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The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, said that the apex bank is working to reduce the headline inflation rate to 21.4 per cent this year. Cardoso gave this assurance in a keynote address at the launch of the Nigeria Economic Summit Group 2024 Economic Outlook report. The inflation rate … Read more
The Federal Government, FG, through the Bureau of Public Enterprises is currently carrying out transactions for the sale of five power plants under the National Integrated Power Projects at a cost of about $1.15bn, it was gathered on Tuesday. Although sources familiar with the development explained that the cost of the plants should exceed $5bn … Read more
The naira on Monday appreciated to N1,350 per dollar in the parallel market from N1,370 per dollar last week. Similarly, the naira depreciated to N925.34 per dollar in the Nigerian Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N925.34 per dollar from N902.45 per dollar last … Read more
Dangote Cement’s market capitalisation reached N10tn after the conclusion of trade on Monday, making it the first business to reach that milestone on the Nigerian Exchange. It concluded with a market capitalization of N10.098tn. This month, it displaced Airtel Africa as the most capitalized stock on the local exchange. More details to follow… (Punch)
The Dangote Petroleum Refinery is to supply fuel to about 150,000 retail outlets operated by the Independent Petroleum Marketers Association of Nigeria following a meeting between the management of the refinery and executives of IPMAN. Last week Monday, The PUNCH exclusively reported that IPMAN had scheduled a meeting with the management of Dangote refinery as … Read more
The Central Bank of Nigeria, CBN, has discovered widespread abuse and serious noncompliance with the country’s foreign exchange market regulations. In a statement issued Wednesday night, the apex bank said that appropriate fines would be imposed in consultation with competent agencies. The CBN Acting Director of Communication, Mrs. Sidi Ali, who signed the statement, said … Read more
Nigeria’s oil production increased month over month (MoM) by 7.7% to 1.4 million barrels per day (bpd) in December 2023 from 1.3 million bpd in November 2023. This was revealed by the Organization of Petroleum Exporting Countries (OPEC) in its Monthly Oil Market Reports (MOMRs). OPEC also said that the figures were derived from secondary … Read more
The naira, on Tuesday, depreciated to N1,330/$ at the parallel section of the market. It fell by 3.91 percent or N50 from the N1,280/$ rate recorded on Monday. Currency traders in Lagos, also known as Bureau De Change operators (BDCs), quoted the buying rate of the greenback at N1300 and the selling price at N1,330 … Read more
Shell Plc agreed to sell its Nigerian onshore oil business to a consortium of local companies for more than $1.3 billion. If approved by the government, the transaction would fulfill Shell’s long-term goal of extracting itself from a challenging operating environment in the Niger Delta region, while retaining a presence elsewhere in the country. Beyond … Read more
Nigeria’s inflation rate has continued to grow, reaching 28.92 percent in December 2023. According to a study provided by the National Bureau of Statistics (NBS), the headline inflation rate in December 2023 jumped to 28.92 percent, up from 28.20 percent in November 2023. It stated that the movement demonstrated a slight increase of 0.72 points … Read more