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Modular refineries in Nigeria back Dangote's claims of sabotage by oil "mafias." They seek President Tinubu's intervention to ensure crude supply for domestic refining, accusing cartels of profiting from fuel imports.
Modular refineries in Nigeria have thrown their weight behind Aliko Dangote's...
Nigeria's food inflation soared to 40.66% in May, with Kogi, Ekiti, and Kwara states experiencing the highest rates. Key contributors include semovita, oat flakes, and beans. Rising costs have prompted national concerns and a two-day strike for higher wages, highlighting economic disparities...
Nigeria's inflation rate hit 33.95% in May 2024, the highest since 2005, piling pressure on households amid economic struggles. Food costs drove the increase, exacerbated by supply issues and forex shortages. The data highlights the persisting challenges facing the new administration.
Nigeria's...
![Today's Naira Rate[14-06-2014]: Nigerian Naira Falls to N1,485/$ in FX Markets](/data/attachments/205/205064-6e202405f2f497d63440ce71bc64dc98.jpg?hash=biAkBfL0l9)
Nigerian naira depreciates in both parallel and official foreign exchange markets, impacting rates quoted by Bureau de change operators and FMDQ Exchange. Fitch Ratings projects further decline to N1,450/$ by year-end, contingent on ongoing FX reforms and reduced volatility expectations by Q3...
Multichoice Group had N31.6 billion with defunct Heritage Bank, exceeding the insured limit. Group to engage liquidator for reasonable outcome amid financial challenges.
The revelation that Multichoice Group, the parent company of the popular pay-TV service DStv, had a staggering N31.6 billion...
Nigeria to integrate credit scores with NIN to enhance financial inclusion. Move aims to document credit behavior, unlock lending for 80 million Nigerians.
Nigeria is set to embark on an ambitious initiative to enhance financial inclusion and access to credit by integrating credit scores with...
![Today's Naira Rate[13-06-2014]: Nigerian Naira Hits N1,500 per Dollar in Parallel Market Decline](/data/attachments/205/205031-bd899ca0c24b3b3c73ca8044710ce26b.jpg?hash=vYmcoMJLOz)
Nigeria
Today's Naira Rate[13-06-2014]: Nigerian Naira Hits N1,500 per Dollar in Parallel Market Decline
The Nigerian Naira faces depreciation as it weakens to N1,500 per dollar in parallel markets, contrasting with NAFEM's N1,476.24 rate. Dollar trading volume drops significantly, widening the exchange rate gap.
The Nigerian Naira experienced a decline on Wednesday, with the parallel market rate...
The World Bank has approved a $2.25 billion loan for Nigeria to stabilize its economy and support President Tinubu's macro-fiscal reforms, including the controversial fuel subsidy removal.
The World Bank has approved a $2.25 billion loan request for Nigeria, in a move aimed at stabilizing the...
Prospa, a Y Combinator-backed business banking startup, faces customer outrage due to repeated delays in processing withdrawals since May 2024. Previously cited service downtime issues in February worsened transaction speeds, prompting renewed frustrations.
Prospa, a Y Combinator-backed...
Aliko Dangote, Chairman of the Dangote Group, announced that his $20 billion Lagos-based refinery, which processes 650,000 barrels per day, will significantly reduce fuel prices in Nigeria. Speaking at the Afreximbank Annual Meetings and AfriCaribbean Trade & Investment Forum in Nassau, The...
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