39 firms drag Nigerian stock market to 4th consecutive losses
The Nigerian stock market recorded its fourth consecutive day of decline as 39 companies experienced losses, leading to a continued drop in investors’ confidence. Market experts say the downward trend is driven by sell-offs across key sectors, especially banking, industrial goods, and consumer goods. This persistent decline has increased worries among traders and analysts, who […]
AEDC sacks over 800 Nigerian workers
The Abuja Electricity Distribution Company (AEDC) has reportedly terminated the employment of more than 800 Nigerian workers across different departments and branches. According to sources, the mass layoff was part of a restructuring process aimed at improving efficiency and reducing operational costs within the company. Many of the affected workers described the decision as sudden, […]
Nigerian govt mulls sale of NNPCL refineries
The Nigerian government is reportedly looking into the possibility of selling the refineries owned by the Nigerian National Petroleum Company Limited (NNPCL). According to top officials, this option is being reviewed as part of wider plans to reform the oil sector and improve fuel supply across the country. The move comes after years of investment […]
Nigerian filling stations reduce fuel price as landing cost drops
Fuel prices in Nigeria have started dropping as filling stations adjust pump rates following a decline in landing cost. According to reports, marketers are reducing prices in several states and major cities to reflect the lower cost of importing petrol into the country. This development comes as many Nigerians continue to struggle with high living […]
Naira records second depreciation against US dollar
The Nigerian Naira has fallen again against the US dollar, marking its second consecutive day of depreciation. This continued slide comes as pressure remains high in the foreign exchange market. Traders and forex watchers say demand for the dollar has continued to rise, while supply remains tight, pushing the currency further down. Market reports indicate […]
NNPCL reaffirms plan to hit 2 million barrels daily by 2027
The Nigerian National Petroleum Company Limited (NNPCL) has repeated its commitment to raising the country’s crude oil production to two million barrels per day by 2027. The company explained that several strategic reforms, investments in technology, and partnerships with private firms are already being put in place to achieve this goal. According to NNPCL, boosting […]
15 per cent fuel duty: Stakeholders, NLC raise concerns over tariff policy
The decision by President Bola Ahmed Tinubu to approve a 15% import duty on petrol and diesel has sparked debates across the country, with labour unions and economic stakeholders expressing deep concerns about its impact on Nigerians. The policy, expected to take effect in the coming weeks, will result in a significant rise in pump […]
Nigerian Stock Exchange gains N285bn after days of losses
The Nigerian stock market bounced back strong on Friday, adding N285 billion in value after several days of declines. This rebound brought fresh relief to investors who had seen continuous losses earlier in the week. The recovery shows renewed confidence in the market, especially as traders took advantage of lower share prices to buy into […]
Naira records massive appreciation against US dollar on month-on-month basis
The Nigerian Naira saw a major improvement against the US Dollar in October, closing the month stronger in the official foreign exchange market. According to data from the Central Bank of Nigeria (CBN), the Naira appreciated from ₦1,455.23 per dollar at the beginning of the month to ₦1,421.73 at the end of October. This marks […]
Why Tinubu’s 15% import duty on petrol is good for Nigeria – Rewane
Financial expert Bismarck Rewane has said that President Bola Tinubu’s 15% import duty on petrol will benefit Nigeria in the long run. According to him, even though the policy may cause short-term price increases, it is designed to strengthen the nation’s economy and reduce reliance on imported fuel. Rewane explained that Nigeria cannot continue depending […]