Business

The naira appreciated significantly against the dollar in the foreign exchange market as FX supply surged. Obtained data showed the naira strengthened to N1639.50 against the dollar on Thursday from N1,681.65 exchanged on Wednesday. Meanwhile, at the black market, the naira depreciated to N1750 per dollar on Thursday from between N1720 and 1735 exchanged on Wednesday. This comes as FX transaction turnover increased to $244.96 million on Thursday from $196.78 […]

The Minister of State, Federal Ministry of Works, Bello Goronyo, has urged the management of the Federal Roads Maintenance Agency to give regular updates concerning ongoing rehabilitation of roads to the public, National Assembly, and other stakeholders in order to bridge communication gaps. The minister gave the charge at a meeting with the management of FERMA and members of its board led by the Managing Director/CEO, Chukwuemeka Agbasi, on Wednesday […]

The World Bank has approved a $50 million fund to support Nigeria’s fight against food and nutrition challenges. World Bank Country Director Ndiame Diop announced this during a meeting with Vice President Kashim Shettima at the Presidential Villa in Abuja on Tuesday. This funding is part of the Accelerating Nutrition Results in Nigeria (ANRiN) project 2.0, designated as a crisis response initiative as Vice President Shettima highlighted Nigeria’s commitment to […]

The newly appointed Minister of Industry, Trade, and Investment, Jumoke Oduwole, has assured operators that the African Continental Free Trade Agreement would be utilised optimally to benefit Nigeria. She disclosed this after assuming duties on Monday. The AfCFTA is a free trade area that has 43 parties and another 11 signatories, making it the largest free-trade area by number of member states, after the World Trade Organisation, and the largest […]

Electricity consumers in the Federal Capital Territory's Band A category, who receive at least 20 hours of power daily and currently pay N209.5 per kilowatt-hour, are urging the Federal Government to reduce high electricity tariffs due to ongoing economic challenges. Residents of Lugbe, Area 10, and Apo resettlement areas shared their concerns with the Newsmen on Sunday citing that while they appreciate the reliable power supply, the costs are overwhelming. […]

The naira further depreciated on Thursday, trading at N1675.49 to the dollar in the official market, down from N1631.17 on Wednesday as this reflects a loss of N44.32 in just one day. At the parallel market, the naira held steady at N1750 per dollar, unchanged from the previous day. This decline occurred despite an increase in foreign exchange transaction turnover, which rose to $166.61 million on Thursday from $128.98 million […]

Major oil marketers on Thursday have raised the price of Premium Motor Spirit (PMS), or petrol, to between N1,010 and N1,050 per litre, marking a 4% increase in Lagos and nearby areas. Independent oil marketers have adjusted their prices as well, ranging from N1,100 to N1,200 per litre, with regional variations. With a deregulated market, petrol prices remain unfixed, leading to slight differences across filling stations, though some prices remain […]

The local stock market on Wednesday, marked the third consecutive day of closing in the red zone. The All-Share Index and the market capitalisation shed 0.04 percent to close at 98,023.23 points and N59.39tn, respectively, as investors lost N22bn. Despite the downturn, 33 stocks registered gains, while 23 recorded losses. Leading the gainers were the trio of UPL, VitaFoam and Sky Aviation, which gained 10 percent each to close at […]

The naira appreciated against the dollar on Tuesday at the official foreign exchange market. Obtained ata showed that the naira gained at N1630.35 per dollar on Tuesday from N1670.65 exchanged on Monday which represents N40.3 appreciation. Meanwhile, at the black market, the naira dropped further to N1748 per dollar on Tuesday from N1746 traded the previous day. This comes as FX transaction turnover increased to $242.59 million on Tuesday from […]