The Central Bank of Nigeria (CBN) on Thursday directed Bureau De Change (BDCs) operators to sell forex at a maximum profit margin of 1.5 per cent, aiming to correct market distortions. The bank, in a circular to BDC operators and the public, which was signed by Aliyu Mahdi,...
BUSINESS
The Naira on Thursday appreciated at the official market, trading at N1,566.82 to the dollar. Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), showed that the Naira gained N14.83. This represents a 0.937 per cent...
The National Bureau of Statistics (NBS) has said the average retail price of a litre of petrol increased from N545.83 in June 2023 to N750.17 in June 2024. It made the declaration in its Petrol Price Watch for June 2024 released in Abuja on Thursday. It stated that the...
Dangote Industries Ltd. has commended the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for its various interventions in the oil company’s crude supply requests from International Oil Companies (IOCs). The Vice President of Dangote Industries, Mr Devakumar Edwin, commended the commission in a statement on Wednesday in Lagos. ...
The management of Brentex CPP Limited (BCL) wishes to correct some mixups and inaccuracies in some of the reportage of its appearance at the hearing of the Senate Committee on Local Content being chaired by Distinguish Senator Natasha Akpoti-Uduaghan on Tuesday, 16th July, 2024. The company, in a statement...
The Federation Accounts Allocation Committee (FAAC) has shared a total sum of N1.354 trillion June revenue among the Federal Government, states and Local Government Councils (LGCs). The revenue was shared at the July meeting of FAAC, held in Abuja and chaired by the Minister of Finance and Coordinating...
The Tax Appeal Tribunal (TAT) has ordered the Nigeria Liquefied Natural Gas (NLNG) Limited to pay the Federal Inland Revenue Service (FIRS) 27.5 million dollars as full and final settlement of the revised companies income tax (CIT) for the 2016 assessment year. This was part of the judgment...
The Naira on Monday depreciated at the official market, trading at N1,577.29 to the dollar. Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), showed that the Naira lost N13.49. This represents 0.86 per cent loss...
MD/CEO of Jaiz Bank PLC, Dr Haruna Musa, has said the bank is looking forward to Nigeria becoming the centre of Islamic banking in Africa. Musa disclosed this at a send-off ceremony of the retired Board/ Advisory Committee of Experts (ACE) members of the bank on Sunday night,...
Nigeria’s inflation figure has reached a new high, hitting 34.19 % for June 2024, according to the latest data from the National Bureau of State Statistics (NBS). This is an increase of 0.24% points when compared to the inflation figure for May 2024 released by the NBS. “In...
Africa’s richest man Aliko Dangote has said the Nigerian National Petroleum Company (NNPC) Limited now owns a 7.2% stake in the Dangote Petroleum Refinery, and not a 20% stake as initially announced before the inauguration of the facility at the Lekki Free Trade Zone. Dangote, who made...
The President/Chief Executive, Dangote Industries Ltd., Alhaji Aliko Dangote, said that the Dangote Petroleum Refinery and the Fertiliser plant would be listed in the capital market by the first quarter of 2025. Dangote made this known on Sunday in Lagos at a media parley and guided tour of the...
The President of Capital Market Academics of Nigeria, Prof. Uche Uwaleke, has said Nigeria is positioned to reap immense benefits from the ECOWAS single currency initiative. Uwaleke, who is also the Director, Institute of Capital Market at the Nasarawa State University, Keffi, said this in an interview with...
Ambassador Nimi Akinkugbe (middle) flanked by other participants during the 100WF programme sponsored by FirstBank Ltd. on Friday night in Lagos Ambassador Nimi Akinkugbe, Nigeria’s Ambassador to Greece, has called for increased female participation in the Nigerian workforce across all sectors, as a critical factor in unlocking the...
The Federal Government has approved a $21 million dollars contract for the construction of a metering system for 187 crude oil flow stations in the country to curb oil theft. Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, this on Friday in Abuja, while briefing...
The Central Bank of Nigeria (CBN), has sold the sum of 122,671 million dollars to 46 authorised dealers. According to a statement issued by the apex bank’s Director in charge of Financial Markets, Dr Omolara Duke, the move is aimed at promoting stability as well as to reduce market...
The Federal Inland Revenue Service (FIRS) has said the number of new taxpayers in Nigeria has increased by 170,000 and tax compliance also improved by 20 per cent over a year. Special Adviser to the FIRS Executive Chairman, Dr Zacch Adedeji, Mr Femi Olarinde, made this known...
The President of Capital Market Academics of Nigeria, Prof. Uche Uwaleke, says the ECOWAS single currency if actualiseed, will facilitate free trade within the sub-region. Uwaleke, who is also the Director, Institute of Capital Market at the Nasarawa State University, Keffi, said this in an interview with...
The Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, has advised the youth to take advantage of the potential in the maritime sector for economic growth. Oyetola gave the advice during the Employment Clinic, tagged “Blue Industry Career Insights”, organised by the Employment Transition Programme (EETP)...