Author: Julius Alagbe

Katsina Govt. Invests N10bn to Increase School Enrollment The Katsina State Government has spent about N10 billion to encourage and ensure increased enrollment of children in schools, Alhaji Kabir Magaji, Chairman, State Universal Basic Education Board (SUBEB), has said. Magaji disclosed this on Saturday in Katsina during a meeting with stakeholders. The News Agency reports that the meeting was organised by the committee on the implementation of school enrollment campaign. According to him, the state government is concerned with the high rate of out-of-school children, especially in the rural areas. “Government has so far invested over N10 billion to construct…

The Federal Government has conducted a clearance operation at an illegal mining site in the Jaguna community of Yagba East Local Government Area of Kogi.

Goldman Sachs adjusted its expectations for OPEC+ oil production saying it now expects three months of production increases starting from December instead of

The 10-year yield declined 0.200 percentage point to 3.710% this week. The longest inverted yield curve on record may finally be in the rearview mirror.

Most major digital assets fell, with bitcoin (BTC/USD) sliding to the $53,000 level. The CoinDesk Market Index, which tracks 134 digital assets, tumbled 5%

Oil prices decreased during the week ending due to the recession fears in the US, while the OPEC+ group’s decision to delay a planned production increase,

China’s FX Reserves Climb to $3.288 Trillion in August China’s foreign exchange (FX) reserves climbed to $3.288 trillion in August, the latest data from the State Administration reported on Saturday. Statistics from the State Administration of Foreign Exchange show that as of the end of August 2024 , China’s foreign exchange reserves were US$ 3,288.2 billion, representing an increase of US$ 31.8 billion from the end of July , a growth of 0.98% . In August 2024, the US dollar index fell and global financial asset prices rose overall, affected by factors such as macroeconomic data and monetary policy expectations…

Dangote Refinery Products: NNPCL Not Sole Offtaker – Official The Nigerian National Petroleum Company Limited (NNPC Ltd.), says it has no intention of becoming the sole offtaker of Dangote Refinery Limited (DRL) or any entity in a free market environment. The NNPC Ltd. said the refinery and any other domestic refinery were free to sell directly to marketers on a willing buyer, willing seller basis, which was the current practice for all fully deregulated products. Mr Olufemi Soneye, the Chief Corporate Communications Officer, NNPC Ltd. made this known on Saturday in Abuja while reacting to claims that Dangote Refinery was…

CBN Auctions US Dollar as Exchange Rate Hits ‘Boiling Point’ The Central Bank of Nigeria (CBN) has launched a new move to buy the naira and sell the US dollar to currency traders after the exchange rate hit boiling point. The FX auction is the apex bank’s tactics to halt the negative tide against the local currency in the FX market. Naira has crossed the red line at the official and informal currency markets before the apex bank intervention at the parallel market. Exchange rate has worsened due to increased demand amidst supply shortage. Nigerians import taste and local companies…

Naira Rises as CBN Sells US Dollar to Currency Traders The naira strengthened against the US dollar across foreign exchange markets on Friday as the Central Bank of Nigeria (CBN) sold FX to Bureau de Change (BDC) operators. The naira appreciated, gaining 2.81% against the US dollar in the official market, closing at ₦1,593.32 per US dollar. The local currency rallied as market anticipates FX auction sales for September to boost the supply. Despite FX auction sales at the informal currency market, the naira plunged. The local currency depreciated as demand pressure persisted in the parallel market. The black market…