The Naira remained unchanged on Friday, exchanging at N437.03 to the dollar at the Investors and Exporters Window. The local currency did not change from its value on Thursday. The open indicative rate closed at N437 to the dollar on Friday. An exchange rate of N441 to the dollar was the highest rate recorded […]
The Nigerian Governors Forum (NGF) has rejected that plan of the Federal Government to privatise National Integrated Power Plants (NIPPs). The plants are: Benin Generation Company Ltd, Calabar Generation Company Ltd, Geregu Generation Company Ltd, Olorunsogo Generation Company Ltd and Omotosho Generation Company Ltd. NGF Chairman and Ekiti State Governor, Kayode Fayemi, while speaking […]
The naira, on Thursday, depreciated further against the dollar at the parallel and official sections of the foreign exchange market. The development is coming days after political parties kicked off the 2023 electioneering. Bureaux De Change operators (BDCs), popularly known as ‘abokis’, who spoke to TheCable in Lagos, quoted the naira at N737 to […]
The Monetary Policy Committee of the Central Bank of Nigeria has raised the benchmark interest rate from 14 to 15.5 per cent in order to tame the rising inflation rate. This represents a 150-basis-point increase from the 14 per cent rate voted during the last MPC meeting in July. At the end of the […]
The Naira appreciated slightly against the dollar at the Investors and Exporters window on Monday as it exchanged at 436. The rate represents a 0.08 per cent appreciation compared to the N436.33 for which the dollar was exchanged on September 23. The open indicative rate closed at N435.67 to the dollar on Monday. An […]
The British pound reached an all-time low against the US dollar on Monday. The development is coming less than a week since the pound plummeted to $1.13 — its lowest level since 1985 — before regaining ground. The pound dropped 3.6 percent on Friday when Kwasi Kwarteng, UK’s finance minister, unveiled historic tax cuts […]
Naira gained marginally against the U.S. dollars on Friday, appreciating 0.04 per cent a day after it fell at the spot market. But overall, the currency continued a fall that has been made worse by increasing demand for dollars. The currency opened trading at N434.83 per $1 but closed at N436.33 to a dollar […]
Hadi Sirika, minister of aviation, says the Nigerian Sovereign Investment Authority (NSIA) is not an investor in the Nigeria Air project. Sirika made the clarification in a statement issued by James Odaudu, his special assistant on public affairs, on Saturday. The minister had listed NSIA as part of the local investors with stakes in […]
The Nigerian National Petroleum Company (NNPC) Limited says six international oil companies (IOCs) will remit N380.04 billion next month as proceeds from the sale of domestic crude oil in July 2022. The national oil company made this known in its monthly presentation to the Federation Account Allocation Committee (FAAC) meeting on Friday, September 23. […]
The Nigerian National Petroleum Company (NNPC) Limited says it deducted N525.71 billion as a shortfall for the importation of petrol (subsidy) in August 2022. Subsidy or under-recovery is the underpriced sales of premium motor spirit (PMS), better known as petrol. The national oil company said this in its monthly presentation to the Federation Account […]
