The Naira’s decline in value intensified yesterday, as the official exchange rate was N1,639.41 to the dollar. According to the Nigerian Autonomous Foreign Exchange Market (NAFEM) rate, the dollar traded for N1,606 the day before, meaning that the figure yesterday showed a staggering loss of N34. The Naira dropped N5 versus the dollar Wednesday, resulting…
The corporation made this announcement on Thursday in Abuja and stated that market forces would decide product prices in a statement signed by Olufemi Soneye, Chief Corporate Communications Officer. This comes after the Dangote Refinery started refining petrol earlier in the week. Soneye cited Adedapo Segun, NNPCL’s Executive Vice President of Downstream, NNPC Ltd., as…
In major Nigerian cities, transport costs have increased by more than fifty percent due to the most recent increase in petrol prices. The Nigerian National Petroleum Company’s (NNPCL) Retail Management has recently raised prices. Depending on the location, the new prices vary from N855 to N897 per liter, up from the previous N568–N617. Recently, prices…
Gilly-Harry revealed that the Nigerian National Petroleum Company Limited is fighting to keep the nation supplied with goods, therefore the current petrol rates, which are about 600 per liter, might not last. His position is in line with the recent admission by the NNPCL that it owes PMS suppliers more than $60 billion. Fuel is currently sold at filling stations that are not controlled by NNPCL for between 950 and more than 1000 per liter due to scarcity.
This is because food inflation is over 40% and the overall inflation rate is 33.40 percent according to the National Bureau of Statistics (NBS) most recent data. According to the CBN report, the survey, which had a 99.7% response rate, was conducted from July 22 to July 26, 2024. The NBS master sample list, which included 1,665 homes across the 36 federation states and the Federal Capital Territory, was used to determine the sample size. According to the Household Expectations Survey data the CBN made available on its website, many Nigerians plan to reduce their consumption of non-essential commodities over the course of the next three to six months. However, throughout the next six months, they want to spend 54.9% of their income on food.
The ban on banks borrowing through its window, the Standing Lending Facility (SLF), has been lifted by the Central Bank of Nigeria (CBN). In response to the choices reached during the bank’s 296th Monetary Policy Committee (MPC) meeting, the top bank also set the loan rate at 31.75 percent. In a statement dated August 26,…
The Nigerian National Petroleum Company Limited said in a video clip that over 72 illicit installations for refining crude oil were discovered in the previous week. According to reports, 72 illicit refineries were found and demolished in the states of Rivers, Delta, and Abia. In the Southern Ijaw region of Bayelsa State, on August 18,…
The Federal Government of Nigeria has selected 23 fund managers to oversee the $10 billion Nigeria Global Investment Fund (NGIF). This ambitious fund, according to a presentation document, intends to draw in capital from both domestic and foreign sources for vital areas of the Nigerian economy, such as manufacturing, energy, infrastructure, fintech, and agriculture. The…
Kolawole Ojelabi, the Lagos Metropolitan Area Transport Authority’s spokesperson, made this announcement in a statement on Tuesday. The Red Line Rail is one of the six rail lines and one monorail that LAMATA’s Strategic Transport Master Plan specifies for Lagos. The trains will conduct four daily excursions between Agbado and Oyingbo, carrying people at will….
In the second quarter of 2024, Nigeria grew its Gross Domestic Product (GDP) by 3.19 percent on a year-on-year basis in real terms from the 2.51 percent posted in the same period of last year, and higher than the 2.98 percent achieved in the first quarter of this year. The economic growth recorded by the…
