business
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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 […]
Forex turnover at the official foreign exchange market has increased to $11.43bn within over two months of trading following fresh reforms by the Central Bank of Nigeria. An analysis of reports and data of daily forex transactions recorded on the website of FMDQ Securities, a platform that publishes official foreign exchange trading in the country, […]
Imported food inflation in Nigeria rose to its highest level, reaching 29.8% in February 2024 from 26.3% recorded in the previous month, which represents a 352 basis points increase. This is according to analysis by journalists. Further analysis showed that imported inflation has increased consecutively for over 4 years, largely driven by both internal and […]
The Group Managing Director of the Nigerian National Petroleum Company Limited (NNPCL) Mele Kyari, has said the Port Harcourt refinery will commence operations in about two weeks time. According to Kyari, mechanical works have been completed on the Port Harcourt, Warri, and Kaduna refineries, stressing that the Kaduna refinery will commence operations in December. Kyari […]
In a bid to ensure food security, the Niger Delta Development Commission has partnered with the Rice Farmers Association of Nigeria. According to a statement by the NDDC Director of Corporate Affairs, Pius Ughakpoteni, the commission’s Managing Director, Dr Samuel Ogbuku, stated this during a strategic meeting with a delegation of the farmers association, led […]
An international business research firm, the Economist Intelligence Unit (EIU), has declared that indigenous oil companies acquiring the assets of divesting international oil companies will not be able to match their investing power. The EIU, in its latest Country Report on Nigeria, observed that the indigenous companies would not have the same financial power to […]
China’s export and import growth in the January-February period beat forecasts, suggesting global trade is turning a corner in an encouraging signal for policy makers as they try to shore up a stuttering economic recovery. China’s improved export data joins those of South Korea, Germany and Taiwan, who all saw their shipments top expectations over […]
The price of garri, a popular staple food in Nigeria has surged by 108 percent in three months, hitting a record high as cassava production shrinks. Survey across major markets shows that the average price of a 50kg bag of yellow garri surged by 108 percent from an average of N18,000 in December 2023 to N37,500 in March 2024. A 4-litre […]
It listed the timeline for the closure, asking users to take needed action. “Users are encouraged to withdraw NGN, trade their NGN assets, or convert NGN into crypto prior to the discontinuation of these NGN services,” Binance said in a statement. “From 2024-03-08 08:00 (UTC), any remaining NGN balances in users’ Binance accounts will be […]
Africa’s richest man, Aliko Dangote, is planning to set up an oil trading arm, likely based in London, to help run crude and products supply for his new refinery in Nigeria. According to Reuters, the move would reduce the role of the world’s biggest trading firms, which have been negotiating for months to provide the refinery […]
