Naira records first appreciation against dollar after days of decline
The Nigerian naira has recorded its first appreciation against the United States dollar after several days of continuous depreciation. The local currency gained marginally at the official foreign exchange market, bringing temporary relief to businesses and individuals affected by rising exchange rates. Market observers say the improvement may be linked to recent interventions by the […]
Naira records four consecutive depreciation against US dollar
The Nigerian currency has continued to struggle, recording four consecutive days of decline against the US dollar. Reports from the financial market show that the naira weakened both at the official window and in the parallel market, raising fresh concerns about the stability of the foreign exchange system. Traders noted that rising demand for dollars, […]
Nigerians consume less of Dangote Petrol daily as imports surge – NMDPRA
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has reported a decline in daily consumption of Dangote Petrol across the country. Despite the drop, the importation of petroleum products into Nigeria has increased significantly, reflecting a shift in supply sources. According to NMDPRA, several factors have contributed to the reduced domestic consumption of Dangote […]
Nigeria receives additional $500m from World Bank under NG-CARES programme
Nigeria has received an additional $500 million from the World Bank to support the ongoing NG-CARES programme. This funding is aimed at strengthening social safety nets and providing relief to vulnerable households across the country. The World Bank’s contribution is part of efforts to boost economic resilience amid ongoing challenges. The Minister of Finance highlighted […]
Poor maintenance culture crippling Nigeria’s refineries — IDC President, Shadiya
The President of the Independent Downstream Committee (IDC), Shadiya, has blamed Nigeria’s struggling refineries on poor maintenance culture over the years. According to her, the country’s refineries were not properly serviced and upgraded, leading to frequent breakdowns and long periods of inactivity. Shadiya explained that regular maintenance is critical for refinery performance, but this was […]
NNPCL, other Nigerian filling stations reduce fuel price
The Nigerian National Petroleum Company Limited (NNPCL) and several other filling stations have reduced the pump price of petrol across different parts of the country. The price cut has brought some relief to motorists who have struggled with high fuel costs in recent months. Reports indicate that the new prices vary by location, with some […]
CAC announces new requirements for online business name updates
The Corporate Affairs Commission (CAC) has announced new requirements for updating business names online. These changes aim to make the process more secure and efficient for business owners. According to CAC, all business owners wishing to change their business names online must now provide valid identification, updated business documentation, and comply with the latest verification […]
CBN approves 82 Fully Licensed BDC Operators in Nigeria
The Central Bank of Nigeria (CBN) has approved 82 Bureau De Change (BDC) operators to operate fully across the country. The approval is part of the apex bank’s efforts to bring order, transparency, and stability to Nigeria’s foreign exchange market. Only operators that met strict regulatory requirements were granted full licences. According to the CBN, […]
CAC to place Opay, Moniepoint on watchlist, report fintechs to CBN
The Corporate Affairs Commission (CAC) has announced that it will place fintech companies like Opay and Moniepoint on a watchlist. This move aims to ensure that these financial technology firms comply with regulatory standards. CAC will also report their activities to the Central Bank of Nigeria (CBN). According to officials, the decision comes amid concerns […]
NNPCL slashes fuel price second time in less than one week
The Nigerian National Petroleum Corporation Limited (NNPCL) has reduced fuel prices for the second time in under a week. This comes as the company continues efforts to ease the burden on motorists and consumers. According to NNPCL, the latest price cut reflects changes in global oil markets and a commitment to ensure affordable fuel for […]