Category: Business

The Nigerian currency has appreciated significantly in the official foreign exchange market against the pound, euro, and US dollar. According to data from FMDQ Securities, the naira closed at N1,500.00/$1 at the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, July 22, 2024. This represents a 6.1%, or N96 appreciation, when compared to the N1,596.92/$1 […]

A former Minister of Education, Oby Ezekwesili, has called for an independent audit of why the Nigerian National Petroleum Company Limited capped its investment in the Dangote Petroleum Refinery at 7.2 per cent instead of the planned 20 per cent. This was as the Group Chief Executive Officer of the NNPC, Mele Kyari, denied owning […]

The electricity distribution companies in Nigeria generated revenue of N291.62bn in the first quarter of 2024 amid the blackout in parts of the country. This was even as the nation lost 673 megawatts of power generation capacity due to gas shortages during the period. In a report by the Nigerian Electricity Regulatory Commission, it was […]

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has stated that monies in dormant accounts in banks are susceptible to fraudulent activities. He made this known on Tuesday, July 23, 2024 at the end of the 296th meeting of the Monetary Policy Committee in Abuja, where he disclosed an increase in the benchmark […]

The Central Bank of Nigeria, CBN yesterday intensified its efforts to curb rising inflation as it announced further hike in its benchmark interest rate, the Monetary Policy Rate, MPR to 26.75 per cent from 26.25 per cent, a decision faulted by the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, NACCIMA, Nigeria Employers’ […]

Tesla reported a hefty drop in second-quarter profits Tuesday due to the effect of price cuts while spending aggressively on autonomous driving and other technology. Elon Musk’s electric vehicle company reported profits of $1.5 billion, down 45 per cent, on revenues of $25.5 billion, which were up two per cent behind an increase in its […]