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Dangote Petroleum Refinery has announced a further reduction in the prices of diesel and aviation fuel. The prices now stand at N940 and N980 per litre, respectively, marking a noteworthy decrease from the previous rates.
This decision follows closely on the heels of the refinery's recent...
![Today's Naira Rate [23-04-2024]: Naira Appreciates to N1,250/$ Following CBN's Strategic Dollar Injection](/data/attachments/203/203190-6e202405f2f497d63440ce71bc64dc98.jpg?hash=biAkBfL0l9)
Nigeria
Today's Naira Rate [23-04-2024]: Naira Appreciates to N1,250/$ Following CBN's Strategic Dollar Injection
The Naira experienced a notable uptick on Tuesday morning, fueled by the Central Bank of Nigeria's (CBN) strategic move to sell dollars to Bureau de Change (BDC) operators at a discounted rate. This intervention aimed to alleviate the mounting pressure observed in the black market. According to...
![Today's Naira Rate [22-04-2024]: Naira Slumps Further, Trades at N1,260/$ at Parallel Market](/data/attachments/203/203165-8457c57119a478bc5717b11aa4a694ef.jpg?hash=hFfFcRmkeL)
Nigeria
Today's Naira Rate [22-04-2024]: Naira Slumps Further, Trades at N1,260/$ at Parallel Market
The Nigerian Naira faced further devaluation on Wednesday, reaching a record low of N1,260 against the US dollar in the parallel foreign exchange market. This marks a significant 2.44 percent decline from the N1,230 exchange rate recorded just days prior on April 19.
At the official window...
Nigeria
Fuel Subsidy Still Being Paid: Nigerians React to Joe Uwakwue, Former President, Society of Petroleum Engineers
The former President of the Society of Petroleum Engineers, Joe Uwakwue, revealed that the Tinubu Administration is still paying fuel subsidies, proposing a significant increase in the pump price of Premium Motor Spirit (PMS) to N925 per liter.
Uwakwue's statement implies that despite the...
Nigeria
First Bank Appoints Olusegun Alebiosu as Acting CEO Following Resignation of Dr. Adesola Adeduntan
Following the recent resignation of Dr. Adesola Adeduntan, First Bank of Nigeria Limited (FirstBank) has announced the appointment of Mr. Olusegun Alebiosu as its acting Chief Executive Officer. With a distinguished career spanning over three decades in the banking and financial services...
In an era defined by economic dynamism, Africa emerges as a continent of burgeoning growth and opportunity. According to the latest report from the African Development Bank titled Macroeconomic Performance and Outlook (MEO), the top 10 fastest-growing economies in Africa for 2024 paint a...
The frustration among Nigerian bank customers is palpable as the specter of "temporarily unable to dispense cash" haunts Automated Teller Machines (ATMs) across the nation. With an increasing number of empty ATMs, a wave of allegations has emerged, accusing Deposit Money Banks (DMBs) of...
![Today's Naira Rate [21-04-2024]: Fluctuating Naira Sparks Worries Among Nigerians as Exchange Rate Hits ₦1,200/$](/data/attachments/203/203123-8457c57119a478bc5717b11aa4a694ef.jpg?hash=hFfFcRmkeL)
Nigeria
Today's Naira Rate [21-04-2024]: Fluctuating Naira Sparks Worries Among Nigerians as Exchange Rate Hits ₦1,200/$
The Nigerian currency, the Naira, appears to be facing another depreciation period, as observed by some social media users. Concerns about the stability of the currency are expressed, with one user noting a decrease and another lamenting the continual rise.
One user highlights a sense of...
During a joint press conference at the spring meetings of the International Monetary Fund (IMF) and the World Bank in Washington D.C., Finance Minister Wale Edun revealed that Nigeria has qualified for a $2.25 billion loan from the World Bank, described as "virtually a grant" due to its...
Yemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), highlighted the success of the apex bank's foreign exchange (FX) reforms, asserting that they have propelled the naira to become the best-performing currency worldwide.
Speaking during a briefing at the World Bank/IMF Spring...
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