Dollar Sells at N452 at BDC, N453 at Black Market

By Adedapo Adesanya The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) on Thursday asked Nigeria to produce about 1.5 million barrels of crude oil per day in 2024, lower than the 1.78 million barrels per day benchmark it proposed in the 2024 Appropriation Bill presented to the National Assembly on Wednesday for passage. The output ceiling was around 1.8 million barrels per day before it was cut down to 1.5 million barrels yesterday at the group’s virtual meeting, a huge blow to Nigeria’s revenue target for the fiscal year. OPEC had tasked three consultancies – IHS, Rystad

By Adedapo Adesanya Nigeria will accept and work with a production quota of 1.5 million barrels of crude oil per day in 2024 as the country aims to grow on the back of its oil resources, following a revision done by the Organisation of the Petroleum Exporting Countries and its allies, OPEC+. According to a statement issued by the Press and Public Relations unit of the Ministry of Petroleum Resources, Thursday’s meeting of the 23-man group addressed crucial aspects, including the completion of assessments by independent sources (IHS, Wood Mackenzie, and Rystad Energy) on the projected production levels for Angola,

By Adedapo Adesanya The trio of Newrest Asl Plc, FrieslandCampina Wamco Nigeria Plc, and Acorn Petroleum Plc made the NASD Over-the-Counter (OTC) Securities Exchange appreciate by 0.14 per cent on Friday, December 1. The three gainers pressed down the 8 Kobo loss reported by UBN Property Plc, which closed the trading session at N1.52 per unit compared with the preceding day’s value of N1.60 per unit. During the trading day, Newrest Plc gained N1.46 to close at N16.10 per share compared with Thursday’s closing price of N14.64 per share, FrieslandCampina Wamco Plc moved up by 60 Kobo to end the

By Adedapo Adesanya  Oil prices rose by more than $1 a barrel on Wednesday as investors focused their attention on an upcoming OPEC+ output policy meeting and looked past a jump in crude stockpiles in the United States. Brent crude futures were up by $1.01 or 1.2 per cent to $82.69 per barrel, and the US West Texas Intermediate (WTI) crude futures gained $1.16 or 1.5 per cent to close at $77.57 a barrel. Prices were lifted by a media report that the Organisation of the Petroleum Exporting Countries and allies such as Russia, known collectively as OPEC+, was considering

By Adedapo Adesanya The Department of Petroleum Resources (DPR) said it has introduced new guidelines to accommodate more Liquefied Petroleum Gas (LPG) investors and operators across the country. The move, according to the agency, is geared towards enhancing the availability of LPG also known as cooking gas in Nigeria, as well as meeting the current administration’s target of five million metric tonnes (5,000,000 MT) of domestic, commercial, and industrial LPG utilisation in the next 10 years. This was made known by the Zonal Operations Controller of the DPR, Mr Ayorinde Cardoso, during a public sensitisation exercise on safe usage of

By Modupe Gbadeyanka Commissioner for Budget and Economic Planning in Kebbi State, Mr Zailani Muhammad, has disclosed that the state government was planning to raise its Internally Generated Revenue (IGR) to N14 billion in 2017. Mr Muhammad, at an interactive session on Tuesday with officials of the Revenue Mobilization Allocation and Fiscal Commission (RMAFC) in Birnin Kebbi, said already, the Governor Abubakar Atiku Bagudu-led administration has worked out plans to achieve this. He told his guests that at the moment, Kebbi State generates about N4 billion in IGR, but said hopes are high to increase this following different initiatives of

By Adedapo Adesanya The American investment bank, JP Morgan, has warned that Nigeria’s headline inflation would likely not slow down in the near term as it forecast that it could reach a high of 28 per cent by the end of the year. The bank, in its market research document on the Nigerian economy titled, Reform pause rather than fatigue released over the weekend, showed that the rate would climb higher as the policies of President Bola Tinubu will impact the prices of goods and services in the country. Last week, the National Bureau of Statistics (NBS) said the country’s

By Dipo Olowookere Fitch Ratings has announced affirming the ratings on Zenith Bank, United Bank for Africa (UBA), Guaranty Trust Bank (GTBank) and Access Bank [ZUGA Banks], all with stable outlook. In a statement issued by the agency, it was stated that the Long-Term Issuer Default Rating (IDR) on Zenith Bank and UBA were left at ‘B+’, while the Long-Term Issuer Default Rating (IDR) on Access Bank was affirmed at ‘B’, the Long-Term Foreign Currency Issuer Default Rating (IDR) on GTBank was affirmed at ‘B+’. Fitch said the Viability Rating (VR) of Zenith Bank is among the highest it assigned

By Modupe Gbadeyanka The inflation rate in Nigeria rose to 17.9 percent in the month of September, the National Bureau of Statistics (NBS) disclosed in its latest report. In the report released on Friday, the NBS explained that the rate was up by 0.24 percent in the month under review, noting that the headline inflation eased to 0.8 percent last month, against 1.0 percent growth in the month of August. Energy and energy-related prices recorded the largest increases reflected in the core sub-index, the NBS said. According to the report, “During the month, the highest increases were seen in the

By Dipo Olowookere Wema Bank Plc has partnered with Silverbird Film Distribution for the premiere of Smurfs: The Lost Village, the American 3D computer-animated adventure-comedy film produced by Sony Pictures Animation, which is set for an April 7, 2017 release. The film is based on The Smurfs comic book series created by the Belgian comics artist Peyo. The partnership will see Wema Bank’s Royal Kiddies account holders be part of the first people in the world to watch the highly anticipated film. The premiere will hold at the Silverbird Galleria in Lagos on Saturday, March 18, 2017 ahead of the

By Adedapo Adesanya Indonesia has been stripped of the hosting rights of the 2023 Under-20 soccer World Cup, FIFA said on Wednesday in a statement. The decision to stop Indonesia from the tournament scheduled to hold from May 20 to June 11 was taken after the country’s football federation said it had cancelled the draw because the governor of the largely Hindu island of Bali refused to host Israel’s team. Protesters, who consisted of the country’s predominantly Muslim population, marched in the capital Jakarta this month, waving Indonesian and Palestinian flags and demanding that Israel was not allowed to participate

By Dipo Olowookere Nigerian authorities should end their violent repression of the Islamic Movement of Nigeria (IMN), a minority Shia group, that began with a three-day lethal crackdown on December 12-14, 2015, and free its leader, Human Rights Watch said today. Sheik Ibraheem El Zakzaky, leader of the IMN, and his wife, Zeenatudeen, have been detained without trial for a year. On December 12, 2015, the Nigeria army used disproportionate force against the group’s street procession in Zaria, Kaduna State in north-western Nigeria to clear a route for the army chief’s convoy. In an ensuing three-day violent crackdown, the army