Nigerian airlines have spent an estimated US$5 billion (N7.5 trillion at N1500 per $) on aircraft maintenance abroad over the past five years, as they continue to ferry their fleets to other countries for major maintenance, particularly the extensive “C-checks”. The absence of a fully equipped domestic Maintenance, Repair and Overhaul (MRO) facility capable of …
Nigeria’s gross external reserves expanded by $1.03 billion in the last 30 days, according to data from the Central Bank of Nigeria (CBN). This represents a 2.51 per cent increase to $42.03 billion as of September 19 from $41 billion as of August 19. A review of the CBN data shows that this is the …
Venezuela’s government is quietly allowing the use of dollar-pegged cryptocurrencies in private-sector currency exchanges as U.S. sanctions squeeze oil revenues and reduce the flow of foreign currency. U.S. restrictions on oil exports, described by Caracas as “economic war,” have made it harder for businesses to access dollars. Companies seeking raw materials must often exchange bolivars …
President Bola Ahmed Tinubu says Nigeria met its 2025 revenue target as early as August and now has enough resources to run government programmes without borrowing. He described the development as proof that the economy, once shaken by turbulence, is beginning to stabilise. Tinubu made the disclosure yesterday at the Presidential Villa, Abuja, while hosting …
