Aliko Dangote, President of Dangote Refinery, announced that Nigeria’s price for premium motor spirit has dropped to 55% below the average fuel price in West Africa, thanks to the refinery’s capacity of 650,000 barrels per day. Dangote made this statement on Sunday following a visit from a high-level delegation led by Dr. Omar Touray, President…
By Ajibola Olarinoye The African Banker Governor of the Year award has been given to Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN). A statement by the CBN said the event was hosted at the city of Abidjan in Cote d d Ivoire and attended by senior government officials, development finance executives…
Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS), emphasized the importance of Nigerian youths engaging with tax issues to better understand their significance for their future. He made these remarks during a Town Hall meeting co-hosted by the Office of the Senior Special Assistant to the President on Citizenship and Leadership (OSSAP-CL) and…
Wilson Erumebor, a senior economist at the Nigerian Economic Summit Group, has stated that Nigeria’s economy is faring worse under President Bola Tinubu than it did under his predecessor, Muhammadu Buhari. He made this assertion during a recent discussion on X space hosted by financial analyst Kalu Aja. Erumebor noted that Nigeria’s gross domestic product…
The Nigerian currency, the naira, experienced a substantial appreciation against the dollar in both the official and parallel foreign exchange markets on a week-to-week basis. Data from the Central Bank of Nigeria, covering the period from May 16 to May 23, 2025, indicated that the naira strengthened to N1,580.44 per dollar, up from N1,598.72. This…
The Central Bank of Nigeria’s Monetary Policy Committee has decided to keep the country’s interest rate at 27.50 percent. During a press briefing on Tuesday following the 300th MPC meeting in Abuja, CBN Governor Olayemi Cardoso announced, “The committee unanimously agreed to maintain the MPR at 27.50 percent.” Cardoso also revealed that the MPC has…
Dangote Refinery has received 146,000 metric tonnes of oil from the international market, with the vessel Hercules currently unloading its cargo. According to Vanguard’s reports, another ship, Sienna, is set to arrive with an additional 125,000 metric tonnes of crude oil for refining. In related news, three vessels—Microft, STI Mighty, and PS New Orleans—have docked…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that Nigeria is gaining renewed global interest as a prime destination for oil and gas investment, thanks to strategic reforms. During the 2025 Africa Energies Summit in London, NUPRC Chief Executive Officer Gbenga Komolafe highlighted that these reforms focus on transparency, data accessibility, and a comprehensive…
This week, the naira has experienced its first appreciation against the dollar in the parallel foreign exchange market. Abubakar Alhasan, a Bureau de Change operator in Wuse Zone 4, Abuja, informed DAILY POST that the naira strengthened to N1625 per dollar on Thursday, up from N1635 on Wednesday. “We buy dollars at N1620 and sell…
The Nigerian Exchange Limited (NGX) maintained its strong bullish momentum on Wednesday, with investors reaping N186 billion in profits. The market capitalization of NGX increased by N186 billion, or 0.27 percent, reaching N68.543 trillion, up from N68.357 trillion on Tuesday. The All-Share Index (ASI) also saw a rise, climbing by 296.72 points, or 0.27 percent,…
