business
Between January and July 2024, Nigeria lost an average of 437,000 barrels of crude oil daily, worth about $10bn due to theft, vandalism, and other criminal activities, the House of Representatives declared on Thursday. As a result, the House of Representatives Special Committee on Oil Theft and Losses commenced investigations into the illegal lifting of […]
Vice President, Oil and Gas at Dangote Industries Limited (DIL), Devakumar Edwin, has accused International Oil Companies (IOCs) in Nigeria of doing everything to frustrate the survival of Dangote Oil Refinery and Petrochemicals. Edwin said the IOCs are deliberately and wilfully frustrating the refinery’s efforts to buy local crude by jerking up high premium price […]
Nigeria’s currency, the Naira, experienced a slight appreciation in the parallel market, reaching ₦1,475 per dollar compared to ₦1,480 per United States dollar it traded the previous day. However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira depreciated to ₦1,476.95 per dollar. According to data from FMDQ, the indicative exchange rate for NAFEM […]
The Central Bank of Nigeria sold $575m in May, its highest dollar sales in a single month in 2024, according to data obtained from FMDQ Securities Exchange . This amount exceeds the combined total of $151m in April and $189m in March. Despite this increase, the CBN’s sales only accounted for 6.6 per cent of […]
Nigeria may add 480,000 barrels to its daily crude oil output as the Nigerian National Petroleum Company Limited and ExxonMobil took a step towards resolving the disagreement surrounding the sale of the latter’s asset to Seplat Energy. On Thursday, the NNPCL confirmed it had signed a settlement agreement with ExxonMobil companies in Nigeria over the […]
The Central Bank of Nigeria has announced its decision to allocate $10,000 to each Bureau de Change operator at a rate of N1,251/$. In a circular issued by the bank’s Director of Trade and Exchange Department, Dr. Hassan Mahmud, and made available to journalists on Monday, the CBN clarified the terms of this allocation. According […]
In response to the prevailing economic challenges faced by Nigerians, the Bank of Industry (BOI) has introduced a palliative food programme aimed at providing relief to the populace. Recently inaugurated by the Minister for Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, at the BOI headquarters in Lagos, this initiative underscores the government’s commitment to supporting […]
The Senate Ad-hoc Committee, investigating the acquisition and expenditure of the N30 trillion Ways and Means loans from the Central Bank of Nigeria during the administration of former President Muhammadu Buhari, has disclosed the discovery of certain irregularities in the loan procurement process. As a result, the committee has announced its intention to summon the […]
Zenith Bank Plc has announced the appointment of as its Group Managing Director/Chief Executive Officer (CEO), effective June 1, 2024, pending approval by the Central Bank of Nigeria (CBN). The appointment was disclosed in a statement released to the Nigerian Exchange Limited (NGX) and signed by Michael Osilama Otu, the Company Secretary of Zenith Bank […]
The Central Bank of Nigeria (CBN) has lifted the restrictions on the importation of milk and dairy products. On February 11, 2020, the CBN had added milk and dairy products to the list of items not eligible for forex. However, in a notice to customers, Zenith Bank said the regulator had provided an update on eligible […]
