Global rice prices reached a 15-year high in August after top exporter India banned some overseas sales of the grain, the Food and Agriculture Organization said Friday. While global food prices eased in August, those of rice rose 9.8 percent compared to the previous month, “reflecting trade disruptions in the aftermath of a ban […]
The National Bureau of Statistics (NBS) report titled, “Premium Motor Spirit (Petrol) Price Watch” for July 2023, showed that Borno state topped the price chart at N657.27 per litre, overshooting the post-subsidy adjusted official price of N600.35 per litre for that region by 9.5 percent The National Bureau of Statistics (NBS) report titled, “Premium […]
JP Morgan, an American multinational financial services firm, estimates that Nigeria’s net foreign exchange (FX) reserves fell to $3.7 billion as of the end 2022 . This is contained in the firm’s latest report titled ‘Nigeria: Reform pause rather than fatigue’. Gross FX reserves represent the government’s total holdings of foreign currency reserves. Net FX […]
President Bola Tinubu has called on Nigerians to be patient with his administration in the wake of the fuel subsidy removal, saying the move is in the country’s best interest. President Bola Tinubu says the challenges Nigerians are facing due to the removal of the petrol subsidy are for a better tomorrow. Tinubu spoke […]
The Nigerian National Petroleum Corporation Limited has secured a $3 billion crude repayment loan to support the naira and stabilise the foreign exchange market, a terse statement posted on the official account of the company on X (formerly known as Twitter) said on Wednesday. The statement noted that the oil company secured the funding […]
President Bola Tinubu is considering a “temporary subsidy” on petrol as crude oil prices and foreign exchange rates continue to soar, TheCable understands. There is yet no final decision, presidency sources told TheCable, but the proposal is “firmly on the table” as Nigerians continue to groan under harsh economic realities following the removal of […]
The Organised Labour has vowed to proceed with a total, comprehensive and indefinite nationwide shutdown of the country, should there be another increase in Petrol Pump price from the existing 617 naira, which it describes as “illegal”. NLC President, Joe Ajaero, gave the notification on Monday, at the African Trade Union alliance meeting in […]
The fall of the naira against the United States dollar, coupled with the recent rise in global crude oil prices, is making Nigerians apprehensive of a possible hike in the pump price of Premium Motor Spirit, popularly called petrol. Although the Nigerian National Petroleum Company Limited and other oil marketers have not announced any […]
The naira fell to an all-time low of N950 to a single dollar at the parallel market on Thursday afternoon. The figure represents a N53 or 5.9 percent depreciation compared to the N897 it traded earlier this week. Bureaux De Change (BDC) operators in Lagos who spoke to TheCable said that there is high […]
President Bola Tinubu has said a comprehensive forensic audit of the Central Bank is underway. The president also hinted that a thorough overhaul of the civil service payroll is imminent. A statement signed by Ajuri Ngelale, Tinubu’s Special Adviser on Media and Publicity, quoted him as disclosing this Friday at the Presidential Villa, Abuja, […]
