Naira Gains 0.08% at Official Market, as Dogecoin Continues to Soar

By Adedapo Adesanya The President of the Dangote Group, the owners of the Dangote Petroleum Refinery and Petrochemicals plant, Mr Aliko Dangote, has said that following the purchase of 1 million barrels of Agbami crude grade from Shell International Trading and Shipping Company Limited (STASCO), it will be looking to ramp up its production in coming months. The 650,000 barrels per day capacity refinery is not expected to hit full capacity until 2025, but with a gradual ramping, it is expected that it will begin with begin producing up to 370,000 barrels per day of diesel and jet fuel. “We

By Adedapo Adesanya African Export-Import Bank (Afreximbank) has announced that the third Intra-African Trade Fair (IATF2023) held in Cairo from November 9-15 witnessed the conclusion of business deals and transactions valued at $43.8 billion. The lender said in the final tallies released in Cairo, the organisers of the continental event said that the amount represented the value of 426 deals concluded in 21 sectors covering 52 countries. At a press conference to announce the results, Mrs Kanayo Awani, Executive Vice President (Intra-African Trade Bank) at Afreximbank, also announced that 130 countries participated in the trade fair, which attracted 1,939 exhibitors

By Adedapo Adesanya  The Nigerian Naira weakened by 17.9 per cent or N144.49 against the American Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, December 6 as confidence waned in the Central Bank of Nigeria’s (CBN) ability to boost the market with enough foreign exchange (FX). Yesterday, the exchange rate of the Naira to the Dollar closed at N951.22/$1 in the official market compared with the preceding session’s rate of N806.73/$1. This happened as the forex turnover slightly went down by 4.9 per cent or $7.05 million to $135.58 million from the $142.63 million reported in the

By Adedapo Adesanya A suit has been filed against the federal government by the Socio-Economic Rights and Accountability Project (SERAP) over the recently recovered $23 million looted by ex-Head of State, General Sani Abacha. In a suit number FHC/ABJ/CS/1700/2022 filed last Friday at the Federal High Court in Abuja, the group is asking the court to “direct and compel President Buhari and Mr Abubakar Malami to release and widely publish a copy of the agreement on the Abacha loot with the US.” In a statement on Sunday by SERAP Deputy Director, Mr Kolawole Oluwadare, the organisation said the Attorney-General of

By Modupe Gbadeyanka The sum of N54 billion has been released to settle Federal Government retirees between January and August 2016. The amount was released for disbursement by the National Pension Commission (PenCom), according to a statement issued on Tuesday by spokesman of the agency, Mr Emeka Onuorah. “This is to inform all employees of the treasury-funded federal Ministries, Departments and Agencies (MDAs), who retired between January and August 2016 and were duly enrolled, that their accrued benefits have been credited to their Retirement Savings Accounts (RSA), the statement said. It urged the retirees to “contact their Pension Fund Administrators

By Dipo Olowookere Public and private schools in Lagos State have been directed to resume on Monday, February 18, 2019 as against Tuesday, February 19, 2019 contained in the earlier reviewed calendar. This followed the postponing of the presidential and National Assembly elections on Saturday, February 16, 2019 by the Independent National Electoral Commission (INEC). As a result of the postponement of the polls, the Lagos State Government effected a change in the school calendar. Deputy Governor of Lagos State, Mrs Idiat Oluranti Adebule, who supervises the Ministry of Education in the state, announced the new change in the calendar

By Modupe Gbadeyanka A member of Standard Bank Group, Stanbic IBTC Holdings, has strongly backed the promotion of financial literacy among children, emphasising its unwavering commitment to the upliftment and empowerment of the Nigerian child. The Head of Client Experience at Stanbic IBTC Pensions, Ms Layo Ilori-Olaogun, while speaking recently at the company’s Blue Kids event to commemorate the 2023 Children’s Day, said that was why the financial institution designed various innovative initiatives for the nation’s future leaders. She said one of these initiatives is the Children Educational Savings Scheme (CHESS) account, a special savings account developed to support parents

Obtaining loan from Diamond Bank has now been made seamless thanks to the introduction of an online loan application platform that allows customers to request for a loan, monitor and receive automatic feedback on the approval process anywhere, anytime without hassles. With this, the Bank has reaffirmed its commitment to continue to drive financial inclusion of the un(der)banked in the economy, and consolidated its revolutionary leadership role in the crusade for quality service delivery through digital innovations. The new Diamond loan application is a convenient, hassle free application and it is not limited to Diamond customers only. In a statement

By Modupe Gbadeyanka The implementation date for the new Unstructured Supplementary Service Data (USSD) framework for banks in the country has now been shifted forward. The Central Bank of Nigeria (CBN), in a circular dated Friday, June 1, 2018, said it was extending the new date to Monday, October 1, 2018. In the circular addressed to “all deposit money banks, mobile money operators, payment solution service providers and other service providers,” the apex bank explained that it was postponing the new implementation date because “objective of the framework” had not been fully realized. “Please refer to our circular referenced BPS/DIR/GEN/CIR/05/002

By Modupe Gbadeyanka Latest figures released by the National Bureau of Statistics (NBS) have revealed that inflation in Nigeria reached 18.72 percent (year-on-year) in January 2017. This is in contrast to 18.55 percent it recorded in December 2016. The figures were released by the NBS on Wednesday, February 15, 2017 and obtained by Business Post. Increases were recorded in all COICOP divisions that yield the Headline Index. Communication and Restaurants and Hotels again recorded the slowest pace of growth in January, growing at 5.1 percent and 8.4 percent (year-on-year) respectively. However, the faster pace of growth in headline inflation, year

By Aduragbemi Omiyale In 2022, Nigeria recorded a slight improvement in its trade balance as it had a trade surplus of N1.206 trillion after recorded imports of N25.591 trillion and exports of N26.797 trillion, indicating a total trade of N52.387 trillion. Data released by the National Bureau of Statistics (NBS) said in the fourth quarter of 2022, the total trade stood at N11.722 trillion, with exports at N6.360 trillion and imports at N5.363 trillion. It was disclosed that total exports increased in Q4 of 2022 by 7.17 per cent and 10.28 per cent when compared with the third quarter of