This was contained in the latest rating commentary on the development bank, which was issued by the rating company, where it affirmed BoI’s Long-Term Issuer Default Rating at ‘B’ and its National Long-Term Rating at ‘AAA(nga)’ with a stable outlook. Earlier in May, the Federal Executive Council approved the ‘Nigeria First’ policy, aimed at strengthening […]
In a statement released by its Deputy Director, Kolawole Oluwadare, SERAP’s suit followed a landmark judgment by the Supreme Court last July, which held that allocations from the Federation Account with the CBN must be paid directly to democratically elected local government councils and that no governor has the power to keep, control or use […]
The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced that a scheduled maintenance shutdown of the Port Harcourt Refining Company (PHRC) is scheduled to commence on May 24, 2025. In a statement released by the Chief Corporate Communications Officer, Femi Soneye, the NNPC said the shutdown is part of a planned maintenance and sustainability […]
The new rates according to the Africa’s largest refinery now ranges from N875 to N905 per litre, marking a N15 reduction per litre. The new price regime was announced by the refinery via its official social media handle earlier today. It stated that this applies to all major fuel marketers in partnership with the refinery, […]
CBN Governor Yemi Cardoso announced the decision in Abuja following the 300th Monetary Policy Committee (MPC) meeting. Mr Cardoso said that all 12 MPC members voted unanimously to hold key monetary parameters. The committee retained the cash reserve ratio at 50 per cent for deposit money banks and 16 per cent for merchant banks. The […]
Data from the official trading platform of the FMDQ Exchange, revealed that the Naira currently gained N42.15. This represents a 2.5 per cent gain when compared to the previous trading date when it exchanged at N1,681.65 to a dollar. Read Also : Dollar supply drops as Naira depreciates on Thursday Also, the total daily turnover […]
FMDQ data showed that the foreign exchange transactions turnover declined to $87.51 million on Thursday from $139.48 million recorded the previous day. This represents a $57.97 million decrease in FX transactions turnover on a single day. The development led to the depreciation of Naira to N1544.02 per dollar on Thursday for N1539.65 exchanged on Wednesday. […]
To this effect, the government said it is immediately implementing emergency protocols at Onne Port for the next three months by conducting thorough examinations of all suspected containers in the premises. The Comptroller-General of Customs, Bashir Adeniyi, stated this during a press conference to unveil the seizures of illicit goods by Nigeria Customs Service, Area […]
The Federal government has rubbished reports on social media suggesting that the Ministry of Petroleum has ordered NNPCL to sell fuel at N1000, above the approved pump price. A report, intending to mislead the public and cause panic, which is devoid of truth, circulating in the media had maliciously claimed that the minister of Petroleum, […]
A statement by the Federal Competition and Consumer Protection Commission ,FCCPC, said the Executive Vice-Chairman of the FCCPC, Tunji Bello, gave the order at a one-day stakeholders’ engagement on exploitative pricing in Abuja. According to Bello, the commission will begin enforcement after the expiration of the notice. He said the meeting was to address the […]