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 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…
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…
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…
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 Nigeria Deposit Insurance Corporation (NDIC) has begun disbursing a maximum of N5 million to each depositor affected by the closure of Heritage Bank. This payment process utilizes Bank Verification Numbers (BVN) as a means to identify and locate depositors’ alternate accounts in other financial institutions. This initiative follows the Central Bank of Nigeria’s (CBN)…
Access Bank, Nigeria’s largest bank by means, has unveiled its ‘ Switch to Solar by Access’ campaign to offer affordable backing openings to businesses and customers to borrow a cleaner and further dependable source of electricity through solar photovoltaic( PV) and batteries. Unveiling the crusade, Group Head, Consumer Banking, Njideka Esomeju said, “ In alignment…
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…
