The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has stated that the recent reduction in ex-depot prices of premium motor spirit by Dangote Refinery will help alleviate the hardships faced by Nigerians and positively influence the nation’s economy. Joseph Obele, the spokesperson for PETROAN, shared this information in a statement on Saturday, responding…
There can be no better time than now for the take-off of the National Single Window initiative aimed at eliminating bureaucratic delays in export and import processes to boost trade efficiency and enhance economic growth. This was the consensus of stakeholders and industry experts at the opening of a three-day workshop on the presidential initiative…
The Nigerian naira experienced a substantial appreciation against the dollar in both the parallel and official foreign exchange markets on Tuesday. In the black market, the naira strengthened against the dollar, closing at N1,625 on Tuesday, down from N1,650 on Monday, marking a N25 improvement. “We are buying at N1,620 and selling at N1,625 today,”…
Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has asserted that achieving a 15 percent inflation rate in Nigeria is feasible, contingent upon the continued stabilization of the country’s exchange rate. Oyedele made this statement during a panel discussion at the PwC Economic Outlook for 2025. He indicated that Nigeria’s…
The Central Bank of Nigeria (CBN) has given the green light for the release of the Nigerian Foreign Exchange (FX) Code. The central bank stated that this code will serve as a framework for the banking sector, aimed at fostering ethical practices among authorized dealers in the nation’s FX market. Additionally, the CBN announced that…
The World Bank Group has clarified the reasons behind its decision to impose a 30-month debarment on two Nigerian firms, Viva Atlantic Limited and Technology House Limited. In a statement released on Monday, the Washington-based institution also noted that the ban extends to their Managing Director and CEO, Mr. Norman Didam. The World Bank indicated…
The Central Bank of Nigeria (CBN) has penalized at least nine Deposit Money Banks for their inability to provide sufficient cash at automated teller machines (ATMs) during the holiday season. Each bank has been fined N150 million, resulting in a total penalty of N1.35 billion. The banks were found to be in violation of the…
Bashir Adeniyi, the Comptroller General of the Nigeria Customs Service, announced that the agency generated N6.1 trillion in revenue for 2024, marking a remarkable 90.4% increase from the N3.2 trillion collected in 2023. This information was shared during a press conference held in Abuja on Tuesday. Adeniyi highlighted that the service exceeded its 2024 revenue…
The naira has further depreciated against the dollar in the official foreign exchange market as of Monday. According to FMDQ data, the naira fell to N1,548.89 per dollar on Monday, down from N1,543.03 recorded last Friday. This represents a decline of N5.86 compared to the previous week’s closing rate. In the black market, the naira…
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has announced plans to enter into direct purchase agreements with three Nigerian refineries. This information was shared in a notice on Tuesday, signed by PETROAN’s National President, Billy Gillis-Harry, and Secretary, Adedibu Aderibegbe. The notice indicated that the agreements are set to commence on Wednesday,…
