Petrol landing cost now N1,117/litre – Marketers
The Major Energies Marketers Association of Nigeria (MEMAN) revealed that as of July 16, 2024, the landing cost of Premium Motor Spirit (PMS) in Nigeria reached N1,117 per litre, significantly…
Nigeria Spends N1.47tr On Vehicle Importation
Mr. Oluwemimo Joseph Osanipin, Director-General of the National Automotive Design and Development Council (NADDC), voiced concerns over Nigeria’s heavy reliance on vehicle imports, stressing that sustained importation hinders the country’s…
Nasdaq futures rise as Nvidia stabilizes after AI stocks rout
Nasdaq futures saw an uptick on Tuesday as AI-related stocks, including Nvidia, rebounded from recent losses, prompting investors to await further cues on monetary policy from U.S. Federal Reserve officials.…
Bank of Japan opens door for a hawkish double surprise
The Bank of Japan (BOJ) is signaling a potentially larger quantitative tightening (QT) plan in July, accompanied by a possible interest rate hike, as it gradually retreats from its substantial…
Dangote Oil Refinery Faces Delay in July Launch Due to Crude Shortage
Dangote Oil Refinery’s much-anticipated entry into the petrol supply market in July might face delays due to a shortage of crude oil, according to industry sources. The refinery, with a…
Japan warns against rapid FX moves, reiterates readiness for action
Japan is prepared to intervene against excessive market movements as the yen approaches 160 to the dollar, top currency diplomat Masato Kanda said. Finance Minister Shunichi Suzuki also stressed the…
Chinese automakers retain grip over Southeast Asia’s booming electric car market
Electric vehicle (EV) sales in Southeast Asia have more than doubled in the January to March quarter compared to the previous year, with Chinese manufacturer BYD and Vietnamese company VinFast…
NNPC, TotalEnergies Commit $550m To Boost Domestic Gas Market
In a significant move to enhance Nigeria’s oil and gas production, NNPC and TotalEnergies have announced a $550 million Final Investment Decision (FID) on the Ubeta Field Development Project. Discovered…
Dangote refinery enters Asian market, ships first low-sulfur oil to Singapore
Nigeria’s Dangote Refinery is set to dispatch its first shipment of low-sulfur straight-run fuel oil (LSSR) to Singapore, marking its debut into the Asian market. According to ship tracking data…
Shell to acquire Singaporean LNG firm Pavilion Energy from Temasek
Shell has announced its acquisition of Singaporean LNG company Pavilion Energy from Temasek, aiming to bolster its leadership in the liquefied natural gas market. While financial specifics were not disclosed,…
Nigeria’s FX reserves stablise at $33.16bn amid inflation surge
Nigeria’s foreign exchange (FX) reserves have demonstrated remarkable stability, holding firm at $33.16 billion, which signals economic steadiness despite rising inflation and minimal fluctuations in the naira’s value. This stability…
Google Eyes HubSpot Acquisition to Challenge Microsoft in Cloud Software
Google’s parent company, Alphabet, is reportedly considering acquiring HubSpot, a marketing software company valued at $31 billion. This move would significantly boost Google’s ability to compete with Microsoft in the…
International Breweries Gets SEC Nod for N588 Billion Rights Issue to Ease Debt Burden
International Breweries has secured approval from the Nigerian Securities Exchange Commission (SEC) to proceed with its planned rights issue. This fundraising effort aims to raise N588.3 billion to address the…
Weststar Unveils the Luxurious Mercedes-Benz GLS Facelift in Nigeria
In a move to redefine luxury SUVs, Mercedes-Benz Nigeria, through Weststar Associates Limited, has unveiled the much-anticipated GLS Facelift. This mid-cycle update boasts a bolder exterior design that exudes sophistication.…
NGX lists N4.08bn AVA Infrastructure Fund
The Nigerian Exchange Limited has recently added the AVA Infrastructure Series 1 Fund, worth N4.08 billion, to its trading platform. This closed-end fund and naira-denominated unit trust scheme comprises 4,075…
Capital Market Declines by 1.36%
The Nigerian capital market experienced a 1.36% decline last week, attributed to losses by key equities including PZ Cussons, McNichols, and Secure Electronic Technology, among others. The All-Share Index dropped…
Local Refinery To Buy Crude In Naira — FG
iThe Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has introduced a new template to facilitate seamless domestic crude oil supply, including the option to pay for domestic crude in naira. Engr.…
US has not asked India to cut Russian oil purchases, American official says
The United States hasn’t told India to stop buying oil from Russia. Instead, they want to make sure the global oil supply stays stable while cutting off money for Russia.…
Markets brace for federal reserve speech over rate cuts
As markets navigate a shaky start to the second quarter, all eyes are on Federal Reserve Chair Jerome Powell’s upcoming speech, raising doubts about the central bank’s policy easing timeline.…
Banking sector slumps on NGX amid minimum capital requirement
The Nigerian banking sector experienced a downturn on the Nigerian Exchange Limited (NGX) yesterday, fueled by controversy surrounding the exclusion of retained earnings from the Central Bank of Nigeria’s (CBN)…
Nigeria’s crude oil grades near $90 on Russia-Ukraine conflict
Nigeria’s oil futures, including Brass River and Qua Iboe, experienced gains on Wednesday due to escalating conflicts in the Middle East and between Russia and Ukraine, coupled with a decreasing…
LCCI raises alarm over soaring Inflation
The Lagos Chamber of Commerce and Industry (LCCI) has expressed deep concerns regarding the continuous rise in inflation, stating that it poses a significant threat to the economic welfare of…
Equity Market Investors Lose N1.55tn
In February, investors in the Nigerian equity market suffered significant losses amounting to approximately N1.55 trillion due to the allure of high yields in the fixed-income market. At the start…
Naira Records First Gain at Official Market After Rate Hike
The Nigerian naira has experienced a slight appreciation of 0.39 percent in the official foreign exchange (FX) market, marking its first gain following the Central Bank of Nigeria’s (CBN) recent…
Oil falls on US demand worries, interest rate fears
Oil prices experienced a decline on Thursday following a larger-than-expected build in U.S. crude stockpiles, raising concerns about sluggish demand. Additionally, indications that U.S. interest rates may remain elevated further…
Exchange Rate Fluctuates, Naira hits N1,900 and Rebounds to N1,354 Against USDT
In the past twenty-four hours, the Binance cryptocurrency platform encountered significant turbulence as the exchange rate between the naira and the popular stablecoin, Tether (USDT), experienced a drastic plummet to…
Hardship Increases over high Prices of Cooking Gas and Diesel
Nigerian households and businesses face increasing challenges due to the rising costs of essential resources such as cooking gas and diesel, exacerbating financial strains amid stagnant incomes and currency devaluation.…
TotalEnergies’ Akpo West Field to Increase Output
Nigeria is poised to witness a rise in condensate production by 14,000 barrels per day, following the commencement of operations at the Akpo West field owned by TotalEnergies. Currently, Nigeria’s…
Foreign Exchange: Market Records $584m Increase
The official Nigeria Autonomous Foreign Exchange Market witnessed a substantial boost, reaching $584 million in foreign exchange transactions, as revealed by data from the FMDQ Exchange on Tuesday. This marks…