Johann Rupert of South Africa has surpassed Aliko Dangote, the President of the Dangote Group, to become the richest person in Africa. Dangote, who had maintained the top position for several years, saw his wealth decrease by $1.7 billion year-to-date, as reported in the latest Bloomberg Billionaires Index released on Wednesday. In contrast, Rupert’s net…
Nigeria’s oil production fell by 160,000 barrels per day in the second quarter of 2024, as reported by the National Bureau of Statistics (NBS) in its recently released Gross Domestic Product report for Q2 2024. During this period, the country averaged daily production of 1.41 million barrels, a decrease from the 1.57 million barrels per…
The Central Bank of Nigeria (CBN) has raised its Standing Lending Facility (SLF) rate to 31.75% in a bid to enhance stability in the financial sector. This announcement was made in a circular released on Monday by Omolara Duke, the director of the Financial Market Department, which also lifted the suspension on the SLF. Additionally,…
The revenue distributed by the Federation Accounts Allocation Committee (FAAC) to federal, state, and local governments has surged by over 344 percent, reaching approximately N8.5 trillion in the first seven months of 2024. This marks a significant increase from about N1.912 trillion allocated during the same period last year. This data reflects the revenue distribution…
The Naira experienced a sharp decline against the Dollar on Thursday in the foreign exchange market, just one day after a notable increase. According to FMDQ data, the Naira dropped to N1586.11 per Dollar on Thursday, down from N1543.84 on Wednesday. This marks a depreciation of N42.27 against the Dollar compared to the previous day’s…
The Central Bank of Nigeria (CBN) has reported that business enterprises are hopeful for an economic improvement over the next six months. This finding comes from the CBN’s Business Expectation Survey (BES) for July. However, the survey also indicated that businesses anticipate a depreciation of the Naira in the third quarter of the year. The…
The average retail price of automobile gas (diesel) sold in Nigeria decreased by 5.71% in July 2024 compared to June. That’s according to the latest July AGO price report from the Office for National Statistics published recently. The report showed that the price of diesel decreased to N1,379.48 per liter in July from N1,462.98 in…
The naira appreciated massively against the dollar in the foreign exchange market in quick response to the first drop in inflation in Nigeria since 2022. The FMDQ data showed that the Naira gained on Thursday to N1,564.48 to the dollar, compared to N1,586.04 exchanged on Wednesday. This represents N21.56 against the dollar compared to N1,586.04…
On Monday, the Naira strengthened to N1,580 per dollar in the parallel market, up from N1,585 per dollar over the weekend. In a similar trend, the Naira rose to N1,570.99 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) yesterday. According to data from FMDQ, the indicative exchange rate for NAFEM decreased from N1,574.2…
The Central Bank of Nigeria (CBN) announced that it sold a total of $876.26 million to end users through 26 successful banks, with a cut-off rate set at N1495 per dollar. This sale marks the beginning of the bank’s latest Retail Dutch Auction System. In a statement released on Wednesday, signed by Omolara Duke, the…
