Naira woes worsened on Tuesday, crashing by 42 per cent against the US dollar in the foreign exchange market in two days. Data from FMDQ showed that the Naira further plummeted to an all-time low of N1,482.57 per US Dollar on Tuesday from N1,348.63 on Monday. This represents a 9 per cent or 133.94 loss […]
FOREX Variation burdensome to govt, impedes rate of development – Delta Commissioner
Delta State Government has urged contractors handling various projects for the state to speed up construction works given the unstable foreign exchange. The State Commissioner for Works (Rural and Riverine Roads), Mr Charles Aniagwu gave the charge during the inspection of Jolly Avenue, Onicha-Ugbo in Aniocha’s north local government area of the state. Aniagwu said […]
Community Guidelines: Nigerian govt to revoke mining licences
Kerosene consumers experienced unprecedented price hike in 2023 – NBS
Kerosene consumers in December, 2023 experienced unprecedented increase in retail price of the product, which rose to N1,362.27 per litre nationwide. This marked a 5.84 per cent increment compared to the N1,287.10 recorded in November the same year. A report released by the National Bureau of Statistics, NBS, on Tuesday stated that on a year-on-year […]
Nigeria’s pension asset records N3.36trn gain as RSA registration increases to 10.19m in 2023
Nigeria’s total pension asset achieved an N3.36 trillion gain in 2023. The National Pension Commission, PenCom, disclosed this in its recently unaudited pension fund portfolio report. According to PenCom, this represents a year-on-year increase of 22.43 per cent. The report also stated that the total number of Retirement Savings Account, RSA, registrations hit 10.19 million […]
DisCos received N99.94bn out of N133.3bn worth of electricity consumed in November 2023 – NERC
The Nigerian Electricity Regulatory Commission, NERC, says N99.94 billion was received by 11 electricity Distribution Companies, DisCos, from customers as revenue from the N133.3 billion worth of electricity they consumed in November, 2023. NERC, in the factsheet it released on its official X account, stated that the average amount paid by Kilowatt hour (kWh) of […]
Forex crisis, naira freefall: Tinubu moves crude oil sales revenue from NNPCL to CBN
Amid the continued foreign exchange crisis in Nigeria and the freefall of the Naira, President Bola Ahmed Tinubu has moved crude oil sales revenue to the Central Bank of Nigeria from the Nigerian National Petroleum Company Limited in sweeping reforms in the oil and gas sector. The Governor of the CBN, Olayemi Cardoso, last week, […]
CBN warns Forex dealers against deliberate attempts to create price distortions
The Central Bank of Nigeria, CBN, has accused Authorised Dealers in the foreign exchange market of reporting inaccurate and misleading information on transactions. The apex bank warned that such dealers and their customers should desist from such reportage. This was disclosed by the acting director, financial markets department at the CBN, Aliyu Ashiru, in a […]
Blackouts over gas shortage spark fresh concerns in Nigeria’s failing power sector
Blackouts in parts of Nigeria due to a gas supply shortage to generation plants have sparked fresh concerns about the perennial challenges facing the nation’s power sector. DAILY POST reported last weekend that the Nigerian Federal Government and Transmission Company of Nigeria blamed the drop in electricity supply to Nigeria in recent weeks on gas […]
Naira hits historic low, tumbles massively against US dollar at forex market
The Naira tumbled massively, falling to a historic low of N1,348.63 against the US Dollar in the foreign exchange market on Monday. Data from FMDQ showed that the Naira climbed to a record-time low of N1,348.63 per US Dollar on Monday from N891.90 on Friday. This represents 33.87 per cent or N456.73 weaker than N891.90 […]