By Emeka Anaeto and Peter EgwuatuTHERE 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 KolawoleThe 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 AriemuThe 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. ...

The 6 Division, Nigerian Army,  Port Harcourt has intercepted a truck conveying  over 16,000 litres of illegally-refined Automated Gas Oil, also known as diesel, in Ahoada East, Rivers State.The Army said the product, loaded in 80 drums and worth over N14m, was intercepted on Sunday along ...

By  Nike PopoolaThe 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 ...

Members of the organised private sector, on Wednesday, expressed fear over the possible shutdown of businesses and job losses following the hike in the pump price of Premium Motor Spirit, popularly called petrol, by the Nigerian National Petroleum Corporation Limited and fuel marketers. On ...

By Ogaga Ariemu Poultry farmers have decried the price of maize, a significant feed for birds. The Poultry Association of Nigeria, PAN, disclosed this on Monday in a statement jointly signed by the National President, Sunday Ezeobiora, and the Director-General, Onallo Akpa. DAILY POST reported ...

By Ifeanyi NwannahAn 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, ...

No fewer than 200,000 broiler day-old chicks have been distributed free to 4,000 poultry farmers under the Nigeria COVID-19 Action Recovery and Economic Stimulus also known as the NG-CARES programme in Ondo State.It was gathered that the beneficiaries were drawn from the 18 local government ...

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 ...

By  Anozie EgoleThe recent 40 per cent hike in the exchange rate for cargo clearance at the seaports and the increase in tariff on imported cars by a terminal operator, Ports & Terminal Multipurpose Limited, has led to about 70 per cent drop in the sale of second-hand imported cars.The ...

A delegation from the International Bank of America, on Tuesday, visited President Bola Tinubu at the State House, Abuja, lauding the President for economic policies rolled out so far.The delegation, which was led by the bank’s President, Mr Bernard Mensah, expressed excitement about the ...

By Ogaga Ariemu The Director of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf has said the current inflationary pressures might ease by December this year. Yusuf disclosed this on Sunday in his Half Year Review of 2023. His review comes amid the effect of fuel subsidy removal ...

By Ogaga Ariemu US-based multinational technology company Apple on Friday closed trading with a $3 trillion market value. According to CBS, Apple has become the first to achieve that feat in recent time. The 47-year-old tech firm’s shares closed up 2.3 per cent at $193.97, pushing its total ...

Okechukwu Nnodim and Deborah Tolu-KolawoleThe Federal Government has so far saved about N400bn as a result of the removal of subsidy on Premium Motor Spirit, popularly called petrol, since May 31, 2023, when the initiative was officially implemented, oil marketers stated on Thursday.Also, ...

The Naira on Tuesday dropped further, exchanges for N763 against the dollar at the Investors and Exporters window.The Naira depreciated by 0.67 per cent when compared with N768.17 for which it exchanged for the dollar at the close of business on Monday.The open indicative rate closed at ...

By  Anozie EgoleThe Central Bank of Nigeria and the Nigeria Customs Service have taken the ongoing foreign exchange reforms to the maritime sector with a 40 per cent increase in the exchange rate used for calculating import duty.The NCS on Saturday raised the exchange rate used for the ...

Temitayo JaiyeolaThe Central Bank of Nigeria has mandated Financial Institutions to obtain the social media handle, e-mail addresses, telephone numbers, residential addresses, and more of their customers.This forms part of its new customer due diligence regulations and is in a bid to ...

Last week, President Bola Tinubu, signed the Nigeria Data Protection Bill, 2023 into law. The new law has obviously excited data and technology experts who now feel Nigeria’s economy is about to witness investment boom like other countries who have passed a similar law. The new law establishes the ...

By Babajide Komolafe & Elizabeth AdegbesanThe Naira yesterday depreciated by 16 per cent to N770.38 per dollar in the Investors and Exporters (I&E) window following a surge in demand for dollars worsened by acute supply shortage.Data from the FMDQ showed that the indicative exchange ...

The Naira yesterday depreciated by 16 per cent   to   N770.38   per dollar in the Investors and Exporters (I&E) window following a surge in demand for   dollars worsened by acute supply shortage. Data from the FMDQ showed that the indicative exchange rate for the window rose to N770.38 5 per ...

By Ogaga AriemuThe Central Bank of Nigeria, CBN, has announced further policy changes.According to the Director of Corporate Communications, Dr Isa AbdulMumin, the policy changes are aimed at promoting transparency, liquidity and price discovery in the FX market.AbdulMumin said this ...

By  Sami TunjiThe naira traded at 702.19/dollar at the close of business on Thursday, as the Central Bank of Nigeria has allowed for a free float of the national currency against the dollar and other global currencies.This means that the currency lost about five per cent of its value within ...

By Babajide Komolafe, Economy Editor, Peter Egwuatu, Yinka Kolawole, Nkiru Nnorom, Godwin Oritse, Rosemary Onuoha & Elizabeth AdegbesanTHE Naira yesterday lost almost half of its value in the official market as the exchange rate in the Investors and Exporters, I&E window rose to N664.04 ...

About 300 fishermen are left stranded and farmlands destroyed following an oil spill in Aleto,  Eleme Local Government Area of Rivers State.Residents alleged that the spill originated from a manifold operated by the Shell Petroleum Development Company, inflicting significant pollution upon the ...

There are indications that the Central Bank of Nigeria, CBN has directed banks to trade foreign exchange at any exchange rate in the Investors & Exporters window based on willing buyer, willing seller arrangements. In response the I&E window exchange rate rose sharply to N610 per dollar, ...

By Lovina Anthony In its bid to ensure that the cashless policy is fully implemented in Nigeria, the Central Bank of Nigeria (CBN) has urged stakeholders and institutions to embrace and promote the e-Naira policy both as a payment system and a medium of exchange. It regretted that the majority of ...

By  Sami TunjiThe 10 poorest states in Nigeria owe local and foreign creditors about N1.18tn, according to findings by The PUNCH.While the data for the poorest state was acquired from the National Bureau of Statistics, the debt data was obtained from the Debt Management Office.The NBS, ...

By Babajide Komolafe, Economy EditorThe World Bank, yesterday, warned that Nigeria’s economic growth is too slow to address the challenge of extreme poverty in the country.Meanwhile, the bank has retained its economic growth (Gross Domestic Product, GDP) forecast of 2.8% for Nigeria in ...

Legendary producer and music executive, Michael Collins Ajereh also known as Don Jazzy has ventured into the beauty industry as he becomes a soap maker.The music mogul, on Monday, launched his long-awaited range of soup, Drip Beauty Soap in Lagos.Recall the music mogul had hinted on ...

By  Lovina AnthonyOne bag of sachet water, popularly known as pure water, would be sold at the rate of N300, in Akwa Ibom State, the state chapter of Association of Table Water Producers of Nigeria, has revealed. In a statement signed by the secretary of the association, Anietie Etop and ...

Ochogwu SundaySince President Bola Tinubu announced the abolition of the fuel subsidy regime on Monday, May 29, 2023, the country has been in a state of turmoil as citizens grapple with the astronomical hike in the price of petroleum products and its attendant consequences.Petroleum ...

By  Sami TunjiThe Federal Government borrowed N6.07tn from the Central Bank of Nigeria through Ways and Means Advances in 2022, according to recent data from the apex bank.This pushed the Federal Government’s borrowing from the CBN from N17.46tn in December 2021 to N23.53tn in December ...

Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, has counseled Asiwaju Bola Tinubu, as he takes over the presidency of the country, not to rush in removing subsidy in Premium Motor Spirit, PMS, commonly known as petrol because of its socio-economic implications.NUPENG in a statement ...

By Abdul Seye President Muhammadu Buhari has asked the Senate to approve $566,754,584.31, £98,526,012.00, and N226 billion to clear some outstanding judgement debts. This request is coming barely five days before the termination of the current administration. The letter of request was read by ...

History was made on Monday as President Muhammadu Buhari inaugurated the first indigenous refinery in Nigeria, the $18.5 billion worth Dangote Petroleum  Refinery, in Ibeju-Lekki, Lagos.The modern refinery, according President Buhari, is expected to enable the nation achieve self-sufficiency in ...

President of Dangote Industries Limited, Alhaji Aliko Dangote has announced that the first refined petroleum products from his 650,000 barrels per day refinery will be in the Nigerian market before the end of July or beginning of August this year.Dangote made the announcement Monday during his ...

Nigerian Economic Summit Group (NESG), one of Africa’s leading think-tanks, has projected that Dangote Refinery and Petrochemical Company, set for inauguration on May 22, can create a $21 billion market for Nigeria’s crude oil.In a brief by the organisation, it further noted that the facility ...