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…]
For Africa’s richest man, Aliko Dangote, it is about determination and doggedness, steeped in fortitude that is today yielding dividends. For eleven, consecutive years, he has been the richest man in Africa according to both Forbes and Bloomberg. A graduate of Al-Azhar University in Cairo, Egypt, Dangote began his business career in 1978, trading in … [Read more…]
By Ikenna Igwe The modern world we find ourselves in today is one that is fast becoming digitized in every sector, ranging from finance to technology, agriculture, transportation, health and every other industry. Since the appearances of the Automatic Teller Machine (ATM) first in the shores of America finance market in 1969 and subsequently in … [Read more…]
Africa’s richest man and owner of the Dangote Refinery, Mr. Aliko Dangote, has said with the planned commencement of the refinery located in Lagos, Nigeria could save up to $10 billion in foreign exchange (FX) and generate another $10 billion in exports when the facility begins operation. The 650,000 barrels per day Dangote Refinery, the … [Read more…]
The Central Bank of Nigeria (CBN) has issued new guidelines to commercial banks on the operations of dormant accounts which have received no deposit or withdrawal for upwards of one year. The new guideline is contained in the bank’s circular to commercial banks issued on Wednesday. According to the apex bank, it shall open a … [Read more…]
The International Monetary Fund (IMF) has retained its growth forecast of 3.2 percent for Nigeria’s economy in 2023. The IMF, in its World Economic Outlook for April 2023 titled ‘A Rocky Recovery’, also forecast a three percent growth in the country’s gross domestic product (GDP) for 2024. Other countries highlighted in its 2023 projections were … [Read more…]
The Nigeria Labour Congress, NLC, has warned that those pushing for subsidy removal in Nigeria are out to set the country on fire. The warning came against the backdrop of an announcement that the outgoing government of President Muhammadu Buhari had left the decision of petrol subsidy removal to the incoming government. According to NLC, … [Read more…]