Economy

The Nigerian National Petroleum Company Limited (NNPCL) has debunked a report claiming that it owes international oil traders $6.8 billion. The Chief Corporate Communications Officer of NNPCL, OLUFEMI SONEYE, in a statement, also denied claims that the NNPCL has not remitted funds into the federation account since January, insisting  that the NNPC Ltd. and all its subsidiaries always remit their taxes to the Federal Inland Revenue Service (FIRS).  On the issue of […]

Data released by the Financial Markets Dealers Quotations, FMDQ shows that naira has continued to appreciate against the dollar at the official foreign exchange market, gaining N2.9 at N1593.62 per dollar on Thursday from the N1596.52 exchanged on Wednesday.  Analysts say the data shows that the naira had a positive performance yesterday at both official and parallel foreign exchange markets. The development comes as the Central Bank of Nigeria commenced, the Retail Dutch Auction System, where it sold $876.26 […]

The Chairman, Independent Petroleum Marketers Association of Nigeria IPMAN in Enugu state CHINEDU ANYASO says the scarcity in supply of Premium Motor Spirit also known as petrol within major cities in Nigeria, is solely the responsibility of Nigerian National Petroleum Corporation NNPC. CHINEDU, who appeared yesterday on the URBAN RADIO political program THE PARLIAMENT reiterated that the availability of fuel is determined by NNPC. He further noted that marketers can only sell when petrol is made available by the NNPC, adding that there is no operational refinery within the country.  A Developmental Scientist CHIGOZIE ANARODO who also featured […]

The Central Bank of Nigeria CBN hasannounced the sales of 10,000 dollars to each of the eligible Bureau De Change BDC operators in the country at the rate of 1,251 Naira to One dollar.  In a circular to the President of the Association of BDC Operators of Nigeria signed by the Director of Trade and Exchange Department of CBN, HASSAN MAHMUD, the BDCs are to sell to eligible end users at a spread of not more than 1.5% above the purchase price.  The CBN warned that any BDC that breaches the terms shall be sanctioned appropriately, including outright […]

The Governor of the Central Bank of NigeriaCBN, OLAYEMI CARDOSO has announcedthe allocation of 100 billion Naira and 2.15 million bags of fertilizers to the Ministry of Agriculture to cushion the effects of high prices of food in the country.  CARDOSO who revealed this yesterday during a meeting with the Minister of Agriculture and Rural Development MOHAMMAD ABUBAKAR, and the Minister of Agriculture and Food Security ABUBAKAR KYARI at the ministry’s headquarters in Abuja said they believe that providing support to farmers would help mitigate the high food prices currently bedeviling the nation.  He said the CBN has turned away from direct […]

The Enugu Chamber of Commerce, Industry, Mines, and Agriculture, ECCIMA has announced that the 35th International Trade Faire, 2024, will be held from Friday, 5th to Monday, 15th April 2024, with both local and international companies declaring interest in participating. The President of ECCIMA, ODEIGA JIDEONWO who made this known during the Chamber’s 1st Quarter Press Briefing and the 35th Enugu International Trade Fair Publicity Launch at ECCIMA house, Enugu said the fair will focus more on the Agricultural Sector as it remains a critical sector toward diversification. Speaking on […]