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On Tuesday, the Nigerian Autonomous Foreign Exchange Market (NAFEM), which is the official window, saw a further depreciation of the naira to N1,482.57 versus the US dollar. The naira continued to fall at the end of trading, down 9.93 percent from the N1,348.63/$ posted on Monday. Before closing at N1,482.57, the dollar saw trading as … Read more
In what has been termed a significant milestone in the advancement of Nigeria’s domestic gas industry and the generation of gas revenues, Temile Development Company Ltd -a key indigenous player in the oil and gas industry- recently commissioned a 23,000 cubic meters ultramodern Liquefied Petroleum Gas (LPG) Carrier. Named ‘Alfred Temile 10’, the vessel was … Read more
The International Monetary Fund (IMF) has reduced its forecast for Nigeria’s economic growth to 3 percent in 2024 down from a 3.1 percent projected in October 2023. This is contained in the Washington-based institution’s World Economic Outlook (WEO) update for January 2024. The outlook, released on Tuesday, is titled, ‘Moderating Inflation and Steady Growth Open … Read more
The Central Bank of Nigeria (CBN) says it has concluded the payment of all verified claims by airlines with an additional $64.44 million to the concerned foreign aviation firms. Hakama Sidi-Ali, CBN acting director of corporate communications disclosure this on Tuesday. Sidi-Ali said the latest amount paid to the airlines brought the total verified sum … Read more
After being redeployed from the headquarters, at least 1,500 employees of the Central Bank of Nigeria, CBN, will return to work at its Lagos branch on Friday. Despite strong criticism, the plan remained in place, according to an apex bank source who spoke with our correspondent. Affected employees would be returning to work on Friday. … Read more
On Monday, the naira hit an all-time low of N1348.63 per dollar on the Nigerian Autonomous Foreign Exchange Market. According to data from the FMDQ Securities Exchange, this represents a 51.21 percent drop from the national currency’s official market closing rate of N891.90/$ last Friday. Monday’s official rate is the worst official exchange rate the … Read more
Dangote refinery is set to import crude from the US in the coming months, Bloomerg reports. According to Bloomberg, Trafigura Group is expected to sell two million barrels of WTI Midland to the Dangote refinery for end-February delivery, quoting traders with knowledge of the matter. With the development, sources said this is the first time … Read more
The Central Bank of Nigeria (CBN) has injected an additional $500 million into the market to resolve the continuing backlog of confirmed foreign exchange (forex) transactions. This comes only a week after the bank infused nearly $2 billion to satisfy outstanding commitments in the manufacturing, aviation, and petroleum sectors. Mrs. Hakama Sidi Ali, Acting Director … Read more
The price of 1 kilogram (Kg) of rice increased year-on-year (YoY), by 81 percent to N917.93 in December 2023 from N506.17 in the corresponding period of 2022, according to the National Bureau of Statistics, NBS NBS made the revelation on Wednesday, January 24, during its Selected Food Price Watch for December 2023. According to the … Read more
The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has described the Nigerian currency as “undervalued.” Mr Cardoso stated this Wednesday at the Launch of the Nigerian Economic Summit Group (NESG) 2024 Macroeconomic Outlook Report. “We believe that the naira is currently undervalued and, coupled with coordinated measures on the fiscal side, we will … Read more