SBM Intelligence, a leading research and risk consultancy firm in Nigeria, has stated that Nigeria’s economy is on ‘warning’ status as it ranked 60% in the “Economy” macro-risk indicator. The SBM Intelligence revealed this in its Africa Country Instability Risk Index (ACIRI), which assesses the political stability risks in 47 African countries. One […]
The Nigerian National Petroleum Company (NNPC) Limited says it has noted the appearance of fuel queues in some parts of Lagos and a few other locations around the country. The retail management of the NNPC in a statement on Thursday, said the queues are due to reduced Depot loadout in Apapa, Lagos over a […]
The naira, on Tuesday, fell to N848 at the investors’ and exporters’ (I&E) window — the country’s official trading window. The local currency fell by 8.9 percent from the N778.80 it traded on Monday, according to data from FMDQ Securities Exchange, a platform that oversees foreign exchange (FX) trading in Nigeria. FMDQ said the […]
The Federal Government is projecting a sum of N26 trillion as the estimate for the 2024 appropriation budget, with the intention of submitting the proposal to the National Assembly before December 31, 2023. The Minister of Planning and Budget, Atiku Bagudu, disclosed this while briefing correspondents at the end of the Federal Executive Council […]
Nigeria’s inflation rate has climbed to 26.72 per cent, marking a 0.92 per cent increase from the previous month’s 25.80 per cent. The National Bureau of Statistics disclosed this on Monday via its latest Consumer Price Index report for September 2023. It was shared on the X handle of NBS. The upsurge in inflation […]
In a report by Journalist101, only Nigerian National Petroleum Corporation (NNPC) stations were noticeably opened in parts of Lagos and Abuja during the weekend, raising concerns that petrol scarcity may have resurfaced as several oil marketers have closed their outlets to motorists and other buyers. Abuja and its environs had slightly witnessed fuel scarcity […]
The Central Bank of Nigeria (CBN) has stated that the restriction on forex for 43 import items led importers to resort to the parallel market, contributing to a surplus demand for forex and consequently weakening the parallel-market exchange rate, resulting in price increases. In a statement released over the weekend explaining the reasons for […]
The Nigerian Upstream Petroleum Commission (NUPRC) says it has granted a petroleum exploration licence (PEL) to TGS-PetroData Offshore Services Limited (TGS-PD). The commission, in a statement on Thursday, said the approval is in compliance with the provisions of section 71 (1) to (10) of the Petroleum Industry Act (PIA) 2021. “The PEL is the […]
The Central Bank of Nigeria (CBN), on Thursday, announced the lifting of the ban on 43 items previously restricted from accessing foreign exchange (forex) from the investor’s and exporters’ (I&E) window. In 2015, the CBN initially restricted 41 items from accessing FX from the I&E window, the country’s official market. By implication, importers of […]
The Central Bank of Nigeria (CBN) has lifted the forex ban on 43 items and also promised to intervene in the FX market from “time to time”. The apex bank had in 2015 restricted the items from accessing FX from the I&E window, saying they were “not valid for foreign exchange and could be […]
