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Nigeria now second largest producer in Africa (See Top 11)

Nigeria now second largest producer in Africa as oil output rises to 1.18m bpd OPEC Africa member countries1. Libya: 1.19m bpd2. Nigeria: 1.18m bpd3. Angola: 1.13m bpd4. Algeria: 939k bpd5. Congo: 272k bpd 6. Saudi Arabia: 8.91m bpd7. Iraq: 4.07m bpd8. UAE: 2.89m bpd9. Kuwait: 2.55m bpd10. Venezuela: 820k bpd11. Equatorial Guinea: 56k bpd Note: […]

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CBN to sanction forex operators for market infractions

The Central Bank of Nigeria has vowed to sanction erring International Money Transfer Operators allegedly engaging in foreign exchange arbitrage. The apex bank said this in a circular with reference number, TED/FEM/PUB/FPC/001/009, and titled, ‘Rate quote and other market conduct by International Money Transfer Operators.’ The circular, signed by the CBN Director of Trade and […]

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CBN Released Inaccurate, False Financial Reports For Seven Years Under Buhari – Tinubu’s Special Investigator

The Central Bank of Nigeria has been discovered to release audited financial account reports (spanning 2016 to 2022) which alleged contained inaccurate and false data. The CBN may therefore be asked to withdraw those audited annual financial reports, under former President Muhammadu Buhari, which were released only last month. This came after a team investigating […]

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Brent crude hits $91 per barrel

On Tuesday, September 12, data from Oil Price indicated that Brent crude oil was priced at $91 per barrel. In recent weeks, Brent crude has seen a steady increase, reaching a 10-month high of $90 per barrel precisely one week ago. This surge in prices is the highest recorded since 2014, and it can be […]

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Nigeria’s inflation hit 22.79% in June

Nigeria’s headline inflation rate accelerated for the sixth consecutive time to 22.79 per cent in June 2023, according to data by the National Bureau of Statistics released Monday. The inflation rate in Africa’s biggest economy rose to a new 17-year high of 22.79 per cent in June 2023 from 22.41 per cent in the previous […]

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Rising inflation: Private sector demands more waivers as Tinubu suspends taxes

The organised private sector on Thursday welcomed the tax suspensions announced by President Bola Tinubu, noting that they showed the Federal Government was sensitive to the challenges facing businesses and citizens. The private sector operators however pointed out that the tax suspensions were inadequate to curb rising inflation and other macroeconomic headwinds threatening the survival […]

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