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Dangote Petroleum Refinery urges NUPRC to enforce the Petroleum Industry Act's domestic crude supply obligation, allowing direct purchases from Nigerian producers. The refinery's management highlights the financial burden of buying crude from international traders and calls for the enforcement...
![Today's Naira Rate[09-08-2024]: FX Market Stabilizes as Naira Reaches N1,572.20/$ After CBN Auction](/data/attachments/207/207037-027b9da57be8d603e13aa4e47865232a.jpg?hash=PERHMQHP25)
Nigeria
Today's Naira Rate[09-08-2024]: FX Market Stabilizes as Naira Reaches N1,572.20/$ After CBN Auction
The Nigerian naira has strengthened for the third consecutive day, reaching N1,572.20 per dollar due to the Central Bank of Nigeria's retail Dutch auction. This development is boosting foreign exchange inflows and stabilizing the economy, with potential reductions in FX market volatility...
The price of cooking gas in Nigeria has soared to N1,250 per kilogram, intensifying financial strain on households. As many turn to harmful alternatives like charcoal and firewood, health risks increase. The government is urged to address foreign exchange challenges to prevent further hardship...
Nigeria
Innoson CEO Appeals to Nigerians to Support Tinubu After Meeting with the President During Economic Crisis
Innoson Motors CEO Innocent Chukwuma urges Nigerians to support President Bola Tinubu's administration despite economic challenges. Addressing ongoing protests, Chukwuma emphasizes patience and highlights the government's focus on CNG vehicles, promising that Innoson’s innovations will soon...
Innoson Vehicle Manufacturing CEO, Innocent Chukwuma, met with President Tinubu to discuss introducing Compressed Natural Gas (CNG) buses to Nigeria. Chukwuma emphasized the initiative's potential to reduce transportation costs and urged patience with Tinubu's administration, as the CNG...
![Today's Naira Rate[08-08-2024]: Naira Hits N1593.62 per Dollar in Official Market Following CBN Auction](/data/attachments/207/207015-affd57b9486c10fafb7fff73c5d55218.jpg?hash=r_1XuUhsEP)
Nigeria
Today's Naira Rate[08-08-2024]: Naira Hits N1593.62 per Dollar in Official Market Following CBN Auction
The naira appreciated against the dollar at the official foreign exchange market, closing at N1593.62 per dollar, up from N1596.52. The Central Bank of Nigeria’s recent $876.26 million sale to banks and the Retail Dutch Auction System contributed to this positive trend, signaling potential...
The Nigerian Federal Government will offer tax breaks to companies that increase their workforce as part of the Inflation Reduction Act. Announced by Finance Minister Wale Edun, the incentives include import duty exemptions and VAT reductions, aimed at mitigating inflation impacts and supporting...
Mele Kyari, CEO of NNPCL, has vowed to reveal the truth about the company’s operations at the right time, amid allegations of economic sabotage and unfair media criticism. Kyari defended NNPCL against claims of importing sub-standard products and denied links to a Malta blending plant.
Mele...
The Nigerian government, represented by Minister of State for Petroleum Resources Heineken Lokpobiri, reaffirms its commitment to supporting the $20 billion Dangote Refinery. The government is dedicated to aiding local refineries, addressing economic sabotage allegations, and stabilizing fuel...
Nigeria spends $600 million monthly on fuel imports, Finance Minister Wale Edun reveals. This high cost, attributed to neighboring countries benefiting from Nigeria's fuel, led to the removal of the fuel subsidy. Edun emphasizes the lack of accurate domestic consumption data and the focus on...
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