Business/Economy

President Bola Tinubu says Nigeria is ready for business, urging foreign investors to take advantage of the opportunities and ongoing reforms in the country. The President told investors on Thursday in Paris, France, that ongoing reforms including the removal of fuel subsidy and unification of exchange rate, will be sustained for a more competitive economy … [Read more…]

Naira weakened significantly against the United States dollar on the Investors and Exporters (I&E) window on Wednesday, data posted on the FMDQ securities exchange window where forex is officially traded showed. The decline occurred as foreign exchange supply within the market segment plummeted substantially. According to the FMDQ data published, the naira closed at N763.17 … [Read more…]

The Federal Government, on Monday, said six new companies have received approval to import petroleum products into Nigeria. The Managing Director of Nigeria Mainstream and Downstream Petroleum Regulatory Authority (NMDRA), Farouk Ahmed made this disclosure to state correspondents at the Presidential Villa. Farouk stated that apart from the approved six, several companies applied for permit … [Read more…]

The Central Bank of Nigeria (CBN) has declared the removal of cash deposit limitations on domiciliary accounts, saying account holders can withdraw up to $10,000 per day. The apex bank, in a statement made available to Channels Television on Sunday, stated that this followed a June 14 announcement on new guidelines in the foreign exchange … [Read more…]

The Central Bank of Nigeria (CBN) may have embraced the painful, but realistic path to foreign exchange rate convergence, adopting a clean float at the interbank market. The option, a liberalist move that supports the interplay of demand and supply to determine the equilibrium rate, saw the apex bank pulling the trigger on the naira … [Read more…]

The Federal Government, yesterday, offered its first terminal establishment licences under the Petroleum Industry Act (PIA) to Nigeria National Petroleum Company Limited and Balema Oil Producing Limited, while wooing investors into the sector. Offered by the Nigerian Midstream Downstream Petroleum Regulatory Authority (NMDPRA), the move, according to the Chief Executive of the regulator, Farouk Ahmad, … [Read more…]

Governor Abdullahi Sule of Nassarawa State says the government of ex-President Muhammadu Buhari spent more than the $19 billion used in building the Dangote Refinery on maintenance of the country’s refineries. Nigeria has refineries in Kaduna, Port Harcourt, and Warri but none is operational with experts saying the recent launch of the Dangote Refinery would … [Read more…]

The Central Bank of Nigeria has called on the public to disregard the news report published by the Daily trust newspaper titled “CBN Devalues Naira To 630/$1”. In a statement signed by the Ag. Director, Corporate Communications, Isa AbdulMumin, the institution stated that the report was filled with “outright falsehood”. The statement read “The attention … [Read more…]

Nigeria’s oil production of crude oil has increased to an average of 1.51m barrels per day in the first quarter of 2023, the National Bureau of Statistics (NBS) has disclosed. The report titled Nigeria Gross Domestic Product Report Q1 2023 disclosed that oil production in the country moved above 1.m barrel per day for the … [Read more…]

The Central Bank of Nigeria (CBN) has revoked the licences of 139 microfinance banks in the country, as well as four primary mortgage banks and three finance companies. This was disclosed in the official gazette of the Federal Government, which was published on the website of the CBN on Tuesday. According to the gazette, the … [Read more…]