Business

Two of Nigeria’s major banks, Access bank and Stanbic IBTC have been fined by the country’s apex bank, the CBN to the tune of N500mn for Access bank and Stanbic IBTC N200 million for concealing customers’ crypto deals The transactions were spotted by industry and their details, by way of an ultramodern surveillance technology currently …

As the scarcity for dollars increases, the country’s official currency, the naira, has maintained stability against the US dollar at the parallel market for the past week. The is coming as the demand for forex grows amid the lingering scarcity in the country. Popular Bureaux De Change operators better known as ‘abokis,’ said that naira …

As Nigeria battles slow economic growth, the World Bank blamed the situation on Nigeria’s over dependence on oil exports. This was disclosed in the latest report by The bank titled ‘A Better Future for All Nigerians: Nigeria Poverty Assessment 2022’. According to World Bank, the development leaves Nigeria’s economy extremely exposed to movements in global …

According to the reports, Nigeria’s oil production has dropped in February to an average of 1.25 million barrels per day (bpd) from the 1.39 million previous month. The report from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) disclosed this in its latest crude oil and condensate production data for February 2022. In the report, it …

As the price of Oil continue to rise owibgbot the Russia -Ukraine war, Minister for state for petroleum Resources, Timipre Sylva, says the increase in prices of global crude oil is not good for the country. The minister made this remark while commenting on the rising crude oil prices in an interview with Bloomberg Television, …

The Nigerian Gross Domestic Product surpassed the forecast of the IMF as it recorded its first annual growth above 3 percent since President Muhammadu Buhari won the 2015 election. In 2014, the economy grew 6.3 percent. The figure was made available by The National Bureau of Statistics (NBS) in its fourth-quarter GDP report released on …

The free fall of the Naira has continued as it weakened to N577 per dollar at the parallel section of the foreign exchange market. This represents N5 or 0.9 percent depreciation compared to the N572 it traded last week. The amount was made known by Street traders at the black market in Lagos who spoke …

Following the suspension of full deregulation of the downstream sector and hike in the price of fuel, President Muhammadu Buhari has requested an additional provision of N2.557 trillion for petrol subsidy payments in 2022. The request was contained in the proposal for the amendment of the 2022 budget — submitted for consideration and approval by …

Amidst the tension between Russia and Ukraine, Brent crude oil has risen to its highest price to $95 a barrel for the first time since October 2014. Brent crude futures, the global oil benchmark, climbed 3.9 percent to $95.1 a barrel, while West Texas Intermediate (WTI) crude futures increased 4.4 percent to $93.79. Also, during …

As the Nigerian National petroleum Corporation steps up its efforts to recall the alleged contaminated fuel in circulation, Many filling stations have shut down services in Lagos, causing long queues as buyers wait long hours to Queues surface in Lagos amid efforts to recall ‘contaminated’ petrol in circulationfill up their tanks with petroleum motor spirit …