The Central Bank of Nigeria (CBN) has revised its Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) policy, allowing 25 per cent of approved foreign exchange requests to be paid in cash, while the remaining 75 per cent will continue to be processed electronically. The policy shift was unveiled on Friday during the launch of the 4th Edition of the Foreign Exchange (FX) Manual in Abuja. Under the previous framework introduced in 2024, all PTA and BTA transactions were restricted to electronic channels such as debit and credit cards in a bid to improve transparency and curb foreign exchange…
Author: Abdoulaye Kay
The Central Bank of Nigeria (CBN) unveiled the fourth edition of its Foreign Exchange Manual on Friday, a move the bank says will bolster transparency, consistency, and efficiency in the country’s foreign exchange market. Governor Olayemi Cardoso announced that the revised manual, which takes effect on June 1, 2026, has been updated to align with international best practices as part of a broader drive to modernise FX administration and reinforce market confidence. The CBN stated that the changes are aimed at strengthening Nigeria’s macroeconomic foundations by enhancing the governance and monitoring of foreign exchange transactions. Developed through extensive consultations with…
Chief of Staff to President Bola Tinubu, Femi Gbajabiamila, has revealed that he nearly lost his position during the crisis that rocked the Lagos State House of Assembly over the removal of former Speaker, Mudashiru Obasa. Gbajabiamila disclosed while addressing members of the All Progressives Congress (APC) in Lagos, where he spoke about the political controversy involving Surulere lawmaker, Desmond Elliot. According to him, President Bola Tinubu summoned him to his residence in Abuja during the height of the Assembly leadership crisis and questioned him over allegations that Elliot was among lawmakers allegedly fueling instability in the Lagos Assembly. ALSO…
The Nigerian naira strengthened against the British pound in the first half of May, appreciating to about N1,853/£1 as political uncertainty in the United Kingdom weighed heavily on sterling. Data from the Central Bank of Nigeria (CBN) showed the naira traded around N1,853/£1 on Thursday, improving from N1,882.9/£1 recorded on Monday in the official foreign exchange market. The recovery comes as the British pound slipped to monthly lows following mounting pressure on UK Prime Minister Keir Starmer after fresh cracks emerged within the ruling Labour Party. The latest political tension intensified after Manchester Mayor Andy Burnham reportedly positioned himself as…
A Professor of Statistics at the Federal University of Technology Akure (FUTA), Professor Abayomi Akomolafe, has said that the intentional application of modern statistical techniques, predictive analysis and probability modelling can help Nigeria address growing challenges in healthcare, banking, the economy and public service delivery. Akomolafe stated this while delivering the institution’s 198th inaugural lecture titled “Clay in the Hand of the Potter: The Mystery of Probability Modelling in Statistics,” held on Tuesday at the Obafemi Awolowo Auditorium of the university. The professor noted that many of Nigeria’s persistent challenges, including disease outbreaks, inflation, unstable markets, poor economic planning and…
The Doctors Without Borders, also known as Médecins Sans Frontières (MSF), has released its 2025 Nigeria Activity Report, revealing worsening malnutrition, recurring disease outbreaks and persistent maternal healthcare challenges across the country. The report highlighted rising cases of severe acute malnutrition, repeated outbreaks of infectious diseases and continued maternal mortality concerns in underserved and crisis-affected communities. MSF, which has operated in Nigeria since 1996, said it treated more than 440,000 children for malnutrition, over 300,000 people for malaria and assisted more than 33,500 deliveries in 2025. The humanitarian organisation said it maintained regular medical projects in 10 states — Bauchi,…
The Economic Community of West African States (ECOWAS) has unveiled a six-pillar strategic initiative, tagged the “Compact for the Future of Regional Integration,” aimed at repositioning the regional bloc to address growing political, economic and security challenges across West Africa. The proposal was presented on Thursday in Abuja by Abdel-Fatau Musah during the ongoing First Ordinary Session of the ECOWAS Parliament. Musah described the initiative as a “survival strategy” designed to strengthen regional integration, rebuild trust among member states and citizens, and reposition the regional bloc to deliver more tangible benefits to the people of the region. According to him,…
The National Judicial Council (NJC) has recommended the elevation of 12 justices to the Court of Appeal. At its 111th meeting held on Wednesday under the chairmanship of the Chief Justice of Nigeria, Justice Kudirat Kekere-Ekun, the Council made the recommendation to President Bola Tinubu. A statement signed by the NJC’s Deputy Director of Information, Kemi Babalola-Ogedengbe, disclosed that those recommended for elevation are Justice Emeka Nwite, Justice James Kolawole Omotosho, Justice Yakubu Mohammed, Justice Abodunde Oluwatoyin, and Justice Ajuwa Raphael. Others are Justice Abua Ojie, Justice Ijohor Jennifer, Justice Shuaibu Bala, Justice Buba Njane, Justice Kado Sanusi, Justice Ademola…
A compliance officer with Zenith Bank Plc on Wednesday told the Federal High Court in Abuja that the bank filed Suspicious Transaction Reports (STRs) over transactions linked to former Attorney-General of the Federation and Minister of Justice, Abubakar Malami. The witness, Mashelia Arhyel Bata, disclosed while testifying as the fourth prosecution witness in the ongoing trial before Justice Joyce Abdulmalik of the Federal High Court, Maitama.The The Economic and Financial Crimes Commission (EFCC) is prosecuting Malami alongside his wife, Bashir Asabe, and his son, Abubakar Abdulaziz Malami, on an amended 16-count charge bordering on conspiracy, concealment and laundering of alleged…
The All Progressives Congress (APC) has dismissed reports claiming that it altered the timetable for its 2027 primary elections, insisting that the dates earlier announced remain unchanged. The ruling party made this known in a statement signed by its National Publicity Secretary, , and posted on the APC’s official platform on Wednesday night, May 13, 2026. According to the statement, the House of Representatives primary election will hold on Friday, May 15, 2026, while the Senate primary election is scheduled for Monday, May 18, 2026. The party also stated that the State House of Assembly primary election will take place…