The National Bureau of Statistics, NBS, has said that Benue, Delta and Borno states are the cheapest states to live in Nigeria. The NBS consumer price index and inflation data for July released on Thursday showed that Benue, Delta and Borno recorded the lowest increase in headline inflation over the year year. Overall inflation in…
Nigerian oil traders said the Dangote refinery could lower the price of petrol to between 600 and 650 naira per liter depending on its production cost. The National Vice President of the Independent Petroleum Marketers Association of Nigeria, Hammed Fashola, disclosed this in a statement on Monday. His comment comes amid indications that the $20…
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…
Telecommunications giant MTN has closed its stores and service centres in Nigeria. It was gathered that the decision was due to the damage caused to the company’s offices and customers who were aggrieved by the disconnection of their lines under the government’s NIN-SIM connectivity policy. On Monday, a group of angry customers demolished the fences…
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…
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 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 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…
