Naira inched close to a 15 per cent gain against dollar in the parallel market within a week, trading around N820/$ in Lagos and Abuja yesterday evening. Reliable sources informed The Guardian that traders at major market clusters were hurriedly dumping dollars yesterday as fear of a further slide in the value of the greenback … [Read more…]
Amid shortage of foreign exchange, Nigeria’s inflation rate rose to 24.08% in July 2023, the highest in years. The July 2023 rate showed an increase of 1.29% points when compared to the previous month’s which was 22.79%, the National Bureau of Statistics (NBS) said in its Consumer Price Index (CPI) report released on Tuesday. The … [Read more…]
Following the tumbling of the naira at the parallel market in recent times, the Central Bank of Nigeria has started introducing foreign exchange intervention measures aimed at clamping down on currency speculators in the foreign exchange markets. Acting Governor of the CBN, Folashodun Shonubi, made the disclosure to State House correspondents on Monday at the … [Read more…]
The Nigerian National Petroleum Company Limited has eventually spoken up as regards the widespread concern of a possible hike in the pump price of Premium Motor Spirit, popularly called petrol. In a post by the company, posted around 11:48pm on Monday on its official X (formerly Twitter) handle, the national oil firm and major importer … [Read more…]
The Federal Reserve raised interest rates by a quarter of a percentage point on Wednesday, citing still elevated inflation as a rationale for what is now the highest U.S. central bank policy rate in 16 years. The rate hike, the Fed’s 11th in its last 12 meetings, set the benchmark overnight interest rate in the … [Read more…]
The Central Bank of Nigeria on Tuesday raised its benchmark lending rate to 18.75 per cent from 18.5 per cent. The apex bank made this known after the two-day Monetary Policy Committee (MPC) meeting. The acting CBN governor, Folashodun Shonubi, who chaired the meeting, noted that “hiking the interest rate has made a lot of … [Read more…]
The Federal Inland Revenue Service (FIRS) has announced a total tax revenue collection of N5.5 trillion for the half-year period of January to June 2023. This is the highest tax revenue collection ever recorded by the Service in any first six months of a fiscal year, the agency said in a statement Thursday. The statement … [Read more…]
The Nigerian National Petroleum Company Limited (NNPCL) on Tuesday attributed the rise in the petroleum pump prices in the country to ‘market forces’. The NNPCL Group Chief Executive Officer, Mele Kyari, disclosed this while speaking to journalists after a closed-door meeting with Vice President Kashim Shettima at the State House in Abuja. Mr Kyari said … [Read more…]
The price of Premium Motor Spirit (PMS) popularly known as petrol has risen amid the continued decline of the naira and growing inflation in the country. Nigerians woke up on Tuesday to realise that the price of petrol had been adjusted at fuel stations across the country, including those of the Nigeria National Petroleum Company … [Read more…]
The Central Bank of Nigeria (CBN) has disclosed that the nation’s official currency, the naira can now stand as a payout option for remittances from the diaspora. The was contained in a circular dated July 10, 2023, and signed by CBN’s Director, Trade and Exchange Department, O.S. Nnaji. Additionally, the apex bank mandated that in … [Read more…]
The Nigerian National Petroleum Company Limited (NNPC Ltd) has restated plans to issue its Initial Public Offer (IPO) to investors very soon. The Group Chief Executive Officer (GCEO) of NNPC Ltd, Mele Kyari said this at the 22nd edition of the 2023 Nigeria Oil and Gas (NOG) Energy conference and Exhibtion on Tuesday in Abuja. … [Read more…]
President Bola Tinubu has suspended the newly introduced Green Tax by way of Excise Tax on Single-Use Plastics, including plastic containers and bottles. The President has also signed an Executive Order suspending the “5% Excise Tax on telecommunication services as well as the Excise Duties escalation on locally manufactured products.” A statement released on Thursday … [Read more…]