Author: Ogochukwu Ndubuisi

Yuan Strengthens 7.1894 Against Dollar The central parity rate of the Chinese currency renminbi, or the Yuan, strengthened 88 pips to 7.1894 against the dollar on Thursday. This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day. The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. #Yuan Strengthens 7.1894 Against Dollar# Nigeria…

Jigawa Board to Refund N95m to 1,571 Pilgrims – Official Jigawa State Pilgrims Welfare Board says it has concluded arrangements to refund over N95 million to 1,572 pilgrims, who performed the 2023 Hajj exercise from the state. The Director-General of the board, Alhaji Ahmad Labbo, disclosed this in an interview with the News men in Dutse, on Wednesday. Labbo said the refund was for some services not rendered to the pilgrims while in the Holy Land. He saud that each of the beneficiaries would receive N61,080 through his/her bank account. “This refund is for 2023 Hajj exercise and the total…

Nwifuru to Present N391bn Appropriation Bill to Assembly Nov. 28 Gov. Francis Nwifuru of Ebonyi says the 2025 Appropriation Bill of over N391 billion is ready for presentation to the House of Assembly on Thursday, November 28. Nwifuru said this at the Citizen’s Budget Participation/Inputs forum held on Tuesday in Abakaliki. He said that there was a need to improve the state’s revenue generation and that his administration was committed to his “people’s chatter of need agenda”. The governor said he would focus on economic development and sustainability in the next fiscal year. “What we should be working towards is…

No New PMS Price has Been Released by PH Refinery – PETROAN The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) says the Port Harcourt Refinery Company Limited has not released any new purchase price for Premium Motor Spirit (PMS). Dr Billy Gillis-Harry, National President, PETROAN made this known in a statement on Wednesday. The refinery, operated by the Nigerian National Petroleum Company Ltd. (NNPC Ltd.) On Tuesday began the first truck-out of petroleum products in view of the re-streaming of the rehabilitated facility. The re-streaming and truck loading signalled the commencement of crude oil processing from the plant…

Don’t Transact Business with Marino FX – SEC Warns The Securities and Exchange Commission (SEC) has cautioned the public against conducting business with Marino FX Ltd., saying the company is not registered or licensed to operate in Nigeria’s capital market. The commission gave the warning in a notice on Wednesday in Lagos. “We hereby notify the public that Marino FX Ltd., who has been parading itself as a SEC licensed cryptocurrency exchange is NOT registered or licensed by SEC to operate in any capacity in the Nigerian capital market, including cryptocurrency exchanges. “Any claim to the public by the company…

NCC Issues Ultimatum: Licensees Must Update Contact Details by January 9th, 2025 The Nigerian Communications Commission (NCC) has given all its licensees a deadline of January 9th, 2025, to update their addresses and other contact details. This directive is in line with the Licensing Regulations 2019, which mandates licensees to notify the commission of any changes to their contact information within seven days. According to the NCC, the updated information must include mailing address, if different from the physical address, email addresses, telephone numbers, and names and details of contact personnel. Licensees are required to submit the updated information via…

NNPC Reaffirms Progress on Port Harcourt Refinery and Addresses Misleading Claims The Board and Management of the Nigerian National Petroleum Company Limited (NNPC Ltd.) express heartfelt appreciation to Nigerians for their support and excitement over the safe and successful restart of the 60,000 barrels-per-day Old Port Harcourt Refinery. This achievement marks a significant step forward after years of operational challenges and underperformance. We are, however, aware of unfounded claims by certain individuals suggesting that the refinery is not producing products. For clarity, the Old Port Harcourt Refinery is currently operating at 70% of its installed capacity, with plans to ramp…

OGUNCCIMA Hails Dangote Refinery’s Impact on Nigeria’s Economy, Private Sector The Ogun State Chamber of Commerce, Industry, Mines, and Agriculture (OGUNCCIMA) has praised the monumental contributions of Dangote Refinery to Nigeria’s economy and its role in revitalizing the private sector. This flagship industrial project has not only reshaped the country’s energy landscape but has also created opportunities for private enterprises and driven sustainable economic growth. Speaking on behalf of OGUNCCIMA, it’s President Lion Niyi Oshiyemi, lauded the refinery’s achievements, emphasizing its transformative impact on key economic sectors. “The Dangote Refinery is a game-changer for Nigeria’s economy. With a capacity to…

PH Refinery Begins Truck-Out of Petroleum Products The Port Harcourt Refining Company Limited (PHRC) on Tuesday began the first tuck-out of petroleum products in view of the re-streaming of the rehabilitated facility. The re-streaming and truck loading signalled the commencement of crude oil processing from the plant and delivery of petroleum products to the market. The upgraded old refinery, which had an installed production capacity of 60, 000 barrels per day (bpd) of crude oil, was currently operating at 70 percent of its installed capacity, with plans to ramp up to 90 percent. The refinery is producing the following daily…

CPPE Raises Concern over CBN’s MPR Hike to 27.50% The Centre for the Promotion of Private Enterprise (CPPE) has raised concerns over the Central Bank of Nigeria’s (CBN) sustained tightening of the Monetary Policy Rate (MPR), now at 27.50 percent. Dr. Muda Yusuf, Chief Executive Officer, CPPE, stated in Lagos on Tuesday that the continued rate hikes by the Monetary Policy Committee (MPC) could further stifle economic growth. The MPC of the CBN, during its 298th meeting, further raised the country’s interest rate to 27.50 percent from 27.25 percent. It, however, retained the Cash Reserved Ratio (CRR) at 50 percent…