Author: Marketforces Africa

The National Bureau of Statistics (NBS) says the average retail price of a litre of petrol increased from N238.11 in May 2023 to N769.62 in May 2024. It made the declaration in its Petrol Price Watch for May 2024, released in Abuja on Wednesday. It stated that the May 2024 price of N769.62 represented a 223.21 per cent increase over the price of N238.11 recorded in May 2023.

FBN Holdings Plc has confirmed the appointment of Mr Olusegun Alebiosu as substantive Managing Director/Chief Executive Officer of First Bank of Nigeria Ltd, (FirstBank), one of its flagship subsidiary. Mr Adewale Arogundade, Acting Company Secretary of the Holdings, announced this in a disclosure sent to the Nigerian Exchange (NGX), on Wednesday in Lagos.

Food Inflation: Customs to Smoke out Food Hoarders –Official

The benchmark yield on Federal Government of Nigeria (FGN) bonds rose slightly to 18.76% on Wednesday due to selloffs that was triggered by waning sentiment

Hosts Germany on Wednesday became the first side to qualify for the Euro 2024 last 16 after Jamal Musiala’s controversial goal and an Ilkay Gündogan strike in a

The average yield on Nigerian Treasury bills dipped by seven basis points on Wednesday in the secondary market to 21.8%, traders said in their separate update

The Central Bank of Nigeria (CBN) sells OMO bills instrument to investors at spot rate of 22.30%, which is the price quoted for immediate settlement of the

Naira Depreciates to N1483 after FX Turnover Plunged by 29% The Nigerian local currency, the naira, extended losses on Wednesday as demand for US dollar eclipsed the supply side following sharp decline in FX market turnover last week. According to data from FMDQ Securities Exchange platform where official daily exchange rate are quoted, the naira plunged to N1,483.02 per US dollar. Exchange rate also worsened in the parallel market amidst the Central Bank of Nigeria (CBN) FX sales holiday as the monetary authority failed to support the local currency with forex market intervention sales. The apex bank stopped FX sales…

S/Africa: Don Optimistic About GNU Creating Better Opportunities A South Africa-based Professor. Abiodun Salawu, has expressed optimism that the Government of National Unity (GNU) in the country would work to create better opportunities for people and reduce unemployment among youths. Salawu, Director of Indigenous Language Media in Africa (ILMA) and Professor in the Department of Communication, North-West University, South Africasaid this on Wednesday. The professor of media studies spoke on the inauguration of Cyril Ramaphosa for a second term as South Africa’s President and formation of the GNU. South Africa’s President Cyril Ramaphosa being sworn in for a second term…

EnjoyCorp Acquires 86.5% Stake in Champion Breweries EnjoyCorp Limited has successfully completed the acquisition of 86.5% stake in Champion Breweries plc, a prominent figure in the regional brewing industry, according to official statement. In its regulatory filling submitted to the Nigerian Exchange, the brewers said EnjoyCorp acquired 100% shareholding in The Raysun Nigeria Limited, which in turn holds the 86.5% stake in Champion Breweries plc. According to the notice, management told the Nigerian Exchange that sequel to the approval of the Federal Competition and Consumer Protection Commission, the parties have successfully completed the transaction, and EnjoyCorp has taken full control…