Category: Finance and Economy

Refinery: Dangote Declares “I Got No FG Incentive, Paid $100 Million For Land “

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Refinery: Dangote Declares “I Got No FG Incentive, Paid $100 Million For Land “

Chairman of Dangote Group and Africa’s richest man, Aliko Dangote, has declared that the Federal Government did not give him any incentive to build his $20 billion refinery located at the Lekki Free Trade Zone.He further stated that he paid $100 million for the land the refinery sits on. Dangote disclosed this on Saturday when…

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Finance and Economy, Trade and Commerce

Naira Depreciates At Official Window, Appreciates On Black Market,

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Naira Depreciates At Official Window, Appreciates On Black Market,

The Naira against dollar appreciated on the black market but depreciated at the official foreign exchange window. Bureau De Change operators in Wuse Zone 4, Abuja, said the dollar is exchanged at N1,550 at the black market as against N1,565 on Thursday, recording an N15 gain. “We buy at N1,530 and sell at N1,530 on…

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Exchange and Forex

BDCs Buy Dollar At N1450 In Fresh Central Bank Intervention

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BDCs Buy Dollar At N1450 In Fresh Central Bank Intervention

The Central Bank of Nigeria said it sold foreign currency worth $20,000 to each eligible Bureau de Change operator at N1,450 per dollar. A.A. Mahdi, the apex bank’s acting Director of Trade and Exchange Department, disclosed this in a notice on Thursday. According to the notice: “To this end, the CBN has approved the sales…

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Exchange and Forex

Naira Depreciates, Losing N13.49 At Forex Market

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Naira Depreciates, Losing N13.49 At Forex Market

The FMDQ data today has shown that the naira depreciated to N1,577.29 against the dollar on Monday from N1,563.80 last Friday. This represents N13.49 depreciation against the dollar compared to the N1,563.80 traded on Friday. Meanwhile, at the parallel foreign exchange market, the naira maintained the same N1,560 per dollar rate traded on Friday. The…

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Exchange and Forex, Finance and Economy

Food Shortage: FG Pushes 20 Trucks Of Rice Each To State Governors

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Food Shortage: FG Pushes 20 Trucks Of Rice Each To State Governors

The Federal Government has distributed 20 trucks of rice each to the 36 states of the Federation and the Federal Capital Territory (FCT), Abuja. The Minister of Information and National Orientation, Mohammed Idris, disclosed this after Monday’s Federal Executive Council (FEC) meeting. The minister said this is the first step as the government takes steps…

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Finance and Economy

Naira Depreciates Again Despite Nigeria’s External Reserves Increase

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Naira Depreciates Again Despite Nigeria’s External Reserves Increase

The naira has again depreciated against the dollar in the foreign exchange market despite the increase in Nigeria’s external reserves. FMDQ data showed that the naira depreciated to N1523.85 against the dollar on Monday from N1509.67 traded last Friday. This represents N14.18 loss against the dollar compared to the N1509.67 traded on Friday. Similarly, the…

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Exchange and Forex

JUST IN: FG Lifts Tax, Import Duties On Maize, Wheat, Brown Rice

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JUST IN: FG Lifts Tax, Import Duties On Maize, Wheat, Brown Rice

The Federal Government on Monday announced the lifting of duties, tariffs and taxes on the importation of some food items through land and sea borders. The foods include maize, husked brown rice, wheat, and cowpeas. Abubakar Kyari, the Minister of Agriculture and Food Security, disclosed this while announcing a 150-Day Duty-Free Import Window for food…

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Finance and Economy

Naira Slides Further Against Dollar Despite CBN Policy

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Naira Slides Further Against Dollar Despite CBN Policy

The Naira has continued to further slide against the dollar in the foreign exchange market despite the Central Bank of Nigeria’s interventions. FMDQ data showed that the Naira slightly depreciated to N1509.45 against the dollar on Tuesday from N1508.99 traded on Monday. This represents a marginally N0.46 loss compared to the N1508.99 per dollar it…

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Exchange and Forex

Dangote Condemns CBN’s Interest Rate, Urgess FG To Protect Existing Businesses

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Dangote Condemns CBN’s Interest Rate, Urgess FG To Protect Existing Businesses

The Chairman of Dangote Group, Aliko Dangote, has condemned the increase of interest rate to almost 30 per cent by the Central Bank of Nigeria (CBN). Dangote at the Banquet Hall of the State House, Abuja, during the opening session of a three-day summit organised by the Manufacturers Association of Nigeria (MAN), on Tuesday. He…

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Finance and Economy, Trade and Commerce

FOREX: Naira Depreciates To N1,505/$ In Parallel Market

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FOREX: Naira Depreciates To N1,505/$ In Parallel Market

The Naira yesterday depreciated in the parallel market to N1,505 per dollar from N1,495 per dollar last weekend. Similarly, the Naira depreciated to N1,490.2 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,490.2 per dollar from N1,485.53 per dollar last…

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Exchange and Forex