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Nigerian Breweries to Temporarily Shut Down Two Plants

Following the recent announcement of its business recovery plan, Nigerian Breweries Plc, yesterday, officially announced on the Nigerian Exchange Limited (NGX) plan to temporarily shut down   two of its plants as part of reorganisation. This move came after the company recorded a net…
17/04/2024

Dangote Slashes Diesel Price To N1,000 Per Litre

In an unprecedented move, Dangote Petroleum Refinery has announced a further reduction of the price of diesel from N1,200 to N1,000 per litre. In a Tuesday release, the company said “While rolling out the products, the refinery supplied at a substantially reduced price…
17/04/2024

Inflation Rose to 33.20% in March – NBS

The National Bureau of Statistics has disclosed that Nigeria’s headline inflation rate increased to 33.20 per cent in March 2024, up from 31.70 per cent in February 2024. This represents a month-over-month increase of 1.50 per cent points in the headline inflation rate,…
16/04/2024

Nigeria’s Central Bank Fires 50 More Staff

The Central Bank of Nigeria (CBN) has sacked 50 more staff across 29 departments on Monday, adding to the list of ongoing disengagements in the apex bank. This brings the number to a total of 117 in the last 20 days. The dismissal cuts…
12/04/2024

Falling Diesel Prices Will Bring Down Inflation — Dangote

Africa’s richest man Aliko Dangote says Nigerians should expect a drop in inflation given the reduction of diesel pump prices. He stated this on Wednesday during a chat with journalists after he paid Eid-el-Fitr homage to President Bola Tinubu at his Lagos residence. “I…
11/04/2024

CBN Bans Foreign Currency Collateral For Naira Loans

The Central Bank of Nigeria, (CBN), has banned the use of foreign denominated collaterals for naira loans. However, Eurobonds issued by the Federal Government of Nigeria or Guarantees of foreign banks, including Standby Letters of Credit, are exempted from the ban. The Central Bank…
09/04/2024

CBN Doles Out $10,000 To Over 1,000 BDCs

The Central Bank of Nigeria (CBN) said it has sold a total of $10, 000 to 1, 588 Bureau De Change (BDC) operators to meet retail market demand for eligible invisible transactions. A statement by the apex bank on Monday said the $10,…
08/04/2024

Petrol: Oil Marketers Propose N550/litre Price to Dangote

AS the Nigerian National Petroleum Company, NNPC Limited, moves to end petrol scarcity in Lagos and its environs, Dangote Refinery and oil marketers have intensified efforts at taking final decisions on pricing and delivery of petrol to filling stations nationwide. Dangote Refinery, which can refine…
08/04/2024
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