Business
The rhythm of Nigeria's business world
The federal government of Nigeria is on the brink of securing a substantial budget support facility amounting to $1.5 billion from the World Bank, announced Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy. This significant development was disclosed during the...
The Central Bank of Nigeria (CBN) has attributed the growing disparity between the official and black market exchange rates to the ban on 43 items implemented in 2015. In a press release titled "WHAT YOU NEED TO KNOW ABOUT CBN’S LIFTING OF FOREX RESTRICTIONS ON 43 ITEMS," the CBN explained that...
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In a significant move, the Central Bank of Nigeria (CBN) has lifted the eight-year ban on 43 items that were previously restricted from accessing foreign exchange, according to Business Insider Africa. This decision comes as a response to the...
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TGS-PetroData Offshore Services Limited (TGS-PD) has been granted a Petroleum Exploration Licence (PEL) by the Nigerian Upstream Petroleum Commission (NUPRC) under the new Petroleum Industry Act (PIA) of 2021 - this is the first license to be granted under...
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The West African fuel market is experiencing significant effects from removing petrol subsidies in Nigeria. The Organization of Petroleum Exporting Countries (OPEC) recently reported that Nigeria's decision to stop funding the subsidy has led to a 28% drop in fuel...
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Nigeria's cryptocurrency trades have been growing consistently despite facing government bans and limitations. The Banker reports that the country's crypto market defies the odds, even as traditional financial systems struggle with instability.
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The exchange rate between the Nigerian naira and the US dollar has plunged to N1040 in the parallel market due to persistently high demand outstripping supply. Forex traders have reported quotes ranging from N1035 to N1045 per dollar, underscoring the heightened scarcity in the unofficial...
Nigeria is grappling with a deepening economic crisis as the Naira plunged to an alarming exchange rate of 1,025 Naira to the US dollar in the parallel market. This decline, which continues to sow panic and instability, has ignited concerns among small-scale enterprises, manufacturers, and...
Nigeria
Abuja Grapples With Fuel Shortages Amid Global Oil Price Uncertainty Due to Israeli-Palestinian Conflict
Several filling stations in parts of Abuja were left without Premium Motor Spirit (PMS), causing panic among motorists and residents on Monday. This situation raised concerns of a potential fuel scarcity in Nigeria's capital city, with some speculating an imminent fuel price hike.
Checks by...
Introduction:
Rising concerns grip Nigeria as the price of cooking gas skyrockets to unprecedented levels, with a kilogramme now fetching between N1,000 and N1,200. Daily Trust's investigative report delves into the root causes and far-reaching consequences of this alarming surge in cooking gas...
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