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Aliko Dangote, Africa's wealthiest man, reveals he resides in a rented apartment in Abuja, emphasizing his commitment to industrializing Nigeria. Despite owning homes in Lagos and Kano, he sold his London property in 1996 to avoid distractions from his Nigerian ambitions. His stance sparks mixed...
NNPC reduces its stake in Dangote Refinery from 20% to 7.2% due to strategic realignment. The decision, communicated months prior, aims to align with NNPC's objectives. The refinery, a key project in Nigeria’s energy sector, began production on January 12. Future impacts remain closely watched...
Dangote Refinery CEO reveals NNPC stake reduction from 20% to 7.2% due to missed payments. $19 billion project on track for August petrol sales. Africa's largest refinery, located in Lagos, aims to boost Nigeria's refining capacity, reduce import dependency, and create jobs. Dangote reassures...
Dangote Refinery turns to Brazil for crude imports amidst Nigerian supply challenges, sourcing one million barrels of Tupi crude. Significant overseas purchases aim to support full-scale operations amid higher crude prices.
The Dangote Refinery, which processes 650,000 barrels per day, is...
The Central Bank of Nigeria (CBN) sold $122.67 million to forex dealers, aiming to stabilize the naira. Experts predict this will strengthen the currency and reduce market pressure. Despite the intervention, the naira slightly weakened against the dollar. The CBN commits to continued market...
Meta lifts restrictions on Donald Trump's Facebook and Instagram ahead of 2024 election, citing political fairness. Trump, previously banned after Capitol riot, now faces standard community rules.
Meta, the parent company of Facebook and Instagram, announced on Friday the lifting of...
![Today's Naira Rate[12-07-2014]: Naira Plummets to July Low of N1,563.80/$1 Despite Central Bank Interventions](/data/attachments/206/206069-3c44473101cfdb95816e4fca0635f7db.jpg?hash=PERHMQHP25)
Nigeria
Today's Naira Rate[12-07-2014]: Naira Plummets to July Low of N1,563.80/$1 Despite Central Bank Interventions
Despite Central Bank efforts, Nigerian naira hits July low at N1,563.80/$1 amid declining FX turnover. Recent CBN sales of $122.67 million failed to stabilize rates, highlighting ongoing economic challenges.
In a concerning development, the Nigerian naira experienced a significant depreciation...
Dangote Refinery secures 5 million barrels of US crude for upcoming months, marking a strategic move to diversify sourcing amid efforts to reduce Nigeria's foreign fuel dependency.
Dangote has reportedly purchased 5 million barrels of US crude for delivery next month and in September, with...
CBN Governor Olayemi Cardoso addresses the severe economic impact of Nigeria's N27 trillion ways and means loan. Highlighting inflation and foreign exchange issues, Cardoso explains the necessity of recent interest rate hikes and stresses the importance of market transparency and stability...
Nigeria's foreign exchange reserves surpass $35 billion under President Tinubu, marking a significant economic milestone amidst currency challenges. CBN policies and international support bolster growth, potentially stabilizing the naira and boosting investor confidence
In a significant...
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