Gas Shortage Knocks Out Several Power Plants
Low pressure on the Escravos-Lagos Pipeline System, ELPS, has left several power plants without gas supply leaving about 3,000 megawatts…
Category: Local
FX Spot, Forwards, Futures Markets Record $1.252bn Turnover
The foreign exchange (FX) Spot, Forwards and Futures markets on the FMDQ Securities Exchange recorded a total turnover of $1,250.97…
Forex Speculators Responsible For Naira Crisis, Says ABCON
Speculators are responsible for the sale of dollars above the exchange rate approved by the Central Bank of Nigeria (CBN)…
Dangote Cement Increases Capacity, Promises More Supply
The Dangote Cement Plc has announced that it has deeply invested in enlightening consumers on the different applications and the…
Naira In Best Health Against Dollar, Says Garba Shehu
Senior Special Assistant to the President on Media and Publicity, Garba Shehu, says the naira in its best possible health…
Dollar Edges Up Ahead Of Inflation Data; Yen Falls
The dollar strengthened further on Friday following its rise from more than four-month lows in recent sessions, as investors waited…
World Bank Approves $700m Loan For Nigeria
The World Bank has approved a $700 million loan for the Nigeria Sustainable Urban and Rural Water Supply, Sanitation and…
Oil Rallies Above $67 As Demand Optimism Outweighs Iran Concerns
Oil extended gains from the highest close in more than two years as optimism over burgeoning U.S.-led demand outweighed the…
ABCON: ‘Corporate Governance Compliance Key In BDCs’ Operations’
Association of Bureaux De Change Operators of Nigeria (ABCON) has urged Bureaux De Change (BDC) to carry out their operations…
CBN Moves To Curb $580m Annual Cassava By-Product Imports
Despite being the world’s largest producer of cassava, Nigeria imports over $580 million worth of cassava by-products annually. To keep…
Dangote: Nigeria To Earn $700m Annually From Sugar Backward Integration
The Chairman of Dangote Sugar Refinery(DSR) Plc Aliko Dangote, has urged government to faithfully follow through the Backward Integration Policy…
Illegal Oil Deals: FG Fails To Recover $69bn Loot In American Banks
An American assets recovery firm, Forensic Assets Investigation and Recovery Services LLC, has traced $69bn (about N28.3tn) to different Texas…
Nigeria’s President Appoints New Army Chief After Predecessor’s Death -Statement
Nigeria’s president has appointed a new army chief, the ministry of defence said in a statement on Thursday, following the…
Debt Rises By N20.8tn Under Buhari, Servicing Gulps N10.26tn
The country’s debt rose by N20.8tn between July 2015 and December 2020, data obtained from the Debt Management Office on…
Experts Fault Naira Devaluation, Say Prices’ll Rise, Poverty Deepened
Against the backdrop of the recent devaluation of the naira by the Central Bank of Nigeria, economic and financial experts…
Govt Seeks Single-Digit Interest For MSMEs
The Minister of State, Industry Trade and Investment, Mariam Katagum has called for single digit rate financing for the Micro,…
Stock Market Extends Losses By N12 Billion
The stock market extended losses to three consecutive sessions yesterday, causing market capitalisation to depreciate further by N12 billion. At…
Nigeria Needs $2b Monthly For Fiscal Sustainability As FG Builds Oil Reserves
The Department of Petroleum Resources (DPR) has stated that the country needs over $2 billion monthly revenue to remain sustainable…
PSSP Capital Base Jacked Up To N250m
The Central Bank of Nigeria (CBN) has raised the minimum capital requirement for payment solutions service providers (PSSPs) to N250 million…
Nigeria To Earn N320 Billion From NNPC, Bonga PSC Deal
The Nigerian National Petroleum Corporation (NNPC) and Bonga Production Sharing Contract (PSC) partners, have signed watershed agreements to unlock $700m…
Oil Drops With Prospect Of Iran Deal Weighed Against Demand
Oil snapped two days of gains as investors weighed talks of higher Iranian supply against the prospect of a continued…
CBN Raises Capital Requirements For Payment Solutions Service Providers To N250 Million
The Central Bank of Nigeria (CBN) yesterday issued a new licence requirements for payment systems, increasing the minimum capital requirements…
Solid Minerals Exporters Owe Fed Govt N17.1b
Exporters of solid minerals are owing the Federal Government N17.1 billion royalties for minerals exported. Minister of Mines and Steel…
£4.2m Loot Paid To Delta State Govt – Accountant General
The Accountant General of the Federation, Mr. Ahmed Idris has disclosed that the controversial £4.2m looted by an ex-governor, has…
Central Banks Running Out Of Options As Recovery Falters In Asia
Asia’s surging coronavirus infections and slow pace of vaccinations is testing the limits of what central banks can do to…
Nigeria’s Economy Grows In First Quarter On Oil Price Rise
Nigeria’s economy grew 0.5% in the first quarter, lifted by higher crude production and oil prices, the country’s statistics office…
Sylva: FG To Scale Up Domestic Gas Expansion, Monetisation Drive
Minister of State, Petroleum Resources, Mr. Timipre Sylva, has stated that the federal government will continue to ramp up its…
FG Bars 22-Year Aircraft From Nigeria, Releases N5bn Aviation Bailout
The Permanent Secretary, Federal Ministry of Aviation, Hassan Musa on Monday told the House of Representatives that the Federal Government…
CBN Sustains Weekly Dollar Sales To BDCs
The Central Bank of Nigeria has continued to fund bureaux de change (BDCs) segment of the foreign exchange market weekly…
Currency In Circulation Dips By N10bn
Currency in circulation dropped by N10bn from N2.81tn as of the end of March to N2.8tn as of the end…