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  • Dangote Refinery: Experts Caution Against Political Interference, Emphasize $20bn Investment's Benefits for Nigeria
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    Dangote Refinery: Experts Caution Against Political Interference, Emphasize $20bn Investment’s Benefits for Nigeria

    Many experts urged the federal government over the weekend to resolve all issues and support the $20 billion Dangote Refinery to attract more local and foreign investments into Nigeria. Farouk Ahmed, the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), stated that the refinery was still in the pre-commissioning stage […] More

  • The Nigerian Naira appreciated to N1,550 against the US Dollar in the parallel market.
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    CBN Resumes Forex Sales to Bureaux de Change

    The Central Bank of Nigeria (CBN) resumed dollar sales to Bureaux De Change (BDC) operators on Thursday, July 18, with a planned distribution of $20,000 to each licensed operator. The central bank stated that this forex injection aims to mitigate distortions in the forex market, enhance market liquidity, and stabilize the naira. In a circular […] More

  • Naira remains stable at N1,535 per dollar in the parallel market.
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    The Naira appreciates to N1,545 per dollar in the parallel market.

    On Friday, the Naira appreciated to N1,545 per dollar in the parallel market, up from N1,550 per dollar on Thursday. However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira depreciated to N1,563.8 per dollar. According to data from FMDQ, the indicative exchange rate for NAFEM rose to N1,563.8 per dollar from N1,554.55 per […] More

  • The Nigerian Naira appreciated to N1,550 against the US Dollar in the parallel market.
    in

    The Nigerian Naira appreciated to N1,550 against the US Dollar in the parallel market.

    The Naira showed notable improvement in its exchange rates both in the parallel market and the Nigerian Autonomous Foreign Exchange Market (NAFEM) yesterday. Here are the key details: ### Parallel Market – **Naira Appreciation**: The Naira appreciated to N1,550 per dollar, up from N1,560 per dollar on Wednesday. ### Nigerian Autonomous Foreign Exchange Market (NAFEM) […] More

  • Senate Rejects Bill Seeking Control and Monitoring of Foreign Exchange Market Transactions
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    Senate Rejects Bill Seeking Control and Monitoring of Foreign Exchange Market Transactions

    The Nigerian Senate on Thursday rejected a bill seeking to amend the Foreign Exchange Act of 2004. The proposed bill, titled “The Foreign Exchange (Control and Monitoring) Bill, 2024 (SB. 353),” aimed to introduce new provisions for the control, monitoring, and supervision of transactions in the foreign exchange market. Background The bill, sponsored by Sani […] More

  • Naira remains stable at N1,535 per dollar in the parallel market.
    in

    Naira strengthens to N1,550/$ in the parallel market.

    Yesterday, the Naira strengthened to N1,550 per dollar in the parallel market, improving from N1,560 per dollar on Wednesday. In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira also appreciated to N1,554.55 per dollar. According to data from FMDQ, the indicative exchange rate for NAFEM dropped to N1,554.55 per dollar from N1,561.98 per dollar […] More

  • Only three out of 22 airports are viable in Nigeria, according to FAAN.
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    Only three out of 22 airports are viable in Nigeria, according to FAAN.

    The Federal Airports Authority of Nigeria (FAAN) has reported that only three out of the country’s 22 international and domestic airports are profitable. FAAN’s Managing Director, Olubunmi Kuku, revealed this during a Channels Television interview on Tuesday. He mentioned that 19 of the nation’s airports are subsidized due to insufficient passenger traffic to cover their […] More

  • Naira remains stable at N1,535 per dollar in the parallel market.
    in

    Naira remains stable at N1,535 per dollar in the parallel market.

    The Naira remained stable at N1,535 per dollar in the parallel market yesterday. According to data from FMDQ, the indicative exchange rate for NAFEM increased to N1,532.58 per dollar from N1,523.85 per dollar on Monday, marking an N8.73 depreciation for the Naira. The volume of dollars traded (turnover) in the market saw a significant increase […] More

  • Fuel Queues Return in Nigeria as Marketers Cite Lack of Supply from NNPCL
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    Fuel Queues Return in Nigeria as Marketers Cite Lack of Supply from NNPCL

    Billy Gillis-Harry, the President of the Petroleum Products Retail Outlets Owners Association (PETROAN), has stated that the scarcity of Premium Motor Spirit (Petrol) in Abuja, Nasarawa, and other states is due to the non-supply by the Nigerian National Petroleum Company Limited (NNPCL). In an exclusive interview with DAILY POST on Saturday, Gillis-Harry commented on the […] More

  • In 2023, global Foreign Direct Investment (FDI) declined to $1.3 trillion
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    In 2023, global Foreign Direct Investment (FDI) declined to $1.3 trillion

    In 2023, Africa experienced a mixed outcome in foreign direct investment (FDI) flows, as reported in the World Investment Report 2024 by the United Nations Conference on Trade and Development (UNCTAD). The continent saw a 3% decline in FDI inflows, totaling $53 billion for the year. This slight decrease reflects the challenging investment environment faced […] More

  • 9mobile has announced the appointment of Obafemi Banigbe as its new CEO.
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    9mobile has announced the appointment of Obafemi Banigbe as its new CEO.

    Emerging Markets Telecommunication Services Limited (EMTS), operating as 9mobile, has appointed Obafemi Banigbe as its new Chief Executive Officer. This appointment signifies a crucial step in the company’s ongoing business transformation efforts. Banigbe succeeds Juergen Peschel, the outgoing CEO, who will continue to support the transformation process as a consultant. Banigbe brings extensive C-suite experience […] More

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