The Central Bank of Nigeria (CBN) has strongly reassured the public, affirming that all funds deposited in Nigerian banks are safe. This follows recent rumors that caused concern, suggesting some banks were at risk of having their licenses revoked. These claims led to panic among depositors, with some being advised…
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Nigerian Stock Market Sees N79 Billion Growth as All-Share Index Jumps by 139 Points
The Nigerian Exchange Ltd. (NGX) began the week with a notable increase in market activity, as its market capitalization grew by N79 billion, representing a 0.14 percent rise, closing at N56.536 trillion, compared to its opening value of N56.457 trillion. Similarly, the All-Share Index experienced a gain of 0.14 per…
IPMAN Set to Discuss Direct Procurement of Petrol with Dangote Refinery, Aiming for Price Reductions
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has revealed plans for an upcoming meeting with Dangote Refinery to discuss the possibility of procuring Premium Motor Spirit (PMS) directly from the facility. Commonly known as petrol or fuel, this move is expected to potentially lead to significant price reductions for…
Dollar to Naira Exchange Rate Today: Latest Black Market and CBN Rates – September 22, 2024
These rates are provided by players in the Bureau De Change (BDC) sector and are subject to variations based on location and demand. c to use official channels through their respective banks for foreign exchange transactions. Dollar to Naira CBN Rate Today: Nigerian Financial Fraud in Q2 2024 In other…
Dollar to Naira Exchange Rate in the Black Market (Parallel Market) – 18th September 2024
The Dollar to Naira exchange rate in Nigeria’s black market, also referred to as the parallel market or Aboki FX, reflects the unofficial trading values of foreign currency. On Wednesday, 18th September 2024, the exchange rates for buying and selling the U.S. dollar were recorded as follows: This means that…
Nigeria’s Headline Inflation Rate Falls to 33.2% in August 2024
Nigeria’s headline inflation rate saw a decline in August 2024, dropping to 33.2 percent, down from 33.4 percent in July 2024. This marks a reduction of 1.25 percentage points and signals the second consecutive month of easing inflation, as reported by the National Bureau of Statistics (NBS). According to the…
Opay To Start Charging Customers For Electronic Transfers Above ₦10,000
Popular fintech company Opay has announced a new policy affecting electronic transfers into personal and business accounts. Starting Monday, September 9, 2024, customers will be charged a one-time fee of ₦50 for any electronic transfer exceeding ₦10,000. This fee, known as the Electronic Money Transfer Levy (EMTL), is mandated by…
NNPC Reassures Market Freedom for Dangote Refinery Amidst MURIC Claims
The Nigerian National Petroleum Company Limited (NNPC Ltd) has recently addressed and refuted claims made by the Muslim Rights Concern (MURIC) regarding the operational status of the Dangote Refinery. The NNPC Ltd. has asserted that it does not engage in any activities that would undermine the Dangote Refinery and emphasized…