The Federal Competition and Consumer Protection Commission (FCCPC) has emphasized its determination to combat price fixing by businesses. In a statement shared on its official X handle on Sunday, April 14, the FCCPC underscored its commitment to safeguarding consumers’ interests and ensuring fair market practices, particularly regarding pricing. “While the commission cannot directly control prices,…
On Friday, April 12, the Naira witnessed a significant appreciation at the official market, reaching N1,142.38 against the dollar. The improvement in the Naira’s value was evident from data obtained from the official trading platform of the FMDQ Exchange. The platform, responsible for overseeing the Nigerian Autonomous Foreign Exchange Market, indicated that the Naira gained…
According to the latest Monthly Oil Market Report for April 2024 from the Organisation of Petroleum Exporting Countries (OPEC), Nigeria experienced a decline in its crude oil production for the second consecutive month this year, dropping to 1.231 million barrels per day in March. OPEC’s report, which obtained crude oil production details directly from Nigeria,…
The presidency has expressed confidence that the Naira will witness a significant boost by the first quarter of 2025, thanks to recent interventions in the foreign exchange market and the full resumption of operations by the refineries. Speaking to state house correspondents on Thursday, April 11, the Special Adviser to the President on Media and…
The Central Bank of Nigeria has announced the cessation of the practice of accepting foreign currencies as collateral for loans denominated in the local currency, the naira. In a circular issued on April 8, the apex bank directed all Nigerian banks to cease the practice of using foreign currencies as collateral for loans denominated in…
A Nigerian man named Remi has asserted that the ‘Olosho’ business is a multimillion-naira industry in the Lekki area of Lagos State. “I can assure you that ‘Olosho’ is indeed a multimillion industry in Lekki. Please refrain from disputing this fact. You haven’t witnessed what I have witnessed,” he stated on X.
The Lagos State Government has issued a directive to demolish a section of the renowned Landmark Beach Resort to facilitate the construction of the coastal highway for the Lagos-Calabar road project. In a letter dated March 19, 2024, addressed to the proprietor, Paul Onwuanibe, and signed by the Deputy Director of the Development Matters Department,…
The Nigerian Electricity Regulatory Commission (NERC) has issued a directive to electricity distribution companies (DisCos) to reimburse customers who were incorrectly billed at the new rate. According to a statement released on Saturday, April 6, by Abba Terab, the Deputy General Manager in charge of Market Competition and Rates at NERC, customers are to be…
Two days after its Monetary Policy Committee (MPC) meeting, the Central Bank of Nigeria (CBN) has announced a $1.5 billion influx of foreign exchange into the country. According to Mrs. Hakama Sidi Ali, the Acting Director of Corporate Communications at CBN, the data indicates that the inflow is a result of the bank’s initiatives aimed…
The Nigerian National Petroleum Corporation Limited (NNPCL) has refuted claims regarding potential adjustments to the pump prices of Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO). In a statement issued on Wednesday, March 27, the Chief Communications Officer of NNPCL, Olufemi Soneye, dismissed the circulating rumors and urged the public to ignore them completely.…
