The Nigerian naira closed the week on a negative note as it further depreciated at the official foreign exchange market on Friday, November 21. The Central Bank of Nigeria (CBN) foreign exchange data indicated that the naira exchanged for N1,456.72 per dollar at the Nigerian Foreign Exchange Market (NFEM) on Friday. This reflects a N4.59 …
Every December, Lagos stops being just a city; it becomes a global carnival ground. From Murtala Muhammed Airport down to Victoria Island, Lekki, and the Mainland, the city pulsates with an energy that comes only once a year. Flights from London, Atlanta, Toronto, Dubai, and Johannesburg arrive full of Nigerians in the diaspora ready to …
In a strategic move to optimize their portfolios, French energy giant TotalEnergies and Nigeria's Conoil Producing have signed an asset swap agreement. The deal involves TotalEnergies acquiring Conoil’s 50 per cent stake in a promising deep-water oil block (OPL257) and in exchange, Conoil will acquire a 40 per cent participating interest held by TotalEnergies in block …
Global coffee prices fell sharply on Friday after U.S. President Donald Trump removed 40% tariffs on Brazilian agricultural products, including coffee and cocoa, responding to rising American consumer concerns over high food costs. U.S. retail coffee prices surged 40% year-on-year in September, partly due to tariffs, contributing to a decline in Trump’s approval ratings. This …
In a significant move to enforce passenger rights, the Nigeria Civil Aviation Authority (NCAA) has imposed a ₦5 million fine on Qatar Airways for allegedly violating the country's aviation regulations concerning the treatment of passengers. Michael Achimugu, Director of Public Affairs and Consumer Protection at the NCAA, made this known in a statement on Wednesday. …
The naira recorded a significant drop on Wednesday, November 19, at the official foreign exchange market despite a surge in Nigeria’s foreign reserves in recent times. The Central Bank of Nigeria’s exchange rate data indicated that the naira depreciated to ₦1,454.19 per dollar at the Nigerian Foreign Exchange Market (NFEM) on Wednesday, against the ₦1,447.43 …
China imported no soybeans from the United States for the second consecutive month in October, even as its overall soybean imports rose to a monthly record driven by massive purchases from South America. Data released Thursday by the General Administration of Customs showed U.S. soybean imports dropped to zero, compared to 541,434 metric tons in …
Amid efforts to close the metering gap in Nigeria, new data has shown that over 68 per cent of electricity consumers bypass the use of prepaid meters. This indicates a systemic crisis in the Nigerian electricity supply industry as it reveals not just a revenue issue, but a symptom of deep-seated problems within the power …
The Dangote Refinery has stated that the recent drop in pump prices of Premium Motor Spirit (PMS), also known as petrol in Nigeria, by oil marketers was mainly driven by its reduction of gantry and coastal prices on November 6, not as a result of the suspension of the 15 per cent duty on imported …
Wall Street futures opened higher on Monday, signaling cautious optimism among investors as a jam-packed week of corporate earnings and U.S. economic data unfolds. The mood was buoyed by movements in tech stocks, while market participants digested fresh developments in corporate ownership and broader economic signals. Tech giant Nvidia (NVDA) edged up 0.4% in premarket …
