The naira continued depreciation against the United States dollar on Friday at the official foreign exchange market to end the week on a bearish trend. The Central Bank of Nigeria’s data showed that the naira further weakened against the dollar on Friday to close at N1,446.74, down from N1,443.90 on Thursday. This means that the […] More
No fewer than 14 Nigerian commercial banks are yet to meet the Central Bank of Nigeria’s recapitalisation requirement as the 31st March 2026 deadline inches closer. This follows CBN Governor, Olayemi Cardoso’s announcement on Tuesday that sixteen Nigerian banks have met their recapitalisation requirement ahead of the apex bank’s March 2026 deadline. DAILY POST reports […] More
The Lagos Environmental Sanitation Corps, LAGESC, popularly known as KAI, has uncovered an emerging oil bunkering operation and arrested 27 suspects allegedly found with counterfeit naira notes during an enforcement exercise. The Corps Marshal, Major Olaniyi Olatunbosun Cole (rtd.), disclosed this at the agency’s headquarters in Bolade, Oshodi. He said the breakthrough followed intelligence reports […] More
The recent discovery by the Senate’s ad-hoc committee investigating crude oil theft in the Niger Delta that about N300 billion crude oil proceeds were unaccounted for has been generating reactions from Nigerians. The committee’s interim report to the Senate detailed massive discrepancies, weak oversight mechanisms and systemic lapses that have enabled large-scale diversion of Nigeria’s […] More
The Ondo State government and its investment partners have initiated the process for the establishment of a 500,000 barrels-per-day refinery and a free trade zone with the establishment of the Sunshine Joint Venture Infrastructure Limited. Sunshine Joint Venture Infrastructure Limited is the platform through which the partners – Backbone Infrastructure Limited, BINL, NEFEX Petro Line […] More
The Nigerian Government has suspended the implementation of a 15 per cent import duty on premium motor spirit and automotive gas oil. The spokesperson of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, George Ene-Ita, disclosed this in a statement on Thursday. The country’s downstream oil sector regulator urged Nigerians to avoid panic buying […] More
The Naira on Wednesday recorded the highest daily depreciation against the United States dollar at the official foreign exchange market this week. The Central Bank of Nigeria’s data showed that the Naira continued its bearish trend on Wednesday, dropping to N1,443.08 against the dollar, down from N1,438.71 traded on Tuesday. This means that the naira […] More
Ebonyi State Government has demolished unauthorised structures located along the Abakaliki–Afikpo Highway at the Integrated Building Materials Market, Abakaliki. Speaking on behalf of the government, the Commissioner for Market Development and Parks, Professor Nwogo Ajuka Obasi, said the government had repeatedly directed owners of the illegal structures to remove them but they failed to comply […] More
The Economic and Financial Crimes Commission, Uyo Zonal Directorate, has commenced investigation into two suspected oil thieves, Moses Michael Mufans and Abba Sunday, for allegedly dealing in petroleum products without a valid licence. The suspects were arrested on November 4, 2025, at Ikot Ekpene by a Joint Task Force comprising officers of the 2-Brigade Nigerian […] More
ABUJA — Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has said that the nation’s economy is witnessing a progressive growth. Edun said that the Nigerian Gross Domestic Product, GDP, grew by 4.23 per cent in the 2Q of 2025, noting that it was the highest quarterly figure in a decade […] More
The Naira appreciated on Thursday against the United States dollar at the official foreign exchange market for the second time this week as the country’s external reserves rose to $43.27 billion. The Central Bank of Nigeria’s foreign exchange data showed that the Naira strengthened on Thursday to N1,436.74 against the dollar, up from N1,438.49 on […] More
The Nigerian National Petroleum Company Limited (NNPCL) said it plans to increase its ownership stake in Dangote Refinery to 20 per cent from 7.2 per cent. NNPCL Group Chief Executive Officer, Bayo Ojulari, disclosed this in his remarks at the Abu Dhabi International Petroleum Exhibition and Conference 2025. According to him, the move is part […] More