The Nigeria Customs Service (NCS) has adjusted the foreign exchange (FX) rate for import duties to N1,530 per dollar. This represents a 6.13 percent increase compared to the N1,441.58 adopted on May 6. The rate adopted by customs was observed on Friday on the federal government’s single window trade portal. Customs typically adopt FX […]
Dangote refinery plans to buy 24 million barrels of crude from the United States over the next year as it increases processing rates. According to a report on Thursday by Bloomberg, the plant issued a “term tender” for the purchase of two million barrels of West Texas Intermediate (WTI) Midland crude a month. The […]
Emirates Airlines has announced flight operations to Nigeria will resume on October 1, 2024. In a statement on X, Emirates Airlines said it will resume services “to Lagos from 1 October 2024, and we can’t wait to offer unrivalled connectivity to Dubai and beyond to over 140 cities”. More to follow…
The Organisation of Petroleum Exporting Countries (OPEC) says Nigeria’s average daily crude oil production rose to 1.28 million barrels per day (bpd) in April. In its latest monthly oil market report released on Tuesday, OPEC said the production data was based on direct communication with Nigerian authorities. OPEC receives data on crude oil production […]
The naira depreciated to N1,520 per dollar at the parallel section of the foreign exchange (FX) market on Monday. This signifies a 3.4 percent decline from the N1,470/$ traded on May 10. The bureau de change (BDC) operators, popularly known as street traders, put the buying price of the dollar at N1,490 and the […]
The Nigerian National Petroleum Company Exploration and Production Limited (NNPC E&P) and the Natural Oilfield Services Limited (NOSL) have commenced oil production at oil mining lease (OML) 13. NNPC E&P is a flagship upstream subsidiary of NNPC Limited, while NOSL is a subsidiary of Sterling Oil Exploration and Energy Production Company (SEEPCO). According to […]
The International Monetary Fund has warned the Nigerian government to remove what it called implicit fuel and electricity subsidies. In a report published recently by the IMF, the organisation told Nigeria that the subsidies would guzzle three per cent of the nation’s Gross Domestic Product in 2024 as against one per cent in the […]
Barely 16 days after Dana Air was shut down by the Nigeria Civil Aviation Authorities, another aircraft belonging to XEJET Airlines also skidded off the runway and landed in the grass at the Murtala Muhammed Airport, Lagos on Saturday. Following this development, the Federal Airports Authority of Nigeria has shut the 18/Left runway of […]
Naira has dipped from the best to the worst performing currency, according to a new Bloomberg report. This is a reversal in its recent gains, emerging as the world’s worst-performing currency after a wonderful performance last month. The Friday report emphasised that this development places increased pressure on the Central Bank of Nigeria to […]
In a significant setback to Nigeria’s burgeoning tech industry, reports suggest that Microsoft is considering the closure of its African Development Centre based in Lagos. This move, if confirmed, would have profound implications for the country’s technological landscape, potentially impacting job opportunities and innovation in the sector. According to industry insiders who spoke to […]
