The Chief Executive Officer of one of the leading cryptocurrency platforms in Nigeria, NoOnes, Ray Youssef, has revealed that peer-to-peer popularly known as P2P is probably like $500bn business in Nigeria alone. Youssef said this in an interview with Techpoint Africa on the heels of an imminent ban on cryptocurrency in the country. Speaking on … Read more
The Federal Government has hinted that the construction of coastal routes in Nigeria has the potential to attract foreign investment and contribute to a stronger naira. The Minister of Works, Sen. Dave Umahi, gave the hint at the unveiling of the new design routes for the Lagos-Calabar Coastal Highway project on Wednesday in Lagos. According … Read more
The Federal Government, FG, says it will stop awarding licences to gas businesses with no ability to develop pipes for gas distribution. The government stated that this was necessary to discourage the transportation of compressed natural gas on roads. The Minister of State for Petroleum (Gas), Ekperikpe Ekpo, made this disclosure when he was in … Read more
MRS Oil Plc, a major oil marketing company, Thursday , reduced the price of its diesel to N1,050 per litre, from N1,200 per litre, nationwide. The move is in response to Dangote Refinery’s recent price slash, The Dangote Refinery had earlier slashed further the prices of both diesel and aviation fuel to N940, and N980 … Read more
Vice President Kashim Shettima has expressed optimism that the Naira would continue to appreciate against dollar at the forex market. Mr Stanley Nkwocha, spokesperson of the Vice-President in a statement on Saturday, said Shettima stated this at a meeting with officials of the Lagos Chamber of Commerce and Industry (LCCI), at the President Villa, Abuja. … Read more
The Senate Ad-Hoc Committee to Investigate the Turnaround Maintenance of Nigeria’s Refineries has said the Port Harcourt Refinery will begin operation before the end of December. This is as the Rivers State Governor, Siminalayi Fubara, has stated that his administration is working in tandem with President Bola Tinubu-led Federal Government’s policies designed to make life … Read more
The Premium Breadmakers Association of Nigeria (PBAN) has stated that the increase in bread prices was caused by exchange rate volatility. Recall that before the current government took office, the exchange rate hovered around N465 to the dollar in the official market and N762 in the parallel market, but it quickly rose to near N2,000 … Read more
On Monday, the naira gained further in the parallel foreign currency (FX) market. Currency traders, commonly known as bureau de change (BDC) operators, offered the naira at N1,100 to the dollar in Lagos’ street market. The dealers set the purchase price of the dollar at N1,070 and the selling price at N1,100, leaving a profit … Read more
A chieftain of the All Progressives Congress (APC) in Osun, Olatunbosun Oyintiloye, has appealed to President Bola Tinubu, to intervene in the possible downward review of the pump price of diesel being produced by the Dangote Petroleum Refinery. Oyintiloye, who made the appeal in a chat with journalists on Sunday in Osogbo, said that the … Read more
Chairman of the BUA Group of Companies, Rabiu Abdulsamad, has expressed confidence that prices in Nigeria will soon start to come down under the administration’s economic policies. Abdulsamad, who was meeting with President Bola Tinubu to congratulate him on the successful completion of Ramadan in Lagos highlighted the significant progress that has been made in … Read more