Naira continues depreciation against dollar at official market
Nigeria’s local currency, the naira, continued to lose strength against the United States dollar and other major currencies at the official foreign exchange market on Tuesday. According to the Central Bank of Nigeria (CBN), the naira could not recover, sliding further to ₦1,534.93 per dollar compared to ₦1,533.67 on Monday. This means the naira dropped […]
Aba Power announces weeklong electricity disruption
Aba Power, one of Nigeria’s major electricity distributors, has announced that there will be a one-week disruption in power supply across Abia State. The company said in a statement on Tuesday that the disruption will take place from 21st to 28th August 2025. According to Aba Power, the outage is happening because its main power […]
Nigerians, business owners in squeeze amid fourth inflation decline
Nigeria’s inflation rate has dropped for the fourth month in a row, but the reality for citizens and business owners has not improved. Daily life remains tough as food, fuel, and transport prices continue to rise despite the official numbers showing progress. According to INFOLAND, inflation eased to 21.88 percent in July from 22.22 percent […]
Again, Nigerian filling stations reduce fuel prices to woo buyers
Nigerian fuel stations, including members of the Independent Petroleum Marketers Association of Nigeria (IPMAN), have lowered petrol prices for the second time this week to attract more buyers. Abubakar Maigandi, the National President of IPMAN, told INFOLAND on Friday that petrol now costs between N860 and N870 per litre in Lagos, and between N895 and […]
Billionaire businessman, Bill Chisholm officially takes over basketball club Boston Celtics in $6.1bn deal
American billionaire Bill Chisholm has officially taken over the Boston Celtics after the NBA approved a record-breaking $6.1 billion sale. The announcement comes five months after the deal was first agreed. The NBA confirmed in a statement that its Board of Governors unanimously approved the sale of the controlling stake in the Celtics to an […]
Indian refiners abandon Russia for Nigerian crude, as Dangote Refinery relies on US
Indian oil refiners have switched from Russian crude to Nigerian oil, while the Dangote Refinery in Nigeria is now depending heavily on West Texas Intermediate crude from the United States. This change follows a warning from US President Donald Trump, threatening sanctions on India if it continued to buy oil from Russia. Industry insiders told […]
Nigerian businesses to lose billions of naira as 25-day blackout hits Lagos, Ogun
Businesses, banks, and manufacturers in Lagos and parts of Ogun State may lose a lot of money as a 25-day power cut begins. The electricity companies, Ikeja Electric and Eko Electricity Distribution, made separate announcements last Friday that there will be daily blackouts in Lagos and some areas in Ogun State, like Agbara. Eko DisCo […]
Dangote: Africa must curb wealth concentration – Ex-CBN Deputy Gov, Moghalu
Former Central Bank of Nigeria (CBN) Deputy Governor, Professor Kingsley Moghalu, has said that African leaders are not thinking wisely about how to reduce the wide gap between the rich and the poor. He explained that the continent has a serious problem because only four billionaires in Africa have more money than half of the […]
Real estate overtakes oil in Nigeria’s economy after GDP rebasing
Nigeria’s economy has grown to ₦372.8 trillion in 2024, which is about $145.3 billion using the current exchange rate. This growth was largely due to improvements in the services, industrial, and agriculture sectors. However, even with this growth, many Nigerians are still struggling. Inflation remains very high. As of June 2025, food inflation is 21.97% […]
Dangote Halts Fuel Discount Scheme Amid Fraud Allegations
The Dangote Petroleum Refinery has stopped its discounted fuel supply program after it found out that some of its affiliate marketers were abusing the system. These marketers were supposed to sell the discounted fuel directly to customers at their stations, but instead, they sold it to outside dealers for higher profits. An investigation by the […]