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![Today's Naira Rate [31-01-2025]: CBN Interventions Boost Naira as Exchange Rate Improves to N1,493/$](/data/attachments/212/212954-58e780ec025feefde8bfa331a3d70815.jpg?hash=PERHMQHP25)
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The Dangote Petroleum Refinery has announced it will export its petrol products if the Nigerian National Petroleum Company Limited (NNPCL) and local marketers fail to patronize it. The refinery, with a capacity of 650,000 barrels per day, has begun producing Premium Motor Spirit (PMS) to meet...
President Bola Tinubu has increased the petrol pump price from N650 to N855 per litre, reflecting ongoing fuel scarcity and rising costs in Nigeria. Despite official statements denying prices would reach N1,000, many stations are selling above N900, intensifying public frustration over the...
![Today's Naira Rate[03-09-2024]: Naira Faces Pressure as Black Market Dollar Rate Climbs to N1,635](/data/attachments/207/207915-ea497993bb234d0daa3e0be495e1a2ca.jpg?hash=PERHMQHP25)
Nigeria
Today's Naira Rate[03-09-2024]: Naira Faces Pressure as Black Market Dollar Rate Climbs to N1,635
As of September 3, 2024, the black market exchange rate for the US dollar to Nigerian naira reached N1,635. This rate reflects a significant disparity with the Central Bank's official rate of N1,590.42, highlighting ongoing economic challenges and currency volatility in Nigeria's foreign...
The Nigerian government plans to increase value-added tax (VAT) from 7.5% to 10%, as revealed by Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee. The proposal aims to enhance tax revenue while concurrently reducing personal income tax for low earners and...
![[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...
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