Dangote Petroleum Refinery has announced another reduction in the ex-depot price of Premium Motor Spirit (PMS), cutting the rate by ₦50 per litre to ₦1,075 per litre in its fourth petrol price reduction within a month. The latest adjustment, which took immediate effect, lowers the ex-gantry price from ₦1,125 per litre and brings the refinery’s…
Nigeria’s business landscape recorded three major developments on Thursday, with fresh fuel price relief from the Dangote Petroleum Refinery, a milestone in the country’s global energy profile, and regulatory action in the banking sector. In the downstream oil sector, Dangote Petroleum Refinery announced its fourth consecutive reduction in the ex-depot price of Premium Motor Spirit…
The Nigerian naira remained stable at the start of the new month, maintaining its recent gains in both the official and parallel foreign exchange markets amid improving liquidity and continued interventions by the Central Bank of Nigeria (CBN). Data from the Nigerian Foreign Exchange Market (NFEM) showed the naira trading at ₦1,380.17 per U.S. dollar…
The Nigerian naira started the new trading week on a stable note, maintaining its recent gains against the U.S. dollar as confidence in the foreign exchange market continued to improve. According to data from the Nigerian Foreign Exchange Market (NFEM), the naira traded at ₦1,379.22/$1 at the official window, reflecting continued stability after weeks of…
S&P Global has raised its forecast for Nigeria’s average inflation rate in 2026 to 16.9%, up from its previous projection of 15.0%, citing stronger-than-expected spillover from higher global oil prices into domestic energy costs. The revised outlook was published in the ratings agency’s latest report, Economic Outlook Emerging Markets Q3 2026: Inflationary Pressures Will Persist….
The Central Bank of Nigeria (CBN) has directed all banks and other regulated financial institutions to immediately freeze accounts, assets, and financial transactions linked to six individuals and four Bureau De Change (BDC) operators over alleged involvement in terrorism financing. The directive, contained in a circular dated June 24, 2026, follows an update to the…
Commercial vessels have begun safely transiting the Strait of Hormuz under a newly launched United Nations emergency evacuation scheme, offering a major boost to global trade and energy markets after months of disruption in one of the world’s most critical shipping corridors. The operation follows intensive regional diplomacy and the recent U.S.-Iran ceasefire framework aimed…
A new report by ActionAid International and ActionAid Nigeria has raised concerns over Nigeria’s fiscal priorities, revealing that the country now spends nearly five times more on servicing external debt than on healthcare and education combined. The report talks about the growing burden of debt repayments on Africa’s largest economy, warning that rising obligations to…
SpaceX shares suffered their biggest single-day decline since the company entered the public market, falling 16.4% and wiping out roughly $400 billion in market value. The stock closed at $154.60, marking the sharpest drop since its blockbuster June 12 debut. The selloff came after investors reacted to SpaceX’s announcement that it plans to raise more…
The Nigerian naira has come under renewed pressure after the United States dollar strengthened sharply following a more hawkish policy signal from the US Federal Reserve, pushing the local currency into one of its weakest 12-month periods. The dollar rally was triggered by growing expectations that the Federal Reserve could maintain higher interest rates for…
