Naira Gains N1 at Official Window as TerraUSD Continues Gradual Recovery

By Adedapo Adesanya The Naira recovered from the previous day’s loss after closing stronger against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 7, by 11.4 per cent or N108.15 to trade at N843.07/$1 compared with the previous day’s rate of N951.22/$1. This occurred as the value of foreign exchange (FX) transactions slightly increased during the session by $1.67 million or 39.5 per cent to $137.25 million from the $135.58 million achieved in the preceding trading session. Similarly, in the official market, the Nigerian Naira strengthened against the British Pound Sterling on Thursday by

By Adedapo Adesanya Some Nigerians have expressed anger over the upward review in the foreign exchange (FX) rate, a move that could see imported goods and by extension, domestic products record surge in prices at a time when the country is battling a high cost of living. The federal government, through the Central Bank of Nigeria (CBN), has hiked the duties payable on imported goods at Nigerian ports. Business Post gathered that the upward review of prices showed the US Dollar equivalent had been put at N951.941/$1 while for the Euro, the rate was pegged at N1,030.762/€1 and the Pound

By Adedapo Adesanya Dangote Refinery is set to commence crude refining in the coming days as an OTIS Tanker, carrying 950,000 barrels of Agbami crude has reportedly set sail to Dangote’s offshore crude receiving terminal, Business Post has gathered. It is expected to arrive around 8 pm today, December 7, 2023. This development confirms expectations that the 650,000 barrels per day will commence operations before year-end and produce its first batch of petroleum soon after the company had initially announced that it would begin producing up to 370,000 barrels per day of diesel and jet fuel in October and gradually

By Dipo Olowookere One of the candidates for the September 28, 2016 governorship election in Edo State has withdrawn from the race. The candidate of KOWA party, Mr Thompson Osadolor, explained he decided to quit the poll following the decision of the Independent National Electoral Commission (INEC) to postpone the exercise. INEC rescheduled the poll from Saturday, September 10, 2016, to the new date because it was advised to do so by the police and the DSS over “security concerns”. However, Mr Osadolor has urged his supporters to now cast their votes for candidate of the Peoples Democratic Party (PDP),

By Dipo Olowookere One of the leading electricity distribution companies in Nigeria, Ibadan Electricity Distribution Company (IBEDC), has expressed regret at the poor power supply to its customers in Mowe, Ibafo and Magboro areas of Ogun State. The firm, in a statement, stated that the reason for the abysmal service to the communities is partly because of the low allocation of energy to them by the Transmission Company of Nigeria (TCN). IBEDC, which took responsibility for the frustrating situation, explained further that the three communities get their supply from Oke-Aro 132KV/33KV transmission station, while allocation to the station from TCN

By Nneka Okumazie This world is a world of injustice – and it is by no means a better place with regards to justice. The evasive paths for many crimes remain, in spite of more ways of reporting, evidence and voices. Denials are still predominant, as well as bad information as a tool for deception. The way power works – sometimes seeming to slip away, results in some getting aggressive in how they retain theirs. The move to connive by the powerful, cleaning their image – is also driven for the grip. But power – for many, is the ability

By Investors Hub European stocks are turning in a lackluster performance on Friday as earnings proved to be a mixed bag and investors kept an eye on multiple speeches from Fed officials due later today for further insight on inflation and interest rates. While the U.K.?s FTSE 100 Index is down by 0.2 percent, the French CAC 40 Index is just above the unchanged line and the German DAX Index is up by 0.3 percent. Royal Bank of Scotland shares have tumbled despite the bank posting its first annual profit in a decade. Similarly, British Airways owner IAG has moved

By Adedapo Adesanya The United Nations High Commissioner for Refugees (UNHCR) has said that about 23,000 Nigerians in Northwest Nigeria fled to the Republic of Niger since April due to violence. The United Nations refugee agency said on Tuesday that the security situation in the part of the country has deteriorated and raised concerns towards it. The numbers fleeing to neighbouring Niger have almost tripled from last year when the agency reported the first influx of 20,000 people, following an insurgency and banditry in northern Nigeria which killed hundreds and displaced thousands. The latest number largely women and children came

By Adedapo Adesanya The value of the Naira appreciated against the United States currency in the Peer-to-Peer (P2P) segment of the foreign exchange market on Tuesday by N2 to close at N740/$1 compared with the previous day’s value of N742/$1. However, it depreciated against the American Dollar at the Investors and Exporters (I&E) window of the FX market yesterday by 33 Kobo or 0.08 per cent to trade at N436.33/$1 in contrast to Monday’s value of N436.00/$1. Data from the FMDQ Securities Exchange disclosed that the value of forex transactions recorded at the spot market yesterday went up by 27.31

By Adedapo Adesanya The Federation Accounts Allocation Committee (FAAC) has shared N695.03 billion to the three tiers of government as revenue for March 2022. This is coming amid plans by the Nigerian National Petroleum Corporation (NNPC) Limited to deduct N242.53 billion for subsidy after the government suspended the planned removal from July 2022. On Tuesday, FAAC held a virtual conference and according to the FAAC Director Information, Mr Olajide Oshundun, the amount disbursed this month was 20.9 per cent higher than last month, which was N574.7 million. The amount generated last month and shared this month was inclusive of Gross

By Modupe Gbadeyanka In the past few days, there have been speculations that the price of Petrol Motor Spirit (PMS) commonly known as petrol would go up. This has created fears among Nigerians, who are still battling with the high cost commodities in the market due to the country being in recession. But the Department of Petroleum Resources (DPR) in Niger State has assured that the price of petrol will not be hiked as being feared. The agency said it has straightened surveillance on petroleum marketers to checkmate sales of the product above the regulated price of N145 per litre.