The Minister of State for Petroleum Resources and the Nigerian National Petroleum Company Limited have denied reports claiming that petroleum subsidy has been reinstated by the Tinubu-led government.   Recall that the immediate past governor of Kaduna state, Nasir El-Rufari, recently claimed that the Federal government is still paying subsidy […]

Nigerian banks can pull back on loans to businesses after a new directive by the Central Bank aimed at reducing an inflation rate that rose to a 28-year high in March. The CBN in a circular to banks Wednesday slashed their loan to deposit ratio- a percentage of deposits they […]

Central Bank of Nigeria (CBN) has reviewed the loan-to-deposit ratio (LDR) policy to align with its current monetary tightening, reducing the LDR by 15 percentage points to 50 percent. The apex bank disclosed this in a circular titled: ‘Re: Regulatory Measures to Improve Lending to the Sector of the Nigerian […]

The foreign reserve has depleted to $32.29 billion, which is a six-year low in the Central Bank’s course to save the naira. This is the lowest level the reserves have been since September 25, 2017, when it was $32.28 billion. The country’s foreign reserves declined by 6.2 percent losing $2.6 […]

The Nigerian Civil Aviation Authority (NCAA) is urging caution as the rainy season arrives, highlighting the dangers of severe weather conditions for air travel. A recent letter from Chris Najomo, the NCAA Director General, emphasided the increased risk of thunderstorms, microbursts, low-level wind shear, and heavy rain during this period. […]

In order to restore the Apapa and Tincan Island Ports in Lagos, the Nigerian Ports Authority obtained a $700 million loan from Citibank and provided funding for the United Kingdom Export Finance. This was revealed in a statement released on Wednesday by Mohammed Bello-Koko, the Managing Director of the NPA. […]

The Association of Bureau De Change Operators of Nigeria (ABCON) said the Bureau De Change (BDC) operators were buying dollars at N980/$ at the open market and selling at N1,020/$. This was confirmed by the President of ABCON, Aminu Gwadebe, while featuring on a Channels Television programme, Business Incorporated, where […]

Filling Stations Slash Petrol Pump Price As Naira Appreciates to 7-Month High Against US Dollar Some filling stations have decided to adjust their petrol pump prices downwards amid the appreciation of the naira against the US dollar. This development could potentially lead to reduced transportation costs and alleviate inflationary pressures […]

Heineken Lokpobiri, Nigeria’s minister of state for petroleum resources has claimed that the prolonged negotiation around the sale of ExxonMobil assets to Seplat has cost the country about 480,000 barrels per day (bpd) worth about $3.4 billion. The minister’s comments come amid ongoing discussions between the two companies, which have […]

UBA shareholders will receive a final dividend of N78.7 billion for FY 2023, representing N2.30 per ordinary share held. Combined with an interim dividend of N0.50 per share paid for H1 2023, UBA paid a total dividend of N2.80 per share, amounting to N95.8 billion. The total dividend of N95.8 […]