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 …
Bitcoin, the world’s largest cryptocurrency by market value, fell by 1.59% to $93,684 as of 4:21 p.m. ET (2121 GMT) on Sunday, reflecting ongoing volatility in global crypto markets. The decline comes after a period of sharp fluctuations in the digital asset space, driven by investor concerns over potential interest rate hikes, regulatory scrutiny, and …
Global currency markets opened the week cautiously, with the U.S. dollar inching higher against the euro, yen, and sterling as investors positioned themselves ahead of a busy week of U.S. economic data. Market response to President Donald Trump’s tariff reversal on over 200 food products was muted, with analysts noting that the move was largely …
As Côte d’Ivoire prepares for President Alassane Ouattara’s fourth term in office, the nation finds itself at a defining crossroads. On one hand, it is celebrated across the continent as an economic success story, a country that has managed to sustain robust and uninterrupted growth for more than a decade. On the other hand, deep …
The Nigeria National Petroleum Company Limited (NNPCL) and some other marketers have reduced petrol prices below the price offered by the Dangote Petroleum Refinery partners in Lagos, sparking a new wave of competition in the downstream petroleum market. Checks by Pinnacle Daily in parts of Lagos on Sunday revealed price disparity between NNPCL retail stations, …
Filling stations in Abuja have lowered petrol prices following the federal government’s suspension of a planned 15% import duty on petrol and diesel. On Friday, Ranoil and Empire stations reduced prices to N940 and N949 per litre, down from N955, representing a drop of N6 to N15 per litre. Chinedu Ukadike, spokesperson for the Independent …
