Business
Foreign remittances surge to $600m
The Central Bank of Nigeria (CBN) facilitated the remittance of approximately $600 million through International Money Transfer Operators (IMTOs) in one year, the apex bank Governor, Olayemi Cardoso broke the news yesterday. He spoke at a ‘fireside’ event at the ongoing Nigeria Economic Summit (NES30), organized by the Nigeria Economic Summit Group (NESG). Policymakers, economists, […]
CBN to unveil revamped website soon – Cardoso
The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has revealed that the bank is currently working to launch a comprehensive revamped version of its website to boost transparency and accountability. Cardoso said this at a special summit dinner event at the 30th Nigerian Economic Summit on Tuesday in Abuja. He said the newly […]
FG plans cash transfer for 20 million poor Nigerians
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said that the increase in Nigeria’s revenue recorded in the 2024 fiscal year is being strategically allocated to various social intervention programmes aimed at improving the living standards of citizens and addressing pressing societal needs. The minister said the social investment programme […]
Dangote To Begin Crude Oil Production Soon, Says Report
Dangote Group is looking to start production at its two Nigerian oil assets in the fourth quarter of 2024, after enduring months of crude supply woes, a report by S&P Global Commodity Insights has said. The report quoting company sources said Dangote is currently seeking a Floating Production Storage and Offloading (FPSO) vessel with a […]
Naira drops against dollar amid fresh fuel price hike
The naira depreciated significantly against the dollar at the foreign exchange market as the Nigerian National Petroleum Company Limited, NNPCL, increased the pump price of Premium Motor Spirit (petrol) for the umpteenth time. FMDQ data showed that the naira weakened to N1625.13 per dollar on Wednesday from N1561.76 exchanged on Tuesday. This represents an N63.37 […]
Oil yet to lifted from Dangote Refinery – IPMAN
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced that it is still in negotiations with the Dangote Refinery regarding the commencement of oil-lifting operations. Currently, IPMAN has not begun taking products from the refinery. The association refuted earlier reports claiming it accused Dangote of preventing its members from purchasing oil directly from the […]
Naira-for-crude: Dangote refinery to get 400,000 barrels daily — Report
The Federal Government is set to supply up to 400,000 barrels of Nigerian crude oil daily to the Dangote refinery under a naira-for-crude agreement. According to a report by Bloomberg, this arrangement is expected to roll out over the next two months, with approximately 24 million barrels of Nigerian crude being delivered between October and […]
NNPC quits as middleman in Dangote Refinery petrol purchase
The Nigerian National Petroleum Company Limited (NNPC) is ending its exclusive purchase agreement with Dangote Refinery, opening up the market for other marketers to buy petrol directly from the refinery, according to PREMIUM TIMES. This means NNPC will no longer be the sole off-taker, and marketers can now negotiate prices directly with Dangote Refinery. This […]
CBN sells $543.5m to stabilise FX market in September
The Central Bank of Nigeria (CBN) has revealed that it sold a total of $543.5 million (N844,920,000,000.00) to authorised dealer banks through the Nigerian Foreign Exchange Market (NFEM) between September 6 and 30, 2024. This move was part of the apex bank’s efforts to reduce volatility in the foreign exchange market amid rising demand for […]
Uganda Airlines begins direct flights from Abuja
Uganda Airlines has launched direct flights from Abuja to Entebbe, a city in Central Uganda. The airline said that the new route was expected to enhance connectivity, reduce travel time, boost trade and tourism between the two countries and provide travellers with an efficient link between West and East Africa. The airlines made this known […]