The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has reaffirmed the apex bank’s commitment to stabilizing the foreign exchange market, vowing to eliminate bad actors whose activities contribute to the volatility of the naira. This comes as the naira depreciated slightly at the official foreign exchange market on Tuesday, closing at N1,532.39/$,
Oil marketers under the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) have rejected the decision by Dangote Petroleum Refinery to sell refined petroleum products in dollars instead of naira. PETROAN Calls for Government InterventionPETROAN urged the Federal Government to intervene and ensure that fuel transactions within Nigeria are conducted in local currency. The
In a groundbreaking achievement, Dangote Refinery has successfully shipped 1.7 million barrels of jet fuel to the United States, defying the odds amidst Nigeria’s ongoing petrol trade crisis. According to reports, six vessels carrying the jet fuel arrived at US ports this month, with another vessel, Hafnia Andromeda, set to arrive at the Everglades terminal
The Nigerian Exchange Limited (NGX) witnessed a sharp decline in trading activity in February 2025, as total transactions fell by 16.07 percent to N509.47 billion, down from N607.05 billion recorded in January. The decline was largely driven by a 40.36 percent slump in foreign investor transactions, which dropped from N71.51 billion to N42.65 billion during
The Economic and Financial Crimes Commission (EFCC) has apprehended 133 individuals linked to an alleged Ponzi scheme masquerading as an academy in the Federal Capital Territory (FCT), Abuja. The suspects were arrested during a sting operation on Monday, March 24, at Compensation Layout in Gwagwalada, following credible intelligence on the illicit activities of the establishment.
The Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) have been urged to investigate an alleged ₦500 million bribe by the Benue State Government to influence the National Judicial Council (NJC). The Centre for Judicial Integrity (CJI), which made the call, also condemned the ongoing strike
The stock market struggled over the past week, with the benchmark index shedding 1.25 percent week-on-week to close at 1536.89 points on Friday. According to data from the Nigerian Exchange Limited, the All-Share Index opened the week on a weak note at 1,528.03 points, down from 1,517.93 points in the previous session. The index further
The Federal Government has announced plans to adopt agricultural development strategies from Egypt, describing the country as a model in modern farming techniques and food production. The government also reaffirmed its commitment to improving food security and boosting rural development through advanced agricultural practices. The Minister of Agriculture, Adebayo Adelabu, disclosed this during a recent
Nigeria anticipates increased Chinese investments and technology transfer, according to the Minister of Works, David Umahi. He emphasized that China should expand its economic support for Nigeria beyond existing infrastructure projects. Chinese Infrastructure ContributionsDuring a courtesy visit by the Chinese Ambassador to Nigeria, Yu Dunhai, Umahi highlighted various infrastructure projects being executed by Chinese firms
Agricultural stakeholders have emphasized the urgent need for policy adjustments, increased funding, and technological advancements to enhance the country’s food production and supply systems. During the National Stakeholder Dialogue on Food Security held in Abuja on Thursday, experts, policymakers, and development partners gathered to discuss key challenges and solutions for ensuring sustainable food availability across
