The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso has stated that the country’s external reserve has increased to $36.89 billion as of July, 16 2024. CBN Governor, Mr. Olayemi Cardoso, made this statement during an engagement with the Senate Committee on Banking, Insurance, and Other Financial […]

Businesses including banks, airlines, train companies, telecommunications companies, TV and radio broadcasters, and supermarkets have been taken offline following a mass global outage. Major US airlines including American Airlines, Delta Airlines and United Airlines have been grounded, while airports in Germany, Amsterdam and Spain are also reporting issues. It is […]

The landing cost of Premium Motor Spirit, also known as petrol, was N1,117/litre as of Tuesday, July 16, 2024, the Major Energies Marketers Association of Nigeria announced on Wednesday. MEMAN disclosed this during a webinar with journalists on Wednesday. The association revealed that the landing cost of diesel was N1,157/litre, […]

Under the Presidential Compressed Natural Gas Initiative (P-CNGi), the Federal Government on Thursday unveiled a list of locations where owners of petrol and diesel-powered vehicles can convert them to compressed natural gas (CNG) for free. Michael Oluwagbemi, the P-CNGi Chief Executive and Programme Director, revealed this after concluding contracts with […]

The World Bank has disbursed $751.88 million to Nigeria from a recently approved $1.5 billion loan. According to findings by Nairametrics, the amount was disbursed under the Nigeria Reforms for Economic Stabilization to Enable Transformation (RESET), Development Policy Financing Program (DPF) project. This loan project is a part of the […]

The International Monetary Fund (IMF) has reduced its forecast for Nigeria’s economic growth to 3.1 percent in 2024 — down from a 3.3 percent projected in April. The downgrade is 0.2 percentage points below the prior forecast. In its July 2024 World Economic Outlook released on Tuesday, IMF said a […]

The Naira yesterday depreciated to N1,555 per dollar in the parallel market from N1,545 per dollar last week Friday. Similarly, the Naira depreciated to N1,577.29 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,577.29 per dollar from […]

Nigeria’s inflation narratives took a controversial twist yesterday as the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), gives its own figure contradicting that of the National Bureau of Statistics, NBS, by a wide margin. The NBS had released its Consumer Price Index, CPI, for June 2024 reporting […]

Following the mechanical completion of the Old Port Harcourt Refinery in December, last year, a total of one million barrels of crude oil has been supplied to the plant by the Nigerian National Petroleum Company Ltd as refining of petroleum products from the facility is set to commence. Daily Trust […]