commission, in conjunction with relevant stakeholders from NNPC Upstream Investment Management Services, representatives of Crude Oil/Condensate Producers, Crude Oil Refinery-Owners Association of Nigeria, and Dangote Petroleum Refinery came up with the template for the buy-in of all.   “This is in a bid to foster a seamless implementation of the DCSO and ensure a consistent supply of crude oil to domestic refineries.   “The Petroleum Industry Act, PIA intends to make the implementation (of crude o

Operatives of the Port Harcourt Zonal Command of the Economic and Financial Crimes Commission, EFCC, Operatives of the Port Harcourt Zonal Command of the Economic and Financial Crimes Commission, EFCC, have arrested a suspected internet fraudster, Ali Desmond Chinedum in Port Harcourt, Rivers State.   A statement released by the commission says he was arrested following credible intelligence on his suspected involvement in internet-related offences. Items recovered from the suspect include one iPhone 11 Pro Max, One Redmi 12 android mobile device, two  United States Navy identity cards with numbers: 100040041245 and 100010041159, one Mercedez Benz GLK and one HP Laptop computer device and charms.   The commission added that he will be charged to court as soon as investigations are concluded.