The Nigerian naira fell to a new record low of N1,105 to the U.S. dollar on the official market on Thursday down from N830 at its close on Wednesday, LSEG data showed.

A Federal High Court in Lagos on Monday adjourned the trial of a former Speaker of the Lagos State House of Assembly, Adeyemi Ikuforiji, for alleged N338.8 million money laundering.

The Organised Labour has explained why it suspended the nationwide indefinite strike that commenced on Nov. 14. Mr Emmanuel Ugboaja, General Secretary of Nigeria Labour Congress (NLC), explained the action in a statement he jointly signed by Mr Nuhu Toro, Secretary General, Trade Union Congress(TUC), on Wednesday in Abuja.

Brent price declined by 0.5% to US$80.78 per barrel as US crude inventories rose. Also, West Texas Intermediate crude fell 0.5% to US$76.25 at last look early Thursday.

The International Monetary Fund (IMF) and Kenya have reached a staff-level agreement on economic policies following the sixth review of extended credit fund facilities’ arrangement to unlock more funds for the government.

The Nigerian bonds benchmark yield hit about 15.8% as local investors offloaded their portfolio in reaction to accelerating consumer inflation in the country.

Money market rates spiked as liquidity in the financial system dropped significantly amidst accelerating inflation conditions in Nigeria.

The naira rallied midweek as invisible hands put a touch on exchange rates across the markets. Both official and parallel market rates appreciated against the dominant US dollar in the Nigerian economy.

The Murtala Muhammed Airport Command, the Nigeria Customs Service (NCS), has generated N74.29 billion through customs duty and other charges from January to October 2023.

The Central Bank of Nigeria (CBN), has expressed optimism that its monetary policy initiatives are yielding the desired results.