The dollar yesterday crashed to N368/$ in the parallel market, after over three weeks at N382/$, representing N14 appreciation within the period. The exchange rate, which was confirmed by Aminu Gwadabe, president of the Association of Bureaux De Change Operators of Nigeria (ABCON), followed nearly $5 billion sustained intervention by the Central
Ekiti State residents are at the mercy of petrol black marketers, who are capitalising on the face-off between Governor Ayo Fayose and oil marketers to make brisk business. The people, who buy the commodity from neighbouring states, sell to consumers at N300 per litre, as against the government regulated price of N145 per litre. The black marketers
THE Central Bank of Nigeria (CBN) yesterday kept its Monetary Policy Rate (MPR), its base interest rate, at 14 per cent. CBN Governor Godwin Emiefele, who spoke to reporters after the Monetary Policy Committee (MPC) meeting in Abuja, said the recession corridor would come to an end by the third quarter because of the positive financial and
The Central Bank of Nigeria (CBN) yesterday released a list of items that can source foreign exchange (forex) from the market. The list, sent to all authorised dealers, Nigeria Customs and the public, has 36 categories. It is endorsed by Director, Trade and Exchange, W.D Gotring. He said the list became exigent following
Employees of Capital Oil and Gas Industries Ltd have urged the Federal Government to release their Chairman, Dr Ifeanyi Ubah, who is in the Department of State Services (DSS) custody. The workers urged Acting President Yemi Osinbajo, Senate President Bukola Saraki, House of Representatives Speaker Yakubu Dogara and the Minister of Labour, Sen.
The cost of producing a barrel of oil in Nigeria at over $20 is very high and uncompetitive compared with what other oil-producing countries, the Group Chief Executive Officer of Oilserv Limited, Mr. Emeka Okwuosa, has said. He said oil production at above $20 per barrel couldn’t be profitable with appropriate cost management. He lamented that the
A Federal Capital Territory (FCT) High Court in Maitama, Abuja has issued a garnishee order directing the Central Bank of Nigeria (CBN) to remove N11,270,000 from account of police. The money is to pay the Incorporated Trustees of Peace Corps of Nigeria (PCN) and its National Commandant, Ambassador Dickson Akoh, as judgment debt against the