Nigerian crude settled at about $70 per barrel, up from $68 earlier in the week. This is because U.S. crude inventories have recently decreased. Brent crude, which was trading at $69.3 per barrel on September 26, represents a slight monthly increase of 3 per cent. Nigerian blends usually trade at a slight premium to Brent…
Abdul Samad Rabiu, president of BUA Group, has predicted that the naira will strengthen to between ₦1,300 and ₦1,400 to the dollar by the end of the year. Rabiu stated this while addressing journalists shortly after a meeting with President Bola Tinubu at the Presidential Villa in Abuja on Wednesday. Praising what he described as…
The Central Bank of Nigeria (CBN) has introduced a 75 percent cash reserve ratio (CRR) on non-treasury single account (TSA) public sector deposits for enhanced liquidity management. Olayemi Cardoso, CBN’s governor, announced at a press conference on Tuesday after the monetary policy committee (MPC) 302nd meeting in Abuja. Non-TSA public sector deposits are government-related funds…
The Central Bank of Nigeria (CBN), on Tuesday, announced a reduction in its Monetary Policy Rate (MPR) by 50 basis points and cut the interest rate from 27.5 percent to 27 percent. CBN governor, Olayemi Cardoso, announced this at the 302nd meeting of its Monetary Policy Committee (MPC) on Tuesday. The unanimous decision also included…
Nigeria’s economy grew by 4.23 percent year-on-year in real terms in the second quarter of 2025, according to the National Bureau of Statistics (NBS). The figure represents an improvement over the 3.48 percent growth recorded in the same quarter of 2024. The NBS, in its Nigerian Gross Domestic Product (GDP) Report Q2 2025 released on…
Nigeria’s upstream oil sector has recorded a year-on-year output increase, averaging 1.63 million barrels per day (bopd) of crude oil and condensates in August 2025, This represents an improvement from 1.58 million barrels of oil per day (bopd) in the same period in 2024, according to the Crude Oil and Condensate Production for August 2025…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revealed that President Bola Tinubu’s renewed hope competitive reform agenda has delivered 28 Field Development Plans (FDPs) with 18.2 billion dollars worth of investment commitments in the Nigerian oil sector The Commission Chief Executive, Mr Gbenga Komolafe disclosed this on Tuesday at the Africa Oil Week, held…
The Federal Government has suspended the 4% Free on Board (FOB) charge recently imposed on imported goods by the Nigeria Customs Service. The directive, which takes effect immediately, was communicated on Monday via a letter signed by Permanent Secretary, Special Duties, R. O. Omachi, Federal Ministry of Finance. The move follows consultations with industry stakeholders,…
Nigeria’s headline inflation slowed for the fifth consecutive month in August 2025, providing some respite for consumers grappling with high living costs. Data released by the National Bureau of Statistics on Monday showed that inflation dropped to 20.12 per cent, down from 21.88 per cent in July. The figure represents a 1.76 percentage point decline…
Dangote Refinery’s newly acquired Compressed Natural Gas (CNG) trucks, on Monday, began loading petroleum products at the facility for direct supply to filling stations nationwide. Our correspondent at the launch of the first batch of the trucks reported that the trucks have begun taking turns at the gantry to load products. The Refinery announced in…