The Federal Government exported crude oil approximately worth N17tn to seven foreign countries over a period of nine months, Saturday PUNCH has gathered. Recall that the Nigerian Upstream Petroleum Regulatory Commission on Tuesday, June 4, 2024, mandated International Oil Companies to supply crude oil to the 650,000-capacity Dangote Petroleum Refinery. […]

The Naira yesterday depreciated in the parallel market to N1,520 per dollar from N1,510 per dollar on Wednesday. Similarly, the Naira depreciated to N1,510.1 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,510.1 per dollar from […]

The naira on Wednesday exchanged with the dollar at the rate of N1,507.83 at the official foreign exchange (FX) market, on improved liquidity as the country recorded $24 billion inflow in the first quarter of 2024. After the day’s trading, the naira lost 0.47 percent as the dollar was quoted […]

The Central Bank of Nigeria (CBN) on Wednesday announced that it will stop its Price Verification System (PVS) Portal, effective July 1, 2024. This decision comes in light of recent developments in the Nigerian ⁴Foreign Exchange Market. The announcement was made through a circular issued by W.J. Kanya, the acting […]

The naira, Nigeria’s currency remained weak on Wednesday, trading at between N1,498 and N1,505 per dollar at the parallel market, popularly called the black market, despite $24 billion inflows recorded in the first quarter of 2024. During an interview with Bloomberg on Tuesday, Olayemi Cardoso, governor of the Central Bank […]

The Central Bank of Nigeria has reported a $172m increase in direct remittances in one month. The latest CBN data analysed by PUNCH Online showed that the remittances totalled $138.56m in January, $39.14m in February, $104.90m in March, $193.31m in April, and $365.44 m in May 2024. The data indicates […]

The Federal Government, on Tuesday, declared that there was no importation of dirty fuel into Nigeria, countering the recent position of an official of the Dangote Petroleum Refinery. It declared this after meeting with oil marketers and local refiners of crude oil in Abuja, where parties at the meeting discussed issues about […]

Dangote Refinery contains minor fire at its effluent treatment plant  “We have swiftly contained a minor fire incident at our effluent treatment plant (ETP), today Wednesday, 26th June. There is no cause for alarm as the refinery is operating and there is no recorded injury or body harm to all […]

The combined average prices of tomatoes, garri and beans rose 205.36 percent in May 2024 compared with May 2023, according to a recent report by the National Bureau of Statistics (NBS). NBS’s price watch for selected food in May revealed that on a year-on-year basis, the average price of 1kg […]

Professional firm, PwC, has urged the federal government to halt plans for further increase in taxes as businesses and households still grapple with the effects of its different market reforms. PwC, in its latest economic outlook, “Navigating Economic Reforms”, said adding more taxes may lead to a decline in reinvestment and […]