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Naira appreciates to N993/$ at parallel market as demand moderates
The naira, on Monday, appreciated at the parallel market to trade at N993 per dollar. The figure signifies an appreciation of N2 or 0.20 percent from the…
UNGA: Tinubu ‘ll Revamp Nigeria’s Economy, Boost Energy Sector, Says Rone, FLNG Boss
The Managing Director of UTM Offshore Ltd, owner of Nigeria’s first Floating Liquified Natural Gas (UTM FLNG) company, Dr Julius Rone has assured that President Bola…
Concrete roads: Cement price to hit N9,000, say manufacturers
The Cement Producers Association of Nigeria has warned that the ongoing plan of the federal government to introduce concrete roads will raise the price of cement to N9, 000 per bag from the current price of N5, 000. It…
Nigerian billionaire Mike Adenuga in spotlight over $260-million debt and bribery allegations
Globacom Limited (Glo), one of Nigeria’s foremost telecom giants led by billionaire businessman Mike Adenuga, is embroiled…
Clamp down on those hoarding dollars – Ooni tells FG
The Ooni of Ife, Oba Adeyeye Ogunwusi, has advised the Federal Government to clamp down on citizens who are hoarding dollars, amid the freefall in naira exchange value. The monarch also called on Nigerians to patronise…
Again, Dangote wins ‘Brand of the Year’ award
Dangote Industries Limited has been honoured with the Brand of the Year award, in recognition of the company’s exceptional corporate performance over the past year. During the ceremony in Lagos, the Publisher of…
Manufacturers incur heavy losses as forex crisis, inflation bite harder
•Costs of raw materials up by 19%•Analysts list measures to contain pressureIn apparent reflection of the …
CNG: Marketers urge govt to expedite action on spread
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said that the adoption of Compressed Natural Gas (CNG), is the solution to…
Diesel could hit N1500/litre amid global geopolitics, FX shortages
The retail price of diesel is expected to surge to N1500 per litre in the coming days amid naira depreciation and rising global oil prices, BusinessDay…
Nigeria’s exchange rate defies Tinubu’s foreign investment drive – Reports
President Bola Tinubu made a call to Investors as he rang the closing bell of NASDAQ saying, “I count on you to invest in Nigeria”. Despite Tinubu’s efforts to woo investors into the country, Bloomberg reports that the…
Dangote’s stepbrother, Sayyu Dantata, gains $2.4 million from MRS stake in 48 hours
Nigerian businessman Sayyu Dantata, stepbrother of billionaire Aliko Dangote, has added a whopping $2.4 million to his net worth, thanks to his…
Wale Edun blames overdue $6.8bn forward payment for naira slump
Adebayo Olawale Edun, Nigeria’s Finance Minister has said that up to $6.8 billion of overdue forward payments in the foreign exchange market was…
Dangote, modular refineries abandon petrol refining over return of subsidy
·With PMS consumption at 99%, FX challenges may continue …
Naira Crosses N1,000/$ In Black Market
The foreign exchange crisis in the country worsened on Thursday as a dollar exchanged for over N1,000 at the parallel market, Daily Trust reports. Survey at popular black markets in Lagos indicated that a…
Rupert Murdoch Steps Down As Fox And News Corp. Chairman
Rupert Murdoch announced Thursday that he will step down as chairman of Fox Corporation and News Corp. “For my entire professional life, I have been engaged daily with news and ideas, and that will not change,” Murdoch…
BREAKING: CBN postpones September 2023 MPC Meeting
In a surprising turn of events, the Central Bank of Nigeria (CBN) has announced the postponement of its highly anticipated 293rd Monetary Policy Committee (MPC) meeting, originally scheduled for Monday and Tuesday, September…
Nigerians should brace up for continuous fall in naira value – Report
A report from Stear’s Africa FX Monitor has advised Nigerians to brace for continued downward pressure on Nigeria’s FX rates. The Africa FX Monitor, in the report released on Thursday, anticipates that the volatility of the…
Subsidy Back As FG Pays N169.4bn In August
Despite the numerous assurances by President Bola Ahmed Tinubu that the subsidy is gone, Daily Trust’s finding shows that the federal government paid N169.4 billion as subsidy in August to keep the pump price at N620…
Naira Weakens to 990/$1 on Parallel Market as Arbitrage gap widens further to N219
The naira came under intense pressure yesterday, leading to a significant depreciation as it fell to N990 to a dollar at the…
NNPC Ready to Supply Our Refinery with Crude Oil in Few Weeks – Dangote
The President of the Dangote Group, Aliko Dangote, has risen in defense of the Nigerian National Petroleum Company Limited (NNPC) against the…
NIPOST’s N43.6B expenditure generates only N16.7B revenue over 4 years
The latest data released by the National Bureau of Statistics (NBS) has again revealed the inefficient status of the Nigeria Postal Service, which continues to record dwindling revenue year on year amid billions…
Tinubu rings closing bell of NASDAQ stock market
President Bola Tinubu on Wednesday rang the closing bell at the U S. Chamber of Commerce’s U.S.- Africa Business Center in Times Square, New York. Tinubu rang the bell around 4:00pm (New York time). The bell…
Pressure on petrol, diesel prices as crude hits $97.17
There are indications that pressures are mounting on the pump price of petrol as the landing cost has risen by 19.3 per cent to N596.93 per litre as of yesterday, from about N500 per litre in July 2023, when the last…
Nigeria’s crypto transactions hit $56.7bn in one year — Report
Nigeria’s crypto transaction volume grew year-over-year to $56.7bn, Chainalysis has disclosed. This was a nine per cent y-o-y growth recorded between July 2022 – June 2023, the firm noted. It stated that the country’s…