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The National Bureau of Statistics (NBS) says Nigeria’s headline inflation rate increased to 25.80 per cent in August 2023. The NBS disclosed this in its August Consumer Price Index (CPI) and Inflation Report released in Abuja on Friday. According to the report, the figure of 1.72 per cent is higher than the 24.08 per cent […]
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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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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 […]
Continue ReadingThe 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 […]
Continue ReadingOn 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 […]
Continue ReadingOil prices have surged, reaching a record high of nearly $90 a barrel. POLITICS NIGERIA reports that Brent crude, the global oil benchmark, rose to $89.03, the highest level since October 2022. US West Texas Intermediate (WTI) crude also rose, reaching $85.95 a barrel. More to follow… Politics Nigeria Click Here to Join Our WhatsApp […]
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The Central Bank of Nigeria has introduced a foreign exchange price verification system designed for importers to have access to forex. The apex bank in a statement from its Trade and Exchange Department on Thursday night said a price verification report from the portal is now mandatory for all Form M requests while it takes […]
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The average retail price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas), dropped by 6.71 per cent on a month-on-month, MoM basis to N4, 068.26 in June 2023, from N4, 360.69 in May 2023. Also, on a year-on-year, YoY basis, it dropped by 3.56 per cent from N4, 218.38 in June 2022. However, […]
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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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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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