With an escalating demand for foreign exchange for both goods and services by Nigerians, the Central Bank of Nigeria (CBN) has assured that it would continue to make deliberate efforts in the foreign exchange sector to avert further downward slide in the value of the naira, which it said was fuelled by speculative tendencies. The … [Read more…]
Naira has fallen further against the U.S. dollar at the official market on Tuesday, a day after the currency recorded an insignificant gain at the spot market. According to data released by the The Nigerian Autonomous Foreign Exchange Fixing (NAFEX), where forex is officially traded, naira which opened at N427.30 closed at N431.00 to a … [Read more…]
Nigeria recorded a N3.09 trillion deficit in its 2022 budget operations between January and April. The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, made the startling revelation on Thursday at the Public Consultative Forum on the draft Federal Government 2023-2025 Medium Term Fiscal Framework & Fiscal Strategy, in Abuja. According to the … [Read more…]
Nigerians using naira to buy dollars will be arrested; it’s illegal: CBN “For those taking money from banks to buy dollars, it is illegal to do so. If the security agencies hold you, you will know the implication of that,” Godwin Emefiele, CBN governor, said Tuesday at the Monetary Policy Committee (MPC) meeting in Lagos. … [Read more…]
NNPC now free from institutional regulations- Buhari President Muhammadu Buhari on Tuesday officially unveiled the Nigerian National Petroleum Company Limited and declared that the new entity was henceforth free from institutional regulations. Buhari, who made this public at the Presidential Villa, Abuja, stated that the oil firm would conduct itself under best international business practices. … [Read more…]
Unofficial deregulation: Fuel marketers dare FG, raise price above N165/litre Strong indications that fuel markets may have settled for an unofficial deregulation with majority of filling stations selling Premium Motor Spirit (PMS), popularly called petrol above the officially approved pump price of N165 per litre. Their decision may not be unconnected with what they termed … [Read more…]
The Major Oil Marketers Association of Nigeria, MOMAN, said the regulated N165 pump price for Premium Motor Spirit, PMS, also known as petrol, was no longer realistic. Chairman, MOMAN, Mr Olumide Adeosun, stated this during a virtual consumer protection workshop for oil marketers by the Federal Competition and Consumer Protection Commission, FCCPC, in Lagos, yesterday. … [Read more…]
Enugu govt hails “We can do it in Nigeria” spirit of Ingrace Motors …Reiterates support for indigenous companies …As automobile firm donates sample vehicle to government Louis Amoke The Enugu State government has expressed delight at the commitment of Ingrace Group in promoting indigenously manufactured vehicles in Nigeria. Speaking when a delegation from Ingrace Motors … [Read more…]
These are challenging times for the federal and state governments as one major source of income to the federation account seems to be totally cut off. On Monday, The National Petroleum Company Limited (NNPC) revealed it failed to remit monies to the federation account in May 2022 despite making N470.61 billion. This is the fifth … [Read more…]
Former President Olusegun Obasanjo, has charged stakeholders in the Liquefied Petroleum Gas (LPG) sub-sector, popularly called cooking gas to ensure that they put Nigeria’s interest first. Obasanjo made the plea at 2nd West Africa LPG Expo and Nigerian Liquefied Petroleum Association (NLPGA) Summit 2022 held in Lagos at the weekend. The ex-president’s plea came on … [Read more…]
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has instructed its members not to sell Premium Motor Spirit (PMS), also known as petrol, for more than the approved pump price of N165 per litre. This comes as a reversal of its earlier directive to its members to sell petrol at N180/litre. Recall that the Lagos … [Read more…]
By Ikenna Igwe For the most part in Nigerian politics, candidates have been known to play the identity politics game, where the focus is largely on ethnic affiliation, political parties and defacement of an opponent’s name and reputation. We hardly see election candidates debate on things in the line of a sustainable economic goal. In … [Read more…]