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Non-remittance of Dollars By NNPC Behind Naira Crisis – CBN Says

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Non-remittance of dollars by NNPC behind Naira crisis - CBN says

The Central Bank of Nigeria CBN says the non-remittance of dollars to foreign reserves by the Nigeria National Petroleum Corporation (NNPC) is responsible for the naira’s free fall in the official and parallel markets.

 

On Thursday, July 28, the naira traded for N700/$1 at the parallel market and N415.96/$1 at the official market.

In a report released, the apex bank said the NNPC and its subsidiaries are the sole managers of crude oil which accounts for more than 80 percent of Nigeria’s Foreign Exchange (forex) earnings. The CBN in the report pointed that it does not print forex and cannot be the ones to make it available.

 

The report titled “The forex question in Nigeria: Fact sheet”, reads in part

“Domestically, there has been zero dollar remittance to the country’s foreign reserve by the NNPC, insisting that the CBN does not print dollars.

As noted by the CBN Governor, Godwin Emefiele, monetary policy alone cannot bear all the burden of the expected adjustments needed to manage these difficulties. It’s our collective duty as Nigerians to shore up the value of the naira.”

 

According to the apex bank, Nigeria earns foreign exchange from four sources – proceeds from oil exports; proceeds from non-oil exports; diaspora remittances, and Foreign Direct/Portfolio Investments (capital flows). The bank noted that the past six years have been characterized by two recessions triggered by a slowdown in the global economy as well as the effects of COVID-19 pandemic.

 

“Considering Nigeria’s heavy dependence on oil exports for foreign exchange earnings and government revenue, the impact of the oil market crash severely affected the government’s naira revenue and other macroeconomic aggregates including economic growth. Hence, the rate of exchange between the naira and other currencies has widened over the past few years.”the report in part read

 

On the key facts about the economy, the apex bank said the CBN issues legal tender in Nigeria (naira) and does not print foreign exchange. It said the pressure on the naira has both local and global perspectives.

 

“There is un-abating demand for foreign exchange for both goods and services, thereby creating a demand challenge. The current exchange rate of the Naira, like other major currencies, is not driven by cryptocurrencies, given the volatility in the cryptocurrency space, which lost over two trillion in the past two years in face of high inflation.

The high inflation in other climes and the hike in interest rates have heightened pressures on the exchange rate. This has triggered capital flow reversals from Emerging Markets and Developing Economies (EMDEs) to more advanced economies.

The United States (U.S.) dollar is gaining against all major currencies of the world. The imbroglio in Nigeria’s tertiary educational sector has triggered an exodus of students from Nigeria schools, with its attendant payment of fees in foreign exchange. Summer travels by Nigerians has also impacted on the demand side of the foreign exchange market,” it said.

 

According to the apex bank, Nigeria is not producing, hence the propensity to import is directly affecting the value of the Naira but the apex bank has attempted to address the challenge through policies such as the RT200 FX Programme, 100 for 100 Policy on Production and Productivity, Naira4Dollar Scheme, Anchor Borrowers’ Programme (ABP), Export Development Facility (EDF); and the Non-Oil Export Stimulation Facility (NESF).

 

The bank said that all these and many of its other initiatives were aimed at diversifying the economy, stimulating production, enhancing inflow of foreign exchange, maintaining the stability of the naira against other currencies and reducing foreign exchange demand pressure.

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itel Launches A300+: Most Affordable Duo-Screen Smartphone with a Rear Screen

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itel, the technology empowerment brand for masses, officially unveiled its new product A300+, brand’s first interactive dual-screen smartphone in its price range. itel A300+ comes with a comprehensive set of features — a 7000mAh marathon battery, IP65 military-grade durability, and satellite communication capability, demonstrating that innovation and complete product strength can coexist at an accessible price point.

 

A First-of-Its-Kind Rear Screen Experience: Interactive Innovation for a New Generation

itel A300+ coming with an interactive rear display is a rare feature in this price category, designed to deliver a smart entertainment experience for young generations. Far from being a cosmetic gimmick, the rear screen provides practical functions built around real everyday scenarios. Users can frame selfies using the higher-quality rear camera with a live preview on the back screen, glance at incoming messages and alerts without waking the main display, and play, pause, or skip tracks directly from the rear screen. The rear display also supports customizable clocks, photos, and designs, giving users a personal window to express their individual style. Complementing the rear screen, the A300+ features a 6.78-inch immersive punch-hole main display, offering a cleaner, more expansive viewing experience for streaming, gaming, browsing, and social media.

 

 

Performance and Value in Balance: Delivering Fresh Technology Despite Industry Pressure

Even amid rising industry costs, itel has chosen to bring fresh technology to its products while continuously improving performance and keeping pricing accessible. The A300+ is powered by a 7000mAh marathon battery engineered for long-term reliability, supporting up to 1,200 charging cycles — far exceeding the industry standard, and designed to retain healthy capacity. AI Charging Protection intelligently manages charging patterns to reduce battery degradation, while Smart Power Management optimizes power consumption across apps and hardware to extend usage time between charges.

 

The device also features 300% ultra-volume DTS stereo speakers, delivering rich, room-filling sound for music, videos, FM radio, and everyday entertainment. Built to withstand daily life and beyond, the A300+ carries IP65 water and dust resistance certification and meets military-grade durability standards, resisting splashes, dust, and accidental drops. Notably, the A300+ includes satellite communication capability, ensuring users can still send basic messages via satellite when cellular networks are unavailable — a safety net in remote areas, during natural disasters, or in other critical situations, setting it apart in its price segment.

 

The A300+ is built on a clear product philosophy, rather than relying on a single headline feature, it combines its key strengths into one complete product story. The rear screen captures attention first, while battery life, durability, and practical usability make the overall value proposition convincing. With the A300+, itel once again demonstrates its commitment to using innovation to meet the needs and desire for novelty among young users in emerging markets.

 

The itel A300+ is available in two variants: the 64GB ROM and 128GB ROM and they are both available in all phone retail stores in Nigeria or via online store HERE

 

 

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DJ Robot ft TMP Offisial & Fateoftheyouth – “NDSM Deluxe” Mixtape

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DJ ROBOT teams up with TMP OFFISIAL and FATEOFTHEYOUTH for NDSM DELUXE, a new DJ mixtape that expands the world of NDSM — No Dey Stress Me into a bigger, more energetic listening experience.

Built around DJ ROBOT’s approach to sequencing, mixing, and controlling energy, NDSM DELUXE transforms the NDSM mindset into a full sonic journey. The mixtape explores nightlife, pressure, temptation, confidence, freedom, desire, and the decision to simply refuse to let life overwhelm you.

Bringing together DJ ROBOT’s DJ-driven vision with the creative energy of TMP OFFISIAL and FATEOFTHEYOUTH, the deluxe edition adds new dimensions to the original NDSM message while maintaining its central philosophy: No Dey Stress Me.

Rather than simply extending the original project, NDSM DELUXE is designed as an experience — moving through different moods, rhythms, and moments while allowing each transition to contribute to the story.

For DJ ROBOT, the project represents an opportunity to communicate through energy as much as words.

“The original NDSM had more energy and stories to explore. I wanted to take the ‘No Dey Stress Me’ mindset beyond the song and turn it into a full DJ experience — something that captures nightlife, freedom, pressure, temptation, and the moments when you simply choose to enjoy yourself and live in the present.”

Listen below;

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N8TAN Announces ‘UPRISING EP’ — A Story of Rising From the Streets to the Top

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Nigerian artist N8TAN is set to unveil his highly anticipated ‘UPRISING EP’, a body of work that chronicles his journey from the streets to the heights of his musical ambition.

Built around themes of struggle, resilience, ambition, survival, and triumph, UPRISING captures the realities of an artist determined to turn adversity into momentum. The project reflects N8TAN’s experiences, the challenges that shaped him, and the relentless drive that continues to push him forward.

More than a collection of songs, UPRISING is presented as a story of transformation—from navigating the streets and confronting uncertainty to finding purpose, embracing growth, and rising toward the top.

With its blend of raw storytelling, infectious energy, and personal perspective, the EP offers listeners an intimate look into N8TAN’s world while reinforcing his determination to carve out his own place in the music industry.

‘UPRISING EP’ is a statement of elevation: a reminder that where you start does not have to determine where you finish.

As N8TAN continues to build his musical identity, UPRISING marks another significant chapter in his journey—and an invitation for listeners to rise with him.

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