Ajibola Olarinoye On Wednesday, the naira experienced its most significant single-day appreciation against the dollar in the official foreign exchange market, continuing a three-day upward trend. According to data from the Central Bank of Nigeria, the naira strengthened to N1,565.46 per dollar, up from N1,579.27 on Tuesday. This represents a notable increase of N13.81 against…
Tony Elumelu, the Chairman of United Bank for Africa (UBA), has expanded his ownership by acquiring shares worth N43.91 billion in the bank over a two-day span. A regulatory filing from UBA’s Group Company Secretary, Bili Odum, revealed that these transactions took place between May 29 and May 30, 2025. During this period, Elumelu purchased…
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…
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…
