Crude prices are seeing a sharp rise today, with WTI trading at $68.52 per barrel, up 1.26 percent, and Brent Crude at $72.27 per barrel, up 0.94 percent. These gains are driven primarily by escalating tensions in the Middle East, particularly the intensifying conflict between Israel and Hezbollah. This volatility […]

The naira depreciated to N1,700 per dollar at the parallel section of the foreign exchange (FX) market on Friday. At the end of trading hours, the naira depreciated by 1.49 percent compared to the N1,675/$ traded on Thursday. The N1,700 per dollar is the lowest the naira has depreciated since February […]

… As DP World proposes multibillion-dollar port project in Nigeria The Federal Government, through Vice President Kashim Shettima, has welcomed ExxonMobil’s proposed $10 billion investment in Nigeria’s deep-water oil operations, describing it as a clear testament to the administration’s economic reforms and investment-friendly policies. This is coming just as the […]

Presidency Speaks on Moves to Reduce Fuel Prices Amid NNPC, Local Refinery Dispute The Federal Government has distanced itself from the ongoing controversy between the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery over petrol pricing. POLITICS NIGERIA understands that there are expectations from some quarters that involvement by […]

The Naira yesterday depreciated to N1,680 per dollar in the parallel market from N1,655 per dollar on Tuesday. Similarly, the Naira depreciated to N1,667.42 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,667.42 per dollar from N1,658.48 […]

Fresh queues have surfaced in the Federal Capital Territory (FCT), leaving motorists spending hours to buy Premium Motor Spirit (PMS), aka petrol. This followed the closure of many filling stations operated by independent marketers. Findings by Daily Trust on Tuesday evening, showed that many filling stations in Abuja did not open, while […]

President Bola Ahmed Tinubu has insisted on bold reforms in the UN Security Council with a view to giving Nigeria and other African countries permanent seats at the council. Tinubu who is the Chairman of the Authority of Heads of States and Government of the Economic Community of West African […]

The Central Bank of Nigeria (CBN) says N1.4 trillion will be distributed in the next three months to aid cash flow within the banking system. Olayemi Cardoso, CBN governor, spoke on Tuesday during a press conference in Abuja. Speaking on the issue of cash insufficiency in most bank’s automated teller machine (ATM), […]

Reveals he has two oil blocks, but won’t invest heavily in upstream segment •NNPC has pledged to give us 390,000 bpd in October, says Africa’s richest man •Insists selling crude in local currency will reduce pressure on Naira by 40% •Maintains imported fuel 15 to 20% more expensive than his […]

THERE are indications that the electronics call-up truck management system introduced by the Lagos State Government to prevent a repeat of Apapa port gridlock in the Lekki Port corridor may have hit a the rocks as key stakeholders disagree on implementation several years after the programme was initiated. The two key […]