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![[VIDEO] Aliko Dangote Announces Commencement of Petrol Production at 650,000 bpd Refinery](/data/attachments/207/207912-572377a6d3e71b51cf481e4171e7b285.jpg?hash=cTD0VffixT)
Aliko Dangote officially announces the start of petrol production at his 650,000 bpd refinery. The facility, praised for its global standard quality, is expected to boost Nigeria's economy and reduce fuel imports. Social media reactions are mixed, with optimism tempered by cautious anticipation...
The Nigerian Minister of State for Petroleum Resources, Heineken Lokpobiri, has mandated the NNPCL to sell petrol above N1,117 per litre to combat smuggling. This directive aims to stabilize domestic fuel prices and reduce illegal trade, as petrol is significantly cheaper in neighboring...
Zenith Bank reports a 98% increase in after-tax profit for H1 2024, reaching N577.9 billion, driven by significant growth in gross earnings and strong interest income. The bank aims for continued expansion with a new branch in Paris, while navigating challenges in the high-interest rate...
Nigeria's petrol crisis intensifies as calls for a market-based pricing mechanism grow. The Nigeria National Petroleum Company (NNPC) faces a $6 billion debt to suppliers, leading to rising fuel prices and shortages. Experts urge the government to eliminate subsidies and implement reforms for...
A U.S. federal court has fined Nigerian businessman Dozy Mmobuosi over $250 million and banned him from serving as a public company director. The SEC accused Mmobuosi and his companies of fraudulently inflating financial metrics to deceive investors, leading to a default judgment against him and...
The Nigerian National Petroleum Corporation (NNPC) faces backlash after admitting prolonged fuel scarcity due to unpaid debts to suppliers. Nigerians express frustration over the company’s financial mismanagement, questioning its profitability claims and speculating on potential fuel price...
The Central Bank of Nigeria (CBN) has sacked all executive directors at the Nigeria Incentive-Based Risk Sharing System for Agriculture Lending (NIRSAL) as part of a major restructuring effort. Concerns grow over the impact on agricultural financing, with questions arising about NIRSAL’s future...
PZ Cussons Nigeria reported its first annual loss since 2020, with a N76 billion deficit for the year ending May 2024. The loss was driven by a 3,000% surge in foreign exchange losses due to naira depreciation, significantly impacting the company's financial stability and increasing liabilities...
X, formerly Twitter, has been banned in Brazil after failing to comply with a Supreme Court order to appoint a legal representative and pay fines related to disinformation. The decision follows accusations against accounts linked to former President Jair Bolsonaro, highlighting ongoing tensions...
![Today's Naira Rate[31-08-2024]: Naira Falls to N1,645 Against Dollar Despite CBN Interventions](/data/attachments/207/207791-31fa721aaf6302a0c356371f7a19343c.jpg?hash=PERHMQHP25)
Nigeria
Today's Naira Rate[31-08-2024]: Naira Falls to N1,645 Against Dollar Despite CBN Interventions
The Naira depreciated significantly, losing N30 in the parallel market and N28.48 in the official market last week. It fell to N1,645 against the dollar amid the Central Bank of Nigeria's Retail Dutch Auction System, despite an increase in foreign exchange transaction turnover.
In the past...
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