Expectations are high as the $20 billion Dangote Refinery commenced operations after President Bola Tinubu removed fuel subsidy in May. As Nigeria battles economic hardship resulting from the removal of fuel subsidy, experts revealed some benefits expected from the refinery. Foreign reserves ...

The naira fell to N1089.51/$ on the official Investor and Exporter window on Tuesday. The currency fell by 27.19 per cent from the N856.57/$ it closed on Monday, according to data from the FMDQ Securities Exchange. On Tuesday, the naira opened trading at N922.22/$, rose to a high of N1251/$ ...

The naira exchanged to the dollar at 1,233/$ on Monday at the parallel market, according to Bureau de Change operators. Some BDC operators who spoke to The PUNCH said, the local currency which was bought and sold at 1,228/$ and 1,233/$ had traded at the same rate on Friday. Figures obtained ...

The House of Representatives is seeking the adoption of the Chinese Yuan (CNY) as an official foreign exchange reserve currency alongside other major international currencies to mitigate the impact of Naira’s depreciation. This followed the adoption of a motion moved by Hon. Jafaru Gambo Leko ...

By Ogaga Ariemu Nigeria’s headline inflation rate rose to 28.20 per cent in November from 27.33 per cent in October 2023. The National Bureau of Statistics disclosed this in its November consumer price index report. The figure presents the Eleventh times’ hike in Nigeria’s inflation headline ...

The Federal Government through the Central Bank of Nigeria, has raised the exchange rate for cargo clearance from N783/$ to N952/$. This is coming barely three weeks after the rate was increased from N757/$ to N783/$. The PUNCH reported in November, that the exchange rate for cargo clearance ...

Anambra State Governor, Charles Soludo, has stated that the administration of President Bola Tinubu took over a “dead economy” bequeathed by its predecessors. Soludo made the remark during an interview on Channels TV’s Politics Today on Thursday while analysing the naira’s decline under the new ...

The Federal Government, FG, has indicated that its plan to raise tax to Gross Domestic Product, GDP, ratio to 18 percent in the next three years would be achieved through enforcement of compliance to relevant tax laws. Speaking at the Commerce and Industry Correspondents Association of Nigeria, ...

The naira gained massively against the dollar on Friday as it closed at N791/dollar at the official market. This has brought some sanity to the market, which has fluctuated for several months now. According to data from the Nigerian Autonomous Foreign Exchange Market, where forex is officially ...

Investment Banker and Business Developer, Lai Omotola has blamed the continued decline in the value of the Naira against the Dollar on Nigeria’s decision to allow for the operations of town markets, official and parallel, saying every developed nation has a single market. Noting that what is known ...

The Consumer Price Index (CPI) which measures the rate of change in the prices of goods and services increased by 0.61 per cent to 27.33 per cent in October compared to 26.72 per cent in the preceding month, the National Bureau of Statistics (NBS) stated yesterday. However, reacting to the ...

The Senate has said a genuine partnership between the executive and legislature would end Nigeria’s economic woes. The Chairman, Senate Committee on Finance, Senator Sani Musa, who stated this yesterday, amid preparations by the Senate to engage heads of federal ministries, epartments and ...

THE Nigerian National Petroleum Company, NNPC Limited, yesterday, said Nigeria’s crude oil grades have become the most preferred choice for refiners in Europe. The Executive Director, Crude Oil and Condensate, NNPC Trading Limited, Maryamu Idris, said this at a panel presentation at the Argus ...

Owning a car was among the many lists of achievements for a typical Nigerian. The celebration that hits the air when one is bought knows no bounds. Parents, relatives and friends are gathered, and the gin is used to render prayers to various gods to save the life of the car owner and the car ...

Barely 10 days after, the Central Bank of Nigeria (CBN) may have begun to implement the promise of President Bola Tinubu to clear the estimated $7 billion outstanding foreign exchange obligations of the Federal Government, on foreign currency forwards contracts owed to banks. Reuters quoted the ...

The naira yesterday depreciated to N1,180 per dollar in the parallel market from N1,170 per dollar on Wednesday. However , the naira appreciated in the Nigerian Foreign Exchange Market (NAFEM) yesterday to N793.28 per dollar. Data from FMDQ showed that the indicative exchange rate for the ...

Nigeria’s foreign debt is expected to rise further to about $51 billion, following President Bola Tinubu’s request to the Senate, seeking approval to borrow additional $7.8 billion and  €100million, as part of  his 2022-2024 borrowing plan. Some financial analysts have debunked the official ...

A former Bayelsa Senator, Ben Murray-Bruce, has urged Nigerians to consume locally-made goods and services, rather than patronising foreign brands in order to strengthen the naira. He also advised Nigerians residing in overseas countries to invest their businesses in Nigeria. Murray-Bruce made ...

The naira sustained its slide against the United States dollar yesterday, as it weakened to an all-time low on the parallel market where it sold at N1100/$1 for weaker than the N1,060/$1 it traded the previous day. But the nation’s currency traded lower at N1,130 to a dollar for those that ...

The crises festering in Nigeria’s currency exchange market doubled down yesterday with the local currency depreciating further across all segments of the market. Vanguard’s monitor of the market yesterday indicated that the Naira went down from N1,100 to USD1.0 mid-day in the parallel market ...

The International Monetary Fund, IMF, has said in its forecast that South Africa may topple Nigeria as Africa’s biggest economy. According to the IMF World Economic Outlook, South Africa, the most industrialised country on the African continent, is striving towards achieving $401billion gross ...

By Ogaga Ariemu Millions of Nigerians will now struggle to afford three square meals and other necessities as the country’s headline inflation jumped to 26.72 per cent in September from 25.80 per cent in August 2023. The National Bureau of Statistics September Consumer Price Index, which measures ...

The International Monetary Fund has said the naira is currently under pressure and Nigeria is free to seek loan from the Fund to stabilise the currency if it considers a good option. The Washington-based lender however noted that recent exchange reforms and other steps taken by the Nigerian ...

The International Monetary Fund, on Friday, said for Nigeria’s fuel subsidy removal policy and foreign exchange unification initiative to translate to economic growth and stability, the Federal Government must collect more taxes to fund the national budget and pay public debts. The IMF Africa ...

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The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has said  Nigerians should pray that the country’s refineries do not work. Oyedele, who spoke at The Platform’s Independence Anniversary event, held in Lagos on Monday, said should Nigerian ...

The newly confirmed Central Bank of Nigeria, CBN, Governor, Dr. Olayemi Cardoso has disclosed plans to shore up the country’s Gross Domestic Product, GDP, to $1 trillion in eight years. Cardoso spoke while answering questions from senators during his screening and confirmation as the governor of ...

By Ogaga Ariemu Dr Onuoha Nnachi, an economist, says dollarized corruption is the reason for the foreign exchange crisis in Nigeria. Nnachi, the Managing Director of TTL group, disclosed this on Tuesday during a Channels Television interview monitored by DAILY POST. He blamed Nigeria’s high ...

The Federal Government may spend about N1.68tn as subsidy on Premium Motor Spirit, popularly called petrol, from September to December this year, an analysis of data provided by oil marketers and the sector has shown. PMS dealers stated on Thursday that the pump price of petrol should be between ...

By  Nike Popoola The naira continued its downward trend after exchanging to the dollar at 980/$ at the parallel market on Wednesday. A week earlier, the naira exchanged to the dollar at 950/$. Bureau de Change operators who spoke to The PUNCH attributed the fall to scarcity of foreign ...

By Ogaga Ariemu Nigeria’s inflation has increased to 25.80 per cent in August from 24.08 per cent recorded in July. The National Bureau of Statistics disclosed this on Friday in its latest Consumer Price Index Report for August 2023. The August 2023 headline inflation rate shows an ...

Nike Popoola, Sami Olatunji, Edidiong Ikpoto and Temitayo Jaiyeola •How CBN loans to FG, new debts, promissory notes raise public debt by N37tn between April and June •Tinubu’s reforms will improve debt sustainability, DMO assures Nigerians as latest figure overshoots agency projection by ...

By Emeka Anaeto and Peter Egwuatu THERE are indications that exchange rate crises that trailed the foreign exchange market reforms in June 2023 may linger further as supply gap led to further depreciation of Naira in the parallel market yesterday to N930/ $1, down from N925 mid last week. ...

The Joe Biden administration is dispatching the United States Deputy Treasury Secretary, Wally Adeyemo, to Nigeria next week as it seeks to deepen economic ties with Africa and counter China’s influence on the continent. According to the New York Times, the visit comes as President Bola Tinubu, ...

Implementation of the 2023 budget of N21.8 trillion is currently threatened as the nation has suffered a shortfall in crude oil output, amounting to 470,000 barrels per day, bpd in August 2023. This represents 29 per cent fall from the budget benchmark of 1.69 bpd. At the current global market ...

The price of Nigeria’s Bonny Light, weekend, rose to $92.79 per barrel, from $90.88 per barrel, recorded last Tuesday as the impact of extended output cuts hit the market. Russia extended its voluntary crude oil export cut by 300,000 barrels daily until December 2023, while Saudi Arabia extended ...

The Nigerian Bureau of Statistics, NBS, said Nigeria’s average oil production dropped by 14.69 per cent year-on-year, YoY to 1.22 million barrels per day, mb/d in the second quarter of 2023, from 1.43 mb/d recorded in the corresponding period of 2022. The NBS stated this in its 2023 second quarter ...

By Abdulrazaq Adebayo A statesman and chieftain of the All Progressives Congress, APC, in Kwara State, Alhaji Lasisi A. K. Jimoh, has suggested solutions to high cost of governance in Nigeria. He berated the adoption of security votes by government at all levels in the country, describing it as ...

By Yinka Kolawole The Manufacturers Association of Nigeria (MAN) has said that the manufacturing sector has been at the receiving end of Nigeria’s debt crisis which has seen the nation’s debt profile rise by 410 percent over the last 8 years. In the MAN CEOs’ Confidence Index (MCCI) first ...

Socio-cultural group, Ohanaeze Youths, has said that the nation will benefit from the blue economy estimated to be worth more than $1.5 trillion per year globally, with the creation of Marine and Blue Economy Ministry by President Bola Ahmed Tinubu. The group, in a statement jointly signed by its ...

The Iranian  Government has expressed its readiness to collaborate in developing Nigeria’s oil and gas downstream division. The Iranian Ambassador to Nigeria, Muhammad Alibak, made this known when he hosted Rep. Ikenga Ugochinyere (PDP-Imo), Chairman, House Committee on Downstream Petroleum and ...

Nigeria’s annual inflation rate rose to 24.08 per cent in July, the highest in 18 years, driven by higher prices of food items, increased transport fares, reflecting the increasing struggle of households to meet daily feeding needs, worsened by the impact of fuel subsidy removal and continued ...

The question in the minds of Nigerians today is why is the Naira depreciating or why is the exchange rate of the dollar rising rapidly? This is a valid question given the sharp and persistent depreciation of the Naira since June 14 when the Central Bank of Nigeria, CBN announced new operational ...

By Ogaga Ariemu The naira dropped to a record low of N925/$1 on the parallel market on Wednesday as demand for foreign currency outweighed supply. Mohammed Gazali, a forex trader in Zone 4 Abuja, disclosed this to DAILY POST on Tuesday evening. Similarly, he said the dollar exchanged ...

The Naira on Friday depreciated against the dollar, exchanging at N777.82 at the Investors and Exporters window. The Naira lost by 1.26 per cent when compared with N768.16 for which it exchanged for the dollar on Thursday. The open indicative rate closed at N779.58 to the dollar on Friday. ...

By  Nike Popoola The naira appreciated against the United States dollar on the Investor & Exporter forex window on Wednesday, closing at 793.70/$. The local currency had earlier traded at N825 a week earlier on the I&E window. According to figures obtained from the FMDQ, the ...

By Ifeanyi Nwannah An economist, Alhaji Mohammed Umar has responded to agitations by some people in Zamfara State, asking the government to establish a price control board. In an exclusive interview with DAILY POST in Gusau, the State capital, Umar explained that in a capitalist economy, ...

Civil rights activists have discredited the National Assembly’s approval of President Bola Tinubu’s request of N500bn to cushion the effects of the removal of fuel subsidy on the poor, noting that it is better invested in infrastructure as there is no dependable data system to carry out a ...

By Ishola Oludare A financial expert, Gbenga Adeoye, has asked President Bola Tinubu to quench the plan by his government to distribute N8,000 to 12 million poor Nigerians in six months. Recall that the President, on Thursday, requested N500 billion from the National Assembly, supposedly to be ...

Strong indications have emerged more Nigerians may relocate from the country in 2023 and beyond as the nation’s socio-economic conditions worsen, and hope remains bleak. This came on the heels of the recent removal of fuel subsidy, further depreciation of the naira, impending increase in ...