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Article 'CBN: Dangote Refinery to Lower Transportation Costs and Food Inflation'- Nigeria News
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![Today's Naira Rate[25-09-2024]: Naira Depreciates to N1,658.48 as CBN Raises Interest Rates for Fifth Time in 2024](/data/attachments/208/208624-4803cd99f027345ad0bd4f909c6fbdcc.jpg?hash=PERHMQHP25)
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Nigeria's inflation surged to 32.70% in September 2024, influenced by a rise in fuel prices, with food inflation also increasing to 37.77%. The National Bureau of Statistics reported a 0.55% month-on-month rise, prompting the Central Bank to raise interest rates to 27.25% to combat inflation...
The Nigerian National Petroleum Company (NNPC) will sell petrol to the Independent Petroleum Marketers Association of Nigeria (IPMAN) at N995 per litre. This agreement, facilitated by the Department of State Services, aims to resolve pricing disputes and reduce fuel costs, addressing ongoing...
Egg prices in Nigeria have surged to N6,000 per crate, significantly impacting household accessibility and nutrition. The rise is attributed to skyrocketing feed costs, and maize and soybean prices. The Poultry Association of Nigeria is urging government intervention to address these issues and...
![Today's Naira Rate[15-10-2024]: Nigeria’s Naira Rises to N1,680 Against Dollar as Official Market Faces Liquidity Crisis](/data/attachments/209/209193-22a7577a1b80631927012b1ac3bdd106.jpg?hash=PERHMQHP25)
Nigeria
Today's Naira Rate[15-10-2024]: Nigeria’s Naira Rises to N1,680 Against Dollar as Official Market Faces Liquidity Crisis
On October 14, 2024, Nigeria’s Naira appreciated by N10 to N1,680 against the US dollar in the parallel market. In the official NAFEM, it reached N1,552.92, a gain of N88.35. However, dollar turnover in the official market dropped 44%, raising concerns about liquidity and market stability.
The...
Nigeria's government plans tax reforms targeting higher earners, with those earning over ₦1.5 million monthly facing up to 25% personal income tax. Taiwo Oyedele, chairman of the tax reform committee, announced changes aimed at fairness, reducing taxes for lower incomes, and promoting small...
The price of cooking gas in Nigeria has soared to N1,500/kg, significantly impacting consumers. Managing Director of NIPCO Plc, Suresh Kumar, highlighted the need for increased local production and urged the government to encourage companies to convert propane to butane. Domestic refineries may...
Nigerians are struggling as electricity bills consume over 57% of the newly increased minimum wage of N70,000. The recent 300% tariff hike by the Nigerian Electricity Regulatory Commission has led to widespread discontent among citizens, undermining the wage increase and exacerbating financial...
Air Peace Limited assures customers that justice will be served following new allegations against CEO Allen Onyema and CFO Ejiroghene Eghagha. The company emphasizes both leaders' innocence and reassures that ongoing legal proceedings will not disrupt operations or affect its commitment to...
U.S. authorities have intensified fraud charges against Allen Onyema, CEO of Air Peace, related to a $20 million bank fraud scheme. Onyema is accused of submitting false documents to obstruct justice. He remains a fugitive alongside co-defendant Ejiroghene Eghagha, evading trial since 2019.
The...
![Today's Naira Rate[12-10-2024]:Nigerian Naira Struggles as Current Black Market Exchange Rate Reaches N1,695](/data/attachments/209/209108-88c9e38869c8f981977c2a6964f251a1.jpg?hash=PERHMQHP25)
Nigeria
Today's Naira Rate[12-10-2024]:Nigerian Naira Struggles as Current Black Market Exchange Rate Reaches N1,695
As of October 12, 2024, the black market exchange rate for the US dollar to the Nigerian naira is N1,695 for buying and N1,700 for selling in Lagos. The Central Bank of Nigeria’s official rates remain significantly lower, highlighting ongoing economic challenges and currency volatility in...
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