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Nigeria’s foreign reserves surge 17yr-high to hit $51.04bn, amid IMF advice to slow down accumulation
Nigeria’s foreign exchange reserves surged to a record 17-year high of $51.04 billion on June 18, 2026, according to latest data from the Central Bank of Nigeria (CBN), Friday. It would be recalled that the country’s reserves was at about…
Petrol retailers back NMDPRA on import license policy to drive down pump prices of product
Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has thrown its weight behind last month’s decision by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to issue import licences to six marketers. The group noted that increased competition among…
Banks, customers lose N134bn to fraudsters in 6yrs – CBN
Nigerian banks and their customers lost a combined total of N134.48 billion to fraud related activities between 2020 and 2025, according to the Central Bank of Nigeria (CBN). The CBN data which is contained in the newly-released Nigeria Payments System Vision…
Petrol importation jumps by 59.5% in May, despite higher local output — NMDPRA
Despite issuing petrol import licenses to six firms in May, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has said that last month’s spike in the importation of the product was due to strategic transformation in the energy sector. NMDPRA had,…
NMDPRA issues license to indigenous firm for 30, 000bpd capacity refinery in Rivers
Nigerian Midstream and Downstream Petroleum Regulatory Authorities (NMDPRA) has presented a License to Construct (LTC) to the Foster Petroleum Development Company Limited for the development of a 30,000 bpd (barrels per day) capacity refinery in Gokana, Rivers State. According to a…
S/Africa violated 2025 MoU with Nigeria on citizens’ protection — FG, warns of retaliatory measures
Federal Government has hinted at possible retaliatory measures against the estimated 120 South African companies operating in Nigeria following continued violent attacks on its nationals resident in the southern African country. This is also as the government stated that such…
S/African President Ramaphosa accuses anti-African migrant activists of ‘nefarious intentions,’ disowns June 30 march
South African President, Cyril Ramaphosa has dismissed an ultimatum by anti-illegal immigration groups demanding that undocumented foreigners leave the country by June 30, warning that the government will not tolerate attempts to create instability. Speaking on the sidelines of Youth Day…
NUPRC sets 1.9mbpd oil target record May output
Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said Wednesday it is targeting crude oil production of 1.9 million barrels per day (mbpd) after output reached 1.86 mbpd in May. NUPRC Chief Executive Oritsemeyiwa Eyesan, who disclosed this during a courtesy visit…
Exclusion of pension funds, poor technology remain barriers to insurance penetration in Nigeria — NCRIB
Nigerian Council of Registered Insurance Brokers (NCRIB) has listed such impediments as the continued exclusion of pension funds from the core insurance sector, poor adoption of technology and widespread ignorance about sector’s benefits, as responsible for low insurance penetration in…
FG releases comprehensive transition guidelines for new tax regime
Federal Government, Thursday, released a comprehensive set of guidelines to facilitate Nigeria’s transition to a new tax regime, providing clarity for taxpayers, revenue agencies, tax consultants, businesses and other stakeholders ahead of the implementation of the Tax Acts 2025. The guidelines,…
