Author: Ogochukwu Ndubuisi

Naira Exchange Rates Switch Positions in FX Markets Speculators in the Nigerian foreign exchange market are currently earning a negative spread on their respective positions as the official rate now exceeds the transaction quote in the black market. The switch in exchange rates positions between the two markets could last longer or short live depending on the Central Bank of Nigeria’s stance on FX direction and perhaps availability of additional inflows. In the absence of demand pressures, the naira gained ₦2.34 to close at $/₦1,499.08 in the official market. The Nigerian Foreign Exchange Market (NFEM) remained stable, with trading…

GTCO Launches Waste-for-Gas Initiative in Ogun, Distributes 3,000 Gas Cylinders Guaranty Trust Holdings (GTCO) has launched its Waste for Gas Initiative, distributing 3,000 gas cylinders to residents of Obafemi Owode Local Government Area of Ogun State. The company said in a statement on Wednesday that the initiative, aimed at enhancing the quality of life for households and empowering women in underserved communities, was launched at the weekend. According to the Group Chief Executive Officer, GTCO, Mr Segun Agbaje, the initiative was designed to make life easier for families, giving them more time to focus on important activities. “The Waste-for-Gas Initiative…

Dangote Refinery Reduces Petrol Price to N825 Dangote Petroleum Refinery & Petrochemicals has slashed the price of Premium Motor Spirit (PMS), or petrol, for the second time this month. It has cut N65 off the previous price of N890, bringing it down to N825 per litre at the gantry (ex-depot). This follows a N60 reduction on February 1. The ex-depot price has thus decreased from N950 per litre in January to the current price of N825 per litre, representing a reduction of N125 per litre within 26 days. This recent price reduction will also ensure that Nigerians pay between N860…

Food Security: FG to Digitalise Extension Service Delivery The Federal Government says it has introduced the National Electronic Extension Platform (NEEP) to Nigerian farmers to strengthen agricultural service delivery in the country. NEEP is a digital-based platform designed to enhance and effectively work with the National Agricultural Research and Extension System (NARES), and other relevant institutions in the sphere of agricultural extension systems. Sen. Aliyu Abdullahi, the Minister of State for Agriculture and Food Security, stated this at the National Agricultural Research Extension summit on Wednesday in Abuja. The theme of the summit is:” Sustainable Agricultural Extension Service Delivery in…

NAHCON Approves 4 Banks to Implement Hajj Savings Scheme The National Hajj Commission of Nigeria (NAHCON) has approved four banks to support and implement the Hajj Savings Scheme. Abdulbasit Abba, an official in the Information and Publications Division of NAHCON, announced the development in a statement in Abuja on Tuesday. Abba stated, “A significant milestone for the Hajj Savings Scheme, three new Islamic banks—Taj Bank, Alternative Bank, and Lotus Bank have officially joined the initiative to support Nigerian pilgrims. “These banks will operate alongside Ja’iz Bank, bringing the total number of participating financial institutions to four. “The official signing and…

Ways and Means: Senate Accuses CBN of Frustrating Investigation The Senate Ad hoc Committee investigating the N30 trillion Ways and Means facility granted to the federal government has accused the Central Bank of Nigeria (CBN) of frustrating its efforts to uncover how the loans were utilised. The N30 trillion Ways and Means facility was allegedly granted to the federal government between 2015 and 2023. The Committee Chairman, Isah Jibrin, made the allegation on Tuesday after receiving an interim report from its consultants. Jibrin, the senator for Kogi East, said the CBN has refused to provide the necessary documents to facilitate…

OPEC Chief Tasks Africa on Unlocking 120bn Barrels of Oil Reserve Mr Haitham Al-Ghais, the Secretary-General of the Organisation of the Petroleum Exporting Countries (OPEC) has tasked Africa to unlock its proven oil reserves of over 120 billion barrels. Mr Haitham Al-Ghais, OPEC Secretary-General, made this known while delivering a keynote address titled “Driving Cross-Continental Investments: Scaling Africa’s Energy Frontier”, at the ongoing Nigeria International Energy Summit (NIES) 2025 in Abuja, Nigeria. The eight edition of the energy summit, which opened on Monday and ends on Thursday, has ‘’Bridging continents: Connecting investors with Africa’s Energy Potential’’ as theme. He also…

UBA, ACCESS Drive Intraday Gain in Equities Market Banking names including UBA and Access Holdings Plc are currently driving momentum in the equities segment of the Nigerian Exchange, NGX, during early trading hours. Demand for banking names has started to recover after sell pressures witnessed in the last two trading sessions. Banking index and other sectoral drivers have been under intense sell pressure due to profit-taking transactions. Most of the stock that had surged fell sharply amidst expectation that a real return on investment in the fixed income market will cause an attention shift. At midday, the NGX All Share…

FG Launches Training to Revamp Cooperative Societies The Federal Government, FG, has reaffirmed its commitment to revitalising cooperative societies in Nigeria through a comprehensive reform and capacity-building initiative. This was disclosed at the inauguration of the National Intensive Training Workshop for Trustees, Management Committees, and Managers of Cooperative Societies, held at the Federal Cooperative College on Tuesday in Kaduna. Speaking at the event, the Minister of State for Agriculture and Food Security, Sen. Aliyu Sabi-Abdullahi, emphasized the critical role cooperative societies play in economic development, job creation, and food security. He said that globally, over 12 per cent of the…

Naira Crude Sale Reduces FX Risks, Transaction Costs – Tinubu The Federal Government said the introduction of the sale of crude oil in Naira was a strategic move to enhance operational efficiency of local refineries by reducing foreign exchange risks and transaction costs. President Bola Tinubu made this known on Tuesday, while officially declaring the eight edition of the Nigeria International Energy Summit (NIES 2025) open in Abuja. The 2025 summit has its theme as “Bridging Continents: Connecting Investors Worldwide with Africa’s Energy Potential” Represent by Dr Doris Uzoka-Anite, Minister of State for Finance, Tinubu said the move had also…