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In a bid to curb rising inflation, the Central Bank of Nigeria (CBN) has raised its benchmark interest rate, the Monetary Policy Rate (MPR), to a record high of 26.75%. This is an increase of 150 basis points from the previous rate of 24.75%, which marked the third consecutive increase this year. CBN Governor Olayemi Cardoso announced this after the …

Mele Kyari, Group Chairman of the Nigerian National Petroleum Corporation (NNPC), has strongly denied the allegations made by Aliko Dangote, President of the Dangote Group. In a statement released on Tuesday via his X account, Kyari responded to claims that NNPC staff were setting up a petroleum blending plant in Malta, potentially hampering local production. Kyari has vehemently denied owning …

Claiming:Nigeria loses $50 million to oil theft every week. The indictment: There is no reliable data to support these claims. Full Text: A Facebook user claims that Nigeria is losing $50 million to oil theft every week. The social media user made the claim in response to a new loan from the Nigerian government. Screenshot of claim on Facebook Ripples …

Nigerian currency, naira started the week on a positive note against the US dollar on Monday, July 22, 2024. The local currency plunged by N96 to trade at N1,500/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed. This is in contrast to the exchange rate of N1.596/$1 traded on Friday, July 19, 2024. The intraday high and low …

The equity market started the week on a positive note on Monday, July 22, 2024 as investors earned N16 billion at the end of the trading session. This follows the increase in the prices of stocks such as TANTALIZER, LIVESTOCK and NEIMETH among others on the trading floor. After five hours of trading on the capital market, equity capitalization increased …

President Bola Tinubu has returned to Abuja from Accra, Ghana, where he attended the 6th Mid-Year Coordination Meeting of the African Union. He arrived at the Nnamdi Azikiwe International Airport, Abuja, on Sunday evening. The President was received at the airport by his Chief of Staff, Femi Gbajabiamila, Secretary to the Government of the Federation, George Akume, and other senior …

Investors enjoyed positive moves last week following strong performances from stocks such as Airtel Africa Access Corp UCAP, and NAHCO among others. Nigerian equity markets rallied in four out of five trading sessions as the benchmark All Share Index (ASI) rose +0.87% to close at 100,539.40 points from 99,671.28 points in the previous week. Investors gained N320.84 billion as market …

Here are the top 10 headlines across the country 1. House threatens sanctions against oil companies over $60 billion cash-in-hand phone call probe The House Joint Committee on Finance and Petroleum Resources (Upstream) has issued a stern warning threatening punitive action against oil companies that refuse to cooperate in the ongoing probe into the alleged $60 billion embezzlement under the …

President Bola Tinubu has arrived in Accra, Ghana, to attend the 6th Mid-Annual Coordination Meeting of the African Union (AU), currently underway in the West African country. The President was welcomed by a delegation of Nigerian officials, including the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, and the Chargé d’Affaires of the Nigerian High Commission in Ghana, Ambassador Dayo Adeoye. …

The House of Representatives Joint Committee on Finance and Petroleum Resources (Upstream) has issued a stern warning threatening punitive action against oil companies that refuse to cooperate in the ongoing investigation into an alleged $60 billion inflated cash call under the Joint Venture Agreement of the Nigerian National Petroleum Company Limited. Co-chaired by James Faleke (Finance) and Alhassan Ado-Doguwa (Petroleum …