By Ogaga Ariemu The Chief Executive Officer of Financial Derivatives, Bismarck Rewane has said the adjustment of the Asymmetric corridor around interest rate by the Central Bank of Nigeria Monetary Policy Committee will reduce the pressure on Nigeria’s Foreign Exchange. The renowned economist ...

By Matthew Atungwu President of the Dangote Group, Aliko Dangote has said a wealthy friend of his, who had previously warned him against investing in Nigeria is now laughing at him for ignoring his advice. He made this disclosure following reports that the Nigerian Midstream and Downstream ...

By Ogaga Ariemu The Chairman of the Dangote Group, Aliko Dangote has offered to sell his $20 billion Dangote Refinery to the Nigerian National Petroleum Company Limited amid challenges. Dangote made this known in an interview with Premium Times on Sunday. According to him, it was unfair to label ...

By Ogaga Ariemu The National Bureau of Statistics, NBS, has identified Edo, Kogi and Cross River as three states with the highest prices of food in Nigeria in June 2024. NBS disclosed this in its latest inflation report released on Monday. This comes as DAILY POST reports that Nigeria’s food ...

Dangote Petroleum Refinery is set to import a cargo of Brazilian crude, Bloomberg reported on Friday. It said this would add to the large number of overseas barrels of crude feedstock that the Nigerian firm was importing. Indigenous crude oil refiners, including Dangote refinery and modular ...

By Ogaga Ariemu The Governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso, has said Nigeria’s economy is currently suffering from the consequences of wasteful N27 trillion Ways and Means advance and N10 trillion intervention under the past government. He alleged that the interventions led ...

An acute scarcity of one of Nigerians’ most popular staple foods, bread, has hit Kaduna, Katsina, and Kano states. Checks revealed that the commodity was very hard to come by as its prices have hit the roof. Many of the residents could no longer afford the staple and, as such had turned to other ...

 The Central Bank of Nigeria, CBN, insisted weekend that further capitalisation of banks in the country was for the common good of the nation. CBN governor, Dr Olayemi Cardoso, stated this at the launch of the book, “Power of One Man,” written by Dr. Ray Echebiri. Cardoso, represented at the ...

As Nigeria battles an economic crisis sparked by the government’s twin policies of petrol subsidy removal and unification of FX windows, United Kingdom-based Diageo joined about 15 other multinational companies that have exited the country in the past three years. Diageo is the latest to announce ...

The Corporate Affairs Commission has announced the approval to extend the mandatory Point of Sales agents, super agents and sole agents registration to September 5th, 2024. The commission made the announcement in a statement signed by its management and posted on its Facebook page on Saturday, ...

Alhaji Aliko Dangote, the President, Dangote Industries Ltd has criticized the Central Bank Nigeria, CBN’s 30 per cent interest rates, warning that such industry policy is capable of stifling business growth and job creation in the country. This is as the business magnate also proffers solutions ...

American electric vehicle manufacturer, Saglev, has started assembling electric cars at its assembly plant in Ikorodu, Lagos. This milestone was announced through a video shared by the Special Assistant to the President on Social Media, Dada Olusegun, on Thursday, June 27. According to Saglev’s ...

By Ogaga Ariemu An economist at SPM Professionals, Paul Alaje, said the best approach the government should take in tackling inflation is interventions targeted at boosting the supply of food in the country. Alaje disclosed this on Channels ...

The Central Bank of Nigeria, CBN, yesterday, said it has discontinued the Price Verification System (PVS) and Report as criteria for importers to access foreign exchange. Acting Director, Trade and Exchange Department, CBN, Dr. W.J Kanya, disclosed this in a circular to banks and the general ...

By Ogaga Ariemu PricewaterhouseCoopers, PwC, a consulting firm, has projected a marginal decline in Nigeria’s inflation to 29.5 percent by the end of this year from 33.95 in May 2024. The firm disclosed this in its latest economic outlook ...

Mr Femi Otedola, billionaire businessman and chairman of First Bank Nigeria (FBN) Holdings Plc, yesterday, acquired additional 797,946,415 units of the company’s shares through the Nigerian Exchange Limited, NGX, to sustain his majority stake in the company. The acquisition was disclosed in a ...

By Ogaga Ariemu British Airways has temporarily grounded flight operations at Murtala Muhammed International Airport, MMIA, Lagos, over a technical fault. The carrier’s Regional Commercial Manager for Nigeria & Ghana, Mrs. Tutu Otuyalo, in a statement reacting to the delay, said passengers ...

Independent marketers have lifted and distributed over 25 million litres of Automotive Gas Oil, popularly called diesel, produced by the Dangote Petroleum Refinery in less than three months after the plant started releasing AGO to the market. It was also gathered on Saturday that the registration ...

By Ogaga Ariemu Nigerian Association of Liquefied Petroleum Gas Marketers has said the federal government’s ban on the export of Liquefied Petroleum Gas has crashed the price of the product. NALPGAM, Oladapo Olatunbosun disclosed this in a recent statement when he led the Association on a ...

By Ogaga Ariemu Aliko Dangote, the owner of the $20 billion Dangote Refinery, has blamed beneficiaries of fuel importation in other African countries for the absence of new refineries in the continent in the past 35 years. Dangote disclosed this statement during a recent conversation with CNN’s ...

International Breweries announces products price hike International Breweries Plc said it has increased prices of its various product offerings in Nigeria. The brewer said in a statement that reviewing prices in its portfolio has become necessary due to current market realities, and was done to ...

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has hinted that the apex bank will keep interest rates high until inflation subsides by implementing orthodox policies. Inflation in Nigeria remains stubbornly high at 33.2 per cent, the highest in three decades, while food ...

By Ogaga Ariemu The naira continued its depreciation against the US dollar in the foreign exchange market. Data from the parallel market section and FMDQ showed further depreciation against the dollar on Monday. At the parallel market, a Bureau De Change operator in Wuse Zone 4, Mistila Dayyabu, ...

The declining fortunes of the Naira persisted yesterday with further depreciation in the parallel and official markets due to the re-emergence of speculation and hoarding, even as some Bureaux De Change, BDCs withdrew from the Central Bank of Nigeria, CBN’s, dollar sales program. Vanguard also ...

The Naira yesterday depreciated to N1,415 per dollar in the parallel market, from N1,410 per dollar on Monday. Similarly, the Naira depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,416.57 per dollar. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to ...

The Benue State government, on Tuesday, said plans had been concluded to start production of beer brands in the state. The Managing Director of Benue Investment and Property Company, Dr Raymond Asemakaha, disclosed this to journalists on Tuesday, stating that this would help stop capital flight ...

The Naira yesterday depreciated to N1,340 per dollar in the parallel market, from N1,300 per dollar last week Friday. Similarly, the Naira depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,419.11 per dollar. Data from FMDQ showed that the indicative exchange rate for NAFEM ...

By Nsikak Nseyen A Competition and Consumer Protection Tribunal (CCPT) sitting in Abuja, on Monday, restrained Multichoice Nigeria Limited, owners of Dstv and GOtv from increasing their tariffs and cost of products and services scheduled to begin on May 1. The three-member tribunal, presided over ...

What just happened? Ring, the smart home security company owned by Amazon, found itself in the crosshairs of the Federal Trade Commission back in 2023 over some serious privacy missteps. Now, over twelve months later, the commission is sending $5.6 million in refunds to customers as part of the ...

The Naira yesterday depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,300.15 per dollar exceeding the parallel market rate by N45.15. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,300.15 per dollar from N1,234.49 per dollar last week Friday, ...

There are indications that prices of goods and services may not come down soon despite the speedy appreciation of Naira against major foreign currencies in recent weeks. On Thursday, US Dollars traded for N1,060, about N840 gain against N1,900 to US Dollar peak in February this year. But Vanguard ...

By Ogaga Ariemu Nigeria’s economy has slipped to fourth place in Africa, behind South Africa, Egypt, and Algeria. This is according to a recent forecast by the International Monetary Fund. Accordingly, the Washington-based bank World Economic Outlook estimates Nigeria’s gross domestic product ...

The  Governor of the Central Bank of Nigeria (CBN) Mr. Olayemi Cardoso,  said yesterday that the apex bank is not defending the Naira with the nation’s foreign reserves. He was speaking against the backdrop of the recent decline in Nigeria’s foreign reserves corresponding with massive appreciation ...

THE $20 billion Dangote Petroleum Refinery has slashed the price of diesel by 16.6 per cent to N1,000 per litre, from N1, 200 per litre in order to assist in impacting Nigeria’s domestic economy. The price of diesel was relatively high for months, due mainly to the importation of the product from ...

The Premium Bread makers Association of Nigeria, PBAN, has said increase in the price of bread was caused by volatility in exchange. Recall that before the ascension to office of the present government, the exhange rate hovered around N465 to the dollar in the official market and N762 in the ...

By Abdul Seye Across major markets, prices of goods are moving away from the lower denomination of the Naira currencies as inflation bites harder. Not too long ago, a sachet of pure water cost N5, while N20 gained popularity as the denomination used to “settle” police officers at checkpoints. ...

Manufacturers have lamented the high cost of automotive gas oil (AGO), also known as diesel, which is used in generating power for their operations, noting that product gulps about 80 percent of their profits. Speaking on the plight of manufacturers against the backdrop of rising prices of their ...

The price of a monthly subscription to Tesla's (kind-of) self-driving software has just been cut in half. Tesla's Full Self Driving (Supervised) subscription now costs $99 per month, a reduction from the previous standard of $199. Tesla instituted the $199 monthly upgrade fee in 2021, back ...

By Ogaga Ariemu Ahead of the release of Nigeria’s inflation rate for March, CAPE Economic Research and Consulting says the country’s consumer price index would increase to 32.65 per cent from 31.70 in February 2024. CAPE Economic Research disclosed this in its recent report analysing inflation ...

Singapore – One of the world’s most open economies is attempting a delicate balancing act. On the one hand, the Southeast Asian city-state wants to lure the world’s best and brightest to bolster its workforce, one of Asia’s most diverse. On the other hand, it has to assure locals ...

By Seun Opejobi Former Kaduna Central Senator, Shehu Sani, has disclosed that foreign airlines are trying to edge out Air Peace from foreign routes. Sani said foreign airlines will continue to crash their fares until they edge out Air Peace from foreign routes. Posting on X, Sani urged Nigerians ...

The Corporate Affairs Commission has announced that it has captured at least 300000 unregistered businesses. The move by the ... https://www.youtube.com/watch?v=v702pZGSYdw source

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The Naira, yesterday, appreciated to N1,260 per dollar in the parallel market, from N1,270 per dollar on Monday. Similarly, the Naira appreciated in the NAFEM to N1,262.85 per dollar. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,262.85 per dollar from N1,278.58 ...

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By Ogaga Ariemu The Central Bank of Nigeria has raised the monetary policy rate, known as the interest rate, by 200 basis points per cent to 24.75 per cent from 22.75 per cent in efforts to tackle rising inflation. The CBN Governor, Olayemi Cardoso, disclosed this on Tuesday at the 294th Meeting ...

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By Seun Opejobi The naira on Wednesday exchanged for N1400 against the United States, US, dollars in the parallel market. Parallel market operators sold at N1400/$1 for holders of dollars looking to sell, marking a significant strengthening of the naira. Nairametrics indicated that the exchange ...

Palm oil business in Nigeria is a thriving industry that holds significant economic potential. With its abundant natural resources and favorable climatic conditions, Nigeria has emerged as a major player in the global palm oil market. In this blog post, we will explore the opportunities and ...

By Ogaga Ariemu The Naira continued its depreciation against the US dollar at the close of the official foreign exchange market on Friday, days after Binance’s discontinued Naira-denominated transactions. FMDQ data showed that it dropped to N1627.40 per USD on Friday from N1,602.17 on ...