The Central Bank of Nigeria has revealed that more than 94 per cent of the cash in circulation in the country is outside the control of deposit banks, marking a significant year-on-year increase of N1.59 trillion in the amount of currency held outside banks. Data from the CBN’s money and credit statistics shows that a…
The Central Bank of Nigeria (CBN) has announced a fine of ₦150 million on Deposit Money Banks found guilty of giving out illegal flow of mint naira notes to currency hawkers across the country. The move was after the apex bank addressed recent misinformation about the validity of the old N1000, N500, and N200 banknotes…
The estimated landing cost of Premium Motor Spirit (PMS), commonly known as petrol, in Nigeria has seen a decline of ₦36, dropping to ₦900.28 per litre as of Thursday. This marks a 3.62% decrease from the previous week’s landing cost of ₦936.75 per litre, according to data released by the Major Energy Marketers Association of…
The exchange rate between the naira and the dollar continued its rapid appreciation on the official EFEM market, closing at N1,535/$1 on Friday, December 6, 2024. This marks a significant milestone, as the naira strengthens further following three consecutive days of appreciation since the Central Bank of Nigeria (CBN) introduced the Enhanced Foreign Exchange Market…
The Nigerian National Petroleum Company (NNPC) has begun the export of petrol from the Port Harcourt Refinery to Dubai, shunning the local market. The Port Harcourt Refinery which began operations in November following rehabilitation shipped its first export of petroleum products to Dubai, with the company expected to load the cargo onboard the Wonder Star…
After more than six decades of operations in Nigeria, Swiss multinational Holcim has announced its decision to exit the country. Holcim, a global leader in innovative and sustainable construction solutions, disclosed plans to sell its 83.8% stake in Lafarge Africa Plc to China’s Huaxin Cement in a transaction valued at $1 billion. The deal, which…
The federal government has commenced N50 electronic levy deductions from transactions of N10,000 and above made by users of financial technology (Fintech) companies, including Opay, Moniepoint, Kuda, and others. The levy, called Electronic Money Transfer Levy (EMTL), introduced under the Finance Act 2020, places a singular and one-off levy of N50 on the recipient of…
The Nigerian National Petroleum Company Limited (NNPCL) has reduced the price of Premium Motor Spirit (PMS), also known as petrol, to marketers. The new price, which takes effect immediately, is N1,030 per litre, down from the previous price of N1,045 per litre. The price reduction was announced by the Petroleum Products Retail Outlet Owners Association…
The United Kingdom has officially launched its largest Visa Application Centre (VAC) in Africa, located in Ikeja, Lagos, through its new commercial partner, VFS Global. This marks a significant milestone in strengthening the UK’s visa application services for Nigerian residents. According to the British High Commission, the new VAC, alongside facilities in Abuja and Victoria…
Nigerian National Petroleum Company Limited (NNPC Ltd) on Wednesday night, through the chief corporate communications officer, Olufemi Soneye, has disclosed that the company has not commenced bulk sales of petrol and has not opened the purchase portal for Port-Harcourt refinery. He explained that the company is finalising necessary processes, noting that it currently sells products…