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…
The 16th Emir of Kano, Muhammadu Sanusi II, has said that Alhaji Aliko Dangote should not be blamed for buying dollars at lower rates at the time he was building his refinery because that was the actual rate the apex bank was selling to everybody at that time. Sanusi, who commented on the issue through…
The President of the Manufacturers Association of Nigeria, MAN, Francis Meshioye, has said that the policies of the federal government in the last one year have made manufacturing businesses unattractive in Nigeria. Meshioye who stated this in an interview with Channels Television, noted that manufacturers are worse hit by fuel subsidy removal, Naira devaluation, recent…
The Central Bank of Nigeria has disclosed that it is targeting a $1 trillion economy by 2030 while re-stating its commitment to ensure economic stability. The governor of the apex bank, Olayemi Cardoso, gave this disclosure on Friday in Abuja while presenting the 2024 half-year report of activities of the bank to the Senate Committee…
The dollar to naira exchange rate reached N1,615 at Nigeria’s foreign exchange black market. Ashiru Dayyabu, a Bureau De Change operator in Wuse Zone 4, said that the dollar was sold at the rate of N1,600 to N1,615 on Wednesday. “We buy the dollar at N1590 and sell between N1600 and N1615,” he told DAILY…
