The African Export-Import Bank (Afreximbank) has announced an additional $925 million disbursement to Nigeria under a $3.3 billion crude oil-backed prepayment facility arranged for the Nigerian National Petroleum Company Limited (NNPCL). This latest disbursement for Project Gazelle Funding Limited brings the total funded facility size to $3.175 billion. Afreximbank, acting as the Mandated Lead Arranger, … Read more
In a significant policy reversal, the Central Bank of Nigeria (CBN) has withdrawn its directive for banks and payment service providers to collect and remit the cybersecurity levy as stipulated in the Cybercrime Prevention and Prohibition Amendment Act of 2024. This announcement came through a revised circular issued on May 17, 2024. The updated circular, … Read more
The International Monetary Fund (IMF) has said the silent reintroduction of fuel subsidy by the President Bola Tinubu administration is expected to gulp almost half of its projected oil revenue this year. According to the IMF, the implicit subsidy will cost Africa’s largest crude producer an estimated N8.43tn ($5.9bn) of its projected N17.7tn of oil … Read more
The Federal Government may consider the suspension of the $56.7bn peer-to-peer cryptocurrency market after a crucial meeting between the Securities and Exchange Commission, and digital asset operators scheduled for Monday. Nigeria’s volume of crypto transactions grew by nine per cent year-over-year to $56.7bn between July 2022 and June 2023, according to the 2023 Geography of … Read more
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 $500bn business in Nigeria alone. Youssef said this in an interview with Techpoint Africa on the heels of an imminent ban on cryptocurrency in the country. Speaking on … Read more
As Nigerians battle fuel scarcity, over 9,000 oil marketers are on the verge of losing their operating licences. As a result, the Independent Petroleum Marketers Association of Nigeria is urging the Nigerian National Petroleum Company Limited to extend its final deadline for licensing renewal to July. It also appealed to the Nigerian Midstream and Downstream … Read more
The Naira on Thursday resumed its downward trend against the United States dollar, depreciating to N1,309/$ at the official market and N1,420 at the parallel market. The new rate which indicates a depreciation of N90 or 6.8 per cent from N1,330 quoted by currency traders on Wednesday followed renewed dollar demand pressure in the foreign … Read more
Oil marketers are gearing up to load refined petroleum products from the Port Harcourt Refining Company, as workers at the facility race to get it set for production on the directives of the Nigerian National Petroleum Company Limited. Dealers confirmed on Friday that the PHRC was almost set to start releasing products, projecting a N500/litre … Read more
Fuel queues on Friday resurfaced in Lagos and Ogun states as petroleum marketers say the non-availability of Premium Motor Spirit in filling stations is as a result of shortage in supply. Similarly, the Nigerian National Petroleum Company Limited confirmed that there were no products in its Apapa depots. The long queues resurfaced in filling stations … Read more
The naira began the new month on a positive note, rising to N1,278.58 against the US dollar from N1,309.39 per dollar last Thursday. This is an increase of N30.81 at the end of trading activity. According to FMDQ Securities statistics, the Nigerian Autonomous Foreign Exchange Market’s indicative exchange rate has fallen below the N1,300 ceiling … Read more