Nigeria to earn $7m daily revenue from fertiliser export – Dangote
Aliko Dangote, the President of Dangote Group, has shared exciting news about the company’s future export plans. According to him, in the next two years, the company’s massive refinery will begin exporting about 16,000 tonnes of fertiliser each day. He made this announcement during a visit to the Managing Director of the Nigerian Ports Authority […]
Naira continues depreciation against dollar across official, black FX markets
The Naira’s struggle against the dollar continues, with its value dropping on Thursday in both the official and black market exchange rates. According to the latest data from the Central Bank of Nigeria (CBN), the official exchange rate saw the Naira fall further to N1609.64 per dollar, compared to N1,608.60 the day before. This means […]
Naira records highest depreciation against dollar at official market
The Naira saw a significant drop against the dollar in the official foreign exchange market on Friday, closing the week on a negative note. According to data from the Central Bank of Nigeria, the Naira fell to N1,602.18 per dollar on Friday, down from N1,596.68 on Thursday. This shows a daily decline of N5.492, marking […]
Crude oil sales in Naira will continue – FG
The Federal Government of Nigeria has confirmed that it will continue selling crude oil and refined products in Naira. This decision is part of a long-term plan to help the country’s economy by reducing its dependence on foreign exchange and improving local refining. The confirmation was shared on April 9 via the Federal Ministry of […]
Naira records highest depreciation against dollar amid Trump’s tariff war
This week, the Nigerian naira experienced its biggest drop against the US dollar at the official exchange market. The Central Bank of Nigeria (CBN) reported that the naira fell to N1,552.53 per dollar on Thursday, down from N1,531.25 on Wednesday. This represents a N21.28 drop in just one day, the largest single-day decline since March […]
Investors regaining confidence in Nigeria – Cardoso
Nigeria is gaining back the trust of investors, according to the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso. He pointed out that recent visits from top executives of JP Morgan, Citi Bank, and the International Monetary Fund (IMF) show that confidence in the country’s economy is growing. Speaking at a meeting with […]
CBN restricts BDCs to $25,000 Fx weekly and one dealer bank
The Central Bank of Nigeria (CBN) has introduced new guidelines for Bureau de Change (BDC) operators to regulate the forex market and prevent misuse. To improve transparency, both dealer banks and BDCs must submit reports to the CBN: These reports will help the CBN track forex movements and prevent illegal activities. BDCs can only sell […]
Tonye Cole Explains Why Fuel Prices Won’t Drop to N700 at Port Harcourt Refinery
Tonye Cole, a former governorship candidate in Rivers State, has explained why it’s not possible for fuel prices in Nigeria to drop to N700 per litre at this time. Despite recent developments in Nigeria’s oil industry, including the announcement that the Port Harcourt refinery has started refining crude oil, Cole says that several factors are […]
Nigeria Spent ₦19 Billion on Presidential Aircraft in 15 Months
The Nigerian government has spent over ₦19.43 billion on maintaining and operating its Presidential Air Fleet (PAF) between July 2023 and September 2024. A significant portion of this spending went toward foreign exchange needs for operations outside Nigeria, including fuel and maintenance paid in U.S. dollars. In 2024 alone, the fleet’s expenses reached ₦13.55 billion, […]
Nigeria’s Foreign Reserves Increase to $40.2 Billion in October – Cardoso
In October 2024, Nigeria’s foreign reserves increased to $40.2 billion, a significant rise from $38.4 billion in September. This development was announced by Olayemi Cardoso, the Central Bank of Nigeria (CBN) governor, during an investors’ meeting in Washington, D.C. Wale Edun, Nigeria’s Minister of Finance and Economy, was also present at the meeting. He shared […]