Economy
Nigeria Fails To Meet Oil Production Targets In 10yrs
Despite having crude oil in abundance, Nigeria has consistently failed to meet oil production targets as stipulated in national budgets over the last 10 years, according to Daily Trust. The country has, over time, maintained a mono-economy with crude oil sales constituting about 90 percent of its foreign exchange earnings. However, experts have projected that non-oil […]
Again, CBN Adjusts Exchange Rate to N1,413.62/$1
Amid stakeholders’ rejection of the N1,356.883 exchange rate, the Central Bank of Nigeria (CBN) on Saturday readjusted the exchange rate on the Customs platform to N1,413.62/$1. This review of the exchange rate came less than 24 hours after the CBN increased the exchange rate from N951.941/$1 in December to N1,356.883/$1 on Friday, February 2nd, 2023. […]
BREAKING: Naira falls to record low of N1,515 /$1 at the black market
Naira has fallen to a record low of N1,515 per dollar following strong demand on the parallel market, also known as the black market. This represents 1.32% or N20.00 weaker than N1,495 it traded in the morning today according to Nairametrics tracker. This despite analysts’ optimism that the new FX rules by the apex bank […]
Femi Otedola appointed as new chairman of FBN Holdings
FBN Holdings Plc, a leading financial institution in Nigeria, has announced the appointment of Mr. Olufemi Peter Otedola, CON, as its new Chairman of the Board of Directors. This appointment, effective January 31, 2024, follows a recent meeting of the board where Mr. Otedola succeeds Alhaji Ahmad Abdullahi. Mr. Otedola, a renowned business mogul with […]
CBN Issues Fresh Requirements to Mitigate Foreign Currency Risks
The Central Bank of Nigeria (CBN) Wednesday expressed concern over the growth in foreign currency exposures of banks through their Net Open Position (NOP). The central bank disclosed this in a circular to all banks dated January 31, 2024 and signed jointly by Director, Trade and Exchange, Dr. Hassan Mahmud and Mrs. Rita Ijeoma Sike, […]
CBN Injects Fresh $500m Into Forex Market
The Central Bank of Nigeria (CBN) has committed $500 million into the forex market. Hakama Sidi-Ali, Acting Director of the Corporate Communications Department at the CBN, disclosed this in a statement on Monday. Sidi-Ali reiterated the bank’s commitment to “settling all legitimate foreign exchange backlogs within a short time frame.” She also assured Nigerians that […]
Dangote refinery registers 75% of oil marketers for product distribution
Dangote Refinery has officially registered three major oil marketers accounting for approximately 75% of the overall market, to handle the distribution of its refined products. The Dangote Group, in a statement on Tuesday, disclosed the marketers include the Petroleum Products Marketers Association of Nigeria (DAPPMAN), the Major Oil Marketers Association (MOMAN) Nigeria, and the Independent […]
Marketers will pay naira for Dangote fuel, says IPMAN
Refined petroleum products from the $20bn Dangote Petroleum Refinery are to be sold in naira and not in the United States dollar as speculated in some quarters, oil marketers clarified on Monday. Dealers in the downstream oil sector also stated that the registration process for marketers at the refinery was still ongoing, as many operators […]
FG issues N2b savings bonds in 2024’s maiden issuance
The Federal Government has raised about N2 billion from the latest issuance of the monthly retail savings bonds as investors continued to show strong appetite for sovereign securities.The January 2024 tranches of the monthly retail bond issuance, otherwise known as Federal Government of Nigeria Savings Bond (FGNSB), were the first debt issuances by the government […]
CBN holds MPC meeting February 26
The Monetary Policy Committee of the Central Bank of Nigeria will hold its first policy meeting for the year on February 26th and 27th. This is according to a tentative MPC meeting calendar posted on the website of the apex bank. The meeting which will be the first under the leadership of Governor Yemi Cardoso […]