Category: Finance and Economy

Demolitions At Alaba International Market: Ohanaeze Calls For Tinubu’s Intervention

Posted on By Rextun boss No Comments on Demolitions At Alaba International Market: Ohanaeze Calls For Tinubu’s Intervention
Demolitions At Alaba International Market: Ohanaeze Calls For Tinubu’s Intervention

The umbrella socio-cultural organisation of the Igbos, Ohanaeze Ndigbo, has called on President Bola Tinubu to intervene in Lagos State as Governor Babajide Sanwo-Olu embark on structures demolition in the Alaba International Market. The Lagos State Government had on Friday started the process of removing what it described as distressed buildings in the Alaba International…

Read More “Demolitions At Alaba International Market: Ohanaeze Calls For Tinubu’s Intervention” »

Finance and Economy, News

Monetary Policy Reforms: Expect Goods Price Hike – Manufacturers Association

Posted on By Rextun boss No Comments on Monetary Policy Reforms: Expect Goods Price Hike – Manufacturers Association
Monetary Policy Reforms: Expect Goods Price Hike – Manufacturers Association

Following recent monetary Reforms which changed the face of Forex procurement in the country, the Manufacturers Association of Nigeria (MAN) has stated that consumers should be prepared to pay higher amount for goods as prices will go up. Segun Ajayi Kabir, the President of MAN, disclosed this on Thursday while explaining the downside risk of…

Read More “Monetary Policy Reforms: Expect Goods Price Hike – Manufacturers Association” »

Finance and Economy

FG Floats Naira As Tinubu Commenced Monetary Policy Reforms

Posted on By Rextun boss No Comments on FG Floats Naira As Tinubu Commenced Monetary Policy Reforms
FG Floats Naira As Tinubu Commenced Monetary Policy Reforms

Indicators emerged yesterday that President Bola Ahmed Tinubu’s promise to carry out monetary policy reforms, particularly to ensure a single exchange rate for Nigeria has begun to be effected. The new management of the Central Bank of Nigeria (CBN) yesterday adopted a clean float foreign exchange management, a possibility it foreclosed for years. In a…

Read More “FG Floats Naira As Tinubu Commenced Monetary Policy Reforms” »

Finance and Economy

Nigeria’s Subsidy Removal Upsets Africa’s Smuggled Petrol Market

Posted on By Rextun boss No Comments on Nigeria’s Subsidy Removal Upsets Africa’s Smuggled Petrol Market
Nigeria’s Subsidy Removal Upsets Africa’s Smuggled Petrol Market

A comparative analysis of the newly reviewed petrol prices in Nigeria after subsidy is removed with those of its West African neighbours shows the business of smuggling the country’s petrol is no longer viable as cost differentials are no longer attractive enough, BusinessDay reports. Data sourced from Global Petrol Prices, a website that tracks retail…

Read More “Nigeria’s Subsidy Removal Upsets Africa’s Smuggled Petrol Market” »

Finance and Economy, News

CBN Denies Devaluation Of The Naira – Official

Posted on By Rextun boss No Comments on CBN Denies Devaluation Of The Naira – Official
CBN Denies Devaluation Of The Naira – Official

Nigeria’s apex bank, the Central Bank of Nigeria (CBN) has denied report that the naira has been devalued contrary to a news report on June 1, 2023, titled “CBN Devalues Naira To 630/$1”. In a statement signed by the Acting Director, Corporate Communications, Dr Isa AbdulMumin, the CBN described the report as replete with outright…

Read More “CBN Denies Devaluation Of The Naira – Official” »

Finance and Economy

Fuel Subsidy: Stakeholders, Marketers Formally Effect Removal

Posted on By Rextun boss No Comments on Fuel Subsidy: Stakeholders, Marketers Formally Effect Removal
Fuel Subsidy: Stakeholders, Marketers Formally Effect Removal

Regulators, operators and marketers in the petroleum industry have formally effected a subsidy removal with market reality of petrol (PMS) selling not less than N500 per litre. The new pricing took effect yesterday as filling stations across the country resumed sales after a few hours of product scarcity. Meanwhile, the Federal Government’s meeting with the…

Read More “Fuel Subsidy: Stakeholders, Marketers Formally Effect Removal” »

Finance and Economy

UPDATED: Kwara Gov Cautions Fuel Marketers Against Hoarding

Posted on By Rextun boss No Comments on UPDATED: Kwara Gov Cautions Fuel Marketers Against Hoarding

Nigeria Governors’ Forum (NGF) Chairman and Kwara State Governor AbdulRahman AbdulRazaq has cautioned oil marketers to avoid imposing needless hardship on the citizens through creation of artificial fuel scarcity in the state and beyond. “The Governor is seriously concerned about reports of sudden fuel scarcity in different parts of the state. This is totally uncalled…

Read More “UPDATED: Kwara Gov Cautions Fuel Marketers Against Hoarding” »

Crime Watch, Finance and Economy

Dangote refinery: A Game Changer – Buhari

Posted on By Rextun boss No Comments on Dangote refinery: A Game Changer – Buhari

President Muhammadu Buhari and presidents of five other African countries, yesterday joined the founder and President of Dangote Group, Alhaji Aliko Dangote, in felicitations as the group’s brand new petrochemical refinery was commissioned. In his brief remarks, Aliko Dangote stated that the newly commissioned 650,000pbd refinery would employ over 100,000 Nigerian youths and generate over…

Read More “Dangote refinery: A Game Changer – Buhari” »

Finance and Economy

CBN Monetary Policy Committee May Hike Interest Rate Again

Posted on By Rextun boss No Comments on CBN Monetary Policy Committee May Hike Interest Rate Again
CBN Monetary Policy Committee May Hike Interest Rate Again

The Central Bank of Nigeria (CBN) may increase the benchmark interest rate for the seventh time in spite of concerns about rising inflation and currency depreciation. This speculation is rife as the MPC begins its two-day crucial decision-making meeting tomorrow. It is expected that the committee would maintain its hawkish stance and raise the interest…

Read More “CBN Monetary Policy Committee May Hike Interest Rate Again” »

Finance and Economy

Buhari To Commission Dangote Refinery Today

Posted on By Rextun boss No Comments on Buhari To Commission Dangote Refinery Today
Buhari To Commission Dangote Refinery Today

President Muhammadu Buhari will today commission the brand new Dangote Petroleum Refinery & Petrochemicals, with his counterparts from Ghana, Togo, Senegal, Niger, and Chad in attendance. The Dangote petroleum refinery with a capacity to process 650,000 barrels per day (bpd) built on 2,635 hectares of land located in Dangote Industries Free Zone in Ibeju-Lekki, Lagos,…

Read More “Buhari To Commission Dangote Refinery Today” »

Finance and Economy