The Central Bank of Nigeria (CBN) has decided to keep its benchmark interest rate, known as the Monetary Policy Rate (MPR), unchanged at 27.5%. This decision was made in light of ongoing pressures on the prices of goods and services, as well as persistent global uncertainties. The CBN also reported that eight banks have successfully…
In a surprising twist, Africa’s richest man, Aliko Dangote, has revealed that his flagship Dangote Refinery is importing between 9 and 10 million barrels of crude oil monthly from the U.S. and other nations. This admission comes during the West African Refined Fuel Conference in Abuja, and it raises eyebrows since Nigeria is renowned as…
Nigeria’s food price crisis is far from finished, as farmers have continued to lament the rise in fertilizer prices and input costs nationwide. Most used fertilizers in Nigeria are urea, NPK compound fertilizers, and phosphate fertilizers. Aliyu Kwarbai, a farmer on X, on Sunday bemoaned that a 50-kilogram bag of Diammonium Phosphate fertilizer has soared…
Nigeria has seen a notable decrease in its headline inflation for June, dropping to 22.22%, down from 22.97% in May 2025. This information comes from the latest Consumer Price Index and Inflation Report released by the National Bureau of Statistics (NBS) on Wednesday. This new figure indicates a month-on-month decline of 0.75% in Nigeria’s overall…
The Central Bank of Nigeria has scheduled its 301st MPC meeting for Monday and Tuesday, July 21 and 22, 2025. This information was shared on the bank’s official website over the weekend. The MPC, which is the bank’s top body for making key monetary decisions, will gather in Abuja to discuss the country’s interest rates…
Alhaji Aliko Dangote, head of the Dangote Group, has said Nigeria’s government-run refineries in Port Harcourt, Warri, and Kaduna might never work properly again. This is despite reports claiming over $18 billion has been spent to fix them. While hosting Global CEO Africa at the Dangote Petroleum Refinery, Dangote explained that his plan to build…
PalmPay, Africa’s digital banking platform, has announced new strategic partnerships with leading insurance providers to deliver accessible, affordable, and simplified insurance products directly through the PalmPay app. This initiative demonstrates the company’s ongoing commitment to promoting financial inclusion and improving the well-being of everyday Nigerians. Currently, only about 8.9% of Nigerians have any form of…
The Nigerian National Petroleum Company Limited (NNPCL) has announced a reduction in the price of premium motor spirit. It was gathered that NNPCL retail outlets in Abuja have decreased their petrol pump price from N945 to N910 per litre. This price change was observed at various NNPCL filling stations, including those in Zone 6, Kubwa…
The naira continued its upward trend against the dollar in the official foreign exchange market on Wednesday, marking its third consecutive day of gains this week. According to data released by the Central Bank of Nigeria, the naira strengthened to N1,526.15 against the dollar on Wednesday, up from N1,529.57 on Tuesday. This represents a daily…
MTN Nigeria has finalized a three-year national roaming agreement with 9Mobile, enabling subscribers of the smaller operator to utilize MTN’s network infrastructure nationwide. This information was disclosed in a notice released on Monday, signed by the company secretary, Uto Ukpanah. The agreement, which has received approval from the Nigerian Communications Commission (NCC), aims to enhance…
