Naira records first appreciation against US dollar as foreign reserves hit $46.7bn
The Nigerian naira has recorded its first major appreciation against the US dollar in months, following a boost in the country’s foreign reserves. According to recent data, Nigeria’s reserves have climbed to $46.7 billion, giving the currency some much-needed support in the foreign exchange market. Analysts say this improvement signals a positive shift in market […]
Fuel price reduction: Dangote Refinery, petrol marketers clash over reason for drop
The recent drop in petrol prices has sparked a disagreement between Dangote Refinery and petroleum marketers, with both sides offering different explanations for the reduction. While Dangote insists the price cut is a result of its efforts to stabilise the market and make fuel more affordable for Nigerians, some marketers argue that competition and changing […]
Nigeria’s inflation rate drops for seventh consecutive time in October
Nigeria recorded another decline in its inflation rate in October, marking the seventh consecutive month of easing price pressures. According to analysts, this continued moderation is a sign that recent monetary policies and supply-side adjustments may be gradually stabilising the economy. Although prices remain high for many households, the steady decline offers some relief and […]
Why Nigerian marketers cut fuel price – Dangote Refinery
The Dangote Refinery has explained why fuel marketers in Nigeria recently reduced petrol prices. According to the refinery, the price cuts reflect adjustments in the global oil market and increased local supply, which have made fuel more accessible to consumers. The company noted that improved distribution and the commencement of local refining operations have helped […]
Nigeria to release October inflation rate Monday as analysts predict further moderation
The Nigerian government is set to release the country’s October inflation rate on Monday. Economists and financial analysts anticipate a further slowdown in the inflation rate, following recent trends of moderation in consumer prices. Experts note that easing inflation could be a positive signal for households and businesses, potentially reducing the cost of living and […]
Naira returns to depreciation against US dollar
The Nigerian Naira has once again slipped in value against the US dollar, raising fresh concerns about the country’s economic stability. After a brief period of recovery, the currency weakened across major foreign exchange markets, with traders attributing the decline to increased demand for dollars and limited supply. Businesses relying heavily on imported goods are […]
Naira records first appreciation against US dollar
The Nigerian Naira has finally recorded its first major appreciation against the US dollar, bringing some relief to citizens and businesses struggling with the rising cost of goods. This improvement comes after several weeks of pressure on the foreign exchange market. According to market reports, the Naira gained strength as increased dollar supply and tighter […]
Nigerian govt suspends implementation of 15% petrol import duty
The Nigerian government has announced the suspension of the planned 15% petrol import duty, following concerns over its potential impact on fuel prices and the economy. The decision comes after widespread criticism from stakeholders in the oil and energy sectors, as well as from the general public, who feared the levy would lead to higher […]
NGX records massive N2.5tn gain first time since Trump’s threat shockwave
The Nigerian Exchange (NGX) has recorded a remarkable N2.5 trillion gain, marking the first significant recovery since the economic shock caused by former U.S. President Donald Trump’s recent threats against Nigeria. The surge comes after a period of heightened investor anxiety and market volatility triggered by Trump’s designation of Nigeria as a “Country of Particular […]
20 ships arrive Lagos ports, discharge petroleum, food items – NPA
The Nigerian Ports Authority (NPA) has confirmed that 20 vessels have arrived at the Lagos ports carrying important goods for the country. According to the authority, some of the ships have already started offloading petroleum products, while others are discharging food supplies and general cargo. The arrival of these vessels comes at a crucial time, […]