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![Today's Naira Rate[16-11-2024]: Nigerian Naira Faces Steep Decline, Parallel Market Hits N1,750/$](/data/attachments/210/210283-5e995ef978efd380c57591c54b3dddf2.jpg?hash=FHqxQvjPSE)
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Dangote Petroleum Refinery has resumed U.S. crude oil imports with a two-million-barrel shipment from Chevron, signaling challenges in its naira-for-crude agreement with the Nigerian government. As production ramps up, the $20 billion facility is poised to impact regional fuel markets and...
The Nigerian House of Representatives has mandated DisCos to recapitalize with a minimum of N500 billion to address operational inefficiencies and consumer exploitation. The directive aims to ensure financial stability, improved service delivery, and accountability in the power sector while...
Nigeria’s 2025 budget of N47.9 trillion is the largest in naira terms but the smallest in dollar value since 2018, according to economists. The Nigerian Economic Society (NES) highlights the challenges posed by naira devaluation and recommends adjustments to oil price and exchange rate...
Dangote Refinery has begun exporting refined gasoline to West African nations like Togo, Ghana, and South Africa, marking the start of significant regional fuel exports. This shift aims to reduce reliance on costly European imports, potentially disrupting regional fuel markets and reducing fuel...
![Today's Naira Rate[19-11-2024]: Naira Gains 0.67%, Trades at ₦1,678.93 Against Dollar](/data/attachments/210/210429-c1f9476bc49de3f3ab8185665285b3bf.jpg?hash=hFfFcRmkeL)
The Naira appreciated by 0.67% against the dollar, trading at ₦1,678.93 in the official market. This gain follows three consecutive losses. However, daily trading turnover dropped to $128.59 million. At the I&E window, the Naira fluctuated between ₦1,698 and ₦1,631 per dollar, reflecting market...
Dangote Refinery seeks billions of dollars to import crude oil, aiming to reach full capacity of 650,000 barrels per day by 2025. The refinery’s success could lower local fuel costs, boost competition in Europe, and help de-risk European oil supply chains. Failure to address refinery issues may...
The Federal Capital Territory (FCT) Minister, Nyesom Wike, has approved a N70,000 minimum wage for FCTA employees, effective November 2024. This move includes payment of three months' arrears and aims to alleviate financial struggles while boosting staff morale and support for Wike’s leadership...
President Bola Tinubu has sacked Chioma Ejikeme, appointing Tolulope Odunaiya as the new Executive Secretary of the Pension Transitional Arrangement Directorate (PTAD). Odunaiya, who assumed office on November 18, 2024, pledged to improve pensioners' welfare and align with the "renewed hope"...
Nigeria
Fuel Prices Set to Drop as Dangote Refinery Partners with IPMAN for 60M Litres Weekly Supply
Dangote Refinery and IPMAN have signed a deal to supply 60 million litres of petrol weekly, leading to price reductions at filling stations. The agreement, which aims to stabilize fuel prices in Nigeria, is expected to bring down prices by N10 to N50 per litre.
Dangote Refinery and the...
The IMF's latest report reveals that Nigeria's economic reforms under President Tinubu are failing to produce the desired results, with inflation remaining high and the exchange rate unstable. Despite regional improvements, Nigeria faces significant challenges in economic growth, debt service...
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