The Nigerian Electricity Regulatory Commission (NERC) has ordered all distribution companies (DisCos) to automatically downgrade any Band A feeder that does not enjoy the minimum requirement of 20 hours per day power supply for seven consecutive days. This order formed part of the Service Delivery Commitments for every DisCo in line with the Supplementary Order … 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
The Federal Government, FG, has asked cryptocurrency trading firm, Binance, for information on its top 100 users in Nigeria as well as all transaction history for the past six months. According to the Financial Times, the request was made to establish the negotiations between Binance and Nigeria. In the report, the Office of the National … Read more
The Central Bank of Nigeria (CBN) said it has concluded a sale of government securities, issuing N1.053 Trillion (US$680 million) in short-term instruments as part of its liquidity management exercise. In a statement on Monday, the apex bank said investors were over-subscribed for the exercise which was completed on March 1, 2024. The CBN offered … Read more
The Central Bank of Nigeria (CBN) has announced plans to offer foreign exchange worth $20,000 to any eligible Bureau De Change operator across the country. This comes more than two years after suspended former CBN governor Godwin Emefiele prohibited the sale of foreign exchange to BDC operators in that area of the FX market. The … Read more
Ms. Bolaji Agbede has been appointed Acting Group Chief Executive Officer by Access Holdings Plc, the company stated Monday. This comes after the demise of its former Group CEO, Dr. Herbert Wigwe. Wigwe died in a helicopter crash along with his wife, son, and a former chairman of the Nigeria Exchange Group, Abimboloa Ogunbanjo, on … Read more
On Tuesday, the Nigerian Autonomous Foreign Exchange Market (NAFEM), which is the official window, saw a further depreciation of the naira to N1,482.57 versus the US dollar. The naira continued to fall at the end of trading, down 9.93 percent from the N1,348.63/$ posted on Monday. Before closing at N1,482.57, the dollar saw trading as … Read more
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 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
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