The Naira has continued to appreciate against the dollar in the forex market despite the ongoing protests against misgovernance across the country. This comes at a time when the Naira has gained tremendous value in the official and stable forex market. , FMDQ data showed that the Naira appreciated against the dollar from N1,608.73 on…
In a significant development, Group First Bank Chairman, Femi Otedola and the Chairman of the African Union Bank (UBA), Tony Elumelu, have expressed support for the Federal Government’s new forex windfall tax. This decision follows President Bola Tinubu’s motion on July 17 in the National Assembly to amend the Finance Bill, 2023, which unilaterally imposes…
The stock market closed at 55.545 trillion, down 171 billion or 0.31 percent, from an opening of 55.716 trillion. The All Share Index also closed at 97,830.65, down 0.31 percent or 302 points from Monday’s 98,132.15. As a result, the year-to-date (YTD) return has declined to 30.84 percent. I will paint 1,000 people’s faces with…
Telecommunications giant MTN has closed its stores and service centres in Nigeria. It was gathered that the decision was due to the damage caused to the company’s offices and customers who were aggrieved by the disconnection of their lines under the government’s NIN-SIM connectivity policy. On Monday, a group of angry customers demolished the fences…
By Ajibola Olarinoye Investors in the stock market have lost over N1.3 trillion on the Nigerian exchange constrained, NGX, following the boost in monetary coverage charge, MPR, by way of the crucial financial institution of Nigeria, CBN, to 26.75% from 26.25% remaining week. Analysts defined that with the sparkling boom in MPR, buyers started out…
The Osun State Governor, Adetola Adeleke, has endorsed the traditional approach to food price control introduced by some traditional rulers in Osun State. Governor Adeleke has directed the Food Security Implementation Committee in the state to expedite efforts to ensure the realization of a secure and accessible food supply value chain. He described the approach…
Nigerian government has been told that collaboration with Dangote Refinery and other local refineries will end the country’s rising inflation which stood at 34.19 percent in June 2024. This is according to the Crude Oil Refiners Association of Nigeria in a recent statement by its Publicity Secretary, Eche Idoko. Idoko’s comment comes amid the recent…
The Naira yesterday appreciated to N1,565 per dollar in the parallel market from N1,585 per dollar last Friday. However, the Naira depreciated to N1,548.76 per dollar in the Nigerian Autonomous Foreign Exchange Market, Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,548.76 per dollar from N1,500.32 per dollar on Monday,…
The President of Dangote Industries Limited, Aliko Dangote, has been invited by President Brice Nguema of Gabon to invest in cement and fertiliser production in the country. According to a statement on Tuesday by the media office of Dangote Group, the billionaire was invited to explore investment opportunities in cement and fertiliser, at a time…
The Minister of State Petroleum Resources (oil) Heineken Lokpobiri, has met with the chairman and chief executive officer of Dangote Petroleum Refinery, Aliko Dangote, and the chief executive officer of Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, (NMDPRA) The meeting was held on Monday, July 21, to resolve ongoing issues surrounding the Dangote…
