Nigeria is struggling to find buyers for its crude oil due to a shortfall in demand from Europe, Bloomberg is reporting. According to a report on Friday, strikes in the French refining sector and seasonal maintenance at plants in other parts of Europe reduced the country’s sales. About 20 to 25 shipments of Nigerian […]
The naira, on Friday, appreciated to N1,150 per dollar at the parallel section of the foreign exchange (FX) market. Currency traders in Lagos, also known as bureau de change (BDCs) operators, quoted the buying rate of the greenback at N1,110 and the selling price at N1,150 — leaving a profit margin of N40. The […]
The Chief Executive, Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, said that the organisation witnessed unprecedented progress in revenue collection, culminating in a remarkable achievement of N12.3 trillion in 2023. The chief executive, who was represented by a staff of the organisation, Mrs Aisha Ribadu, said this on Friday at the FIRS special […]
Goldman Sachs Group Inc. says the naira, Nigeria’s currency, could extend gains to trade below N1,000 to the dollar. On March 10, the financial institution had said the local currency would appreciate to N1,200 per dollar within the next twelve months. In an interview with Bloomberg on Friday, Andrew Matheny, an economist at Goldman […]
Libya has emerged as the highest crude oil producer in Africa following the drop of Nigeria’s output by 6.8 per cent to 1.23 million barrels per day in March 2024, from 1.32 bpd in February 2024. On the other hand, Libya’s oil output rose by 5.4 per cent to 1.236 million bpd in March […]
Africa’s richest man Aliko Dangote says Nigerians should expect a drop in inflation given the reduction of diesel pump prices. He stated this on Wednesday during a chat with journalists after he paid Eid-el-Fitr homage to President Bola Tinubu at his Lagos residence. “I believe that we are on the right track. I believe […]
Foreign airlines have further slashed airfares on the Lagos-London route to compete with Air Peace, which recently commenced flight operations on the route. Air Peace started direct flights from Lagos to London on March 30, pegging its price for a round-trip economy ticket at N1.2m on a route that foreign airlines had charged as […]
The naira, on Monday, appreciated to N1,120 per dollar at the parallel section of the foreign exchange (FX) market. The current FX rate signifies a decrease of 9.67 percent from the N1,240/$ reported on April 3. Bureau de change (BDC) operators, also known as street traders, in Lagos, quoted the buying rate of the […]
The Central Bank of Nigeria has written to all banks in Nigeria to stop the use of foreign currencies as collateral for naira loans. It disclosed this in a circular uploaded to its website on Monday. The apex bank said it had observed the use of FCY by bank customers as collateral for naira […]
The numerous visits paid to the United. Arab Emirates government by President Bola Ahmed Tinubu to get the communication breakdown between the two countries resolved may have paid off as the UAE airline has concluded plans to resume flights between the two countries before summer. Dropping this hint on Monday during an interview session […]
