CBN Ends FX Payouts for Diaspora Remittances
The Central Bank of Nigeria has directed that all diaspora remittances to beneficiaries in Nigeria be paid strictly in naira, ending the collection of funds in dollars or other foreign currencies. The new policy, which takes effect from May 1, requires all International Money Transfer Organisations (IMTOs) to open naira settlement accounts and route all remittance transactions through them. […]
Fuel Price Climbs Again As Dangote Refinery Hits N1,245/Litre
Dangote Petroleum Refinery has increased the price of Premium Motor Spirit (petrol) to N1,245 per litre, marking its fourth upward review in March. The adjustment, announced in a notice to marketers on Friday night, raises the ex-depot (gantry) price from N1,175 per litre to N1,245, while the coastal price was also revised upward. “Please be […]
Global Markets Slide as Oil Surges After U.S.–Israel Strikes on Iran
Global financial markets tumbled Monday after U.S. and Israeli strikes on Iran intensified geopolitical tensions, sending oil prices sharply higher and pushing U.S. stock futures down more than 1%. Futures for the S&P 500 and the Dow Jones Industrial Average fell 1.7%, signaling a weak open on Wall Street. Energy markets reacted swiftly. U.S. benchmark […]
Supreme Court Voids Trump’s Reciprocal Tariffs, Triggering Fresh Global Trade Uncertainty
Global trade flows were thrown into fresh uncertainty after the Supreme Court of the United States invalidated President Donald Trump’s “reciprocal” tariff framework, forcing governments and businesses to reassess the rules governing U.S. imports. In place of the struck-down system, a flat 10% global tariff on U.S. importers took effect Tuesday. The rate is lower […]
Dangote Unveils Major Plant to Power Africa’s Detergent Industry
President of the Dangote Group, Aliko Dangote, has announced plans for a major petrochemical project within the Dangote Refinery complex that is expected to position Nigeria as a leading supplier of key detergent inputs across Africa within the next 30 months. Dangote made this known on Saturday while addressing journalists during a tour of the […]
Dangote Predicts Naira Could Strengthen to ₦1,100/$ by End of 2026
Aliko Dangote, Africa’s richest man and Chairman of the Dangote Group, has projected that the Nigerian naira could appreciate to as low as ₦1,100 per US dollar by the end of 2026. Dangote made the forecast on Tuesday in Abuja during the launch of Nigeria’s Industrial Policy, an event attended by Vice President Kashim Shettima […]
Dangote Cuts Petrol Price, Eyes African Expansion
Dangote Petroleum Refinery has reduced its Premium Motor Spirit (PMS) gantry price by N25 per litre, lowering the ex-depot/gantry rate from N799 to N774 per litre. The adjustment, communicated to marketers on Monday night, takes effect immediately nationwide. “This is to notify you of a change in our PMS gantry price from N799 per litre to […]
Dangote Refinery to Begin Local Production of Detergent Surfactants
The Dangote Refinery has announced plans to commence the production of surfactants for detergent manufacturing in Nigeria, a move expected to significantly reduce the country’s dependence on imported raw materials and ease pressure on foreign exchange. Surfactants are a core ingredient in detergents used for washing clothes, cleaning surfaces and personal hygiene products. The plan […]
Stocks Rally After Trump Backs Away From Tariff Threats Over Greenland
U.S. stocks closed sharply higher Wednesday after President Donald Trump retreated from proposed tariff measures tied to his push to acquire Greenland, easing investor concerns over escalating trade tensions with Europe. The Dow Jones Industrial Average rose 588 points, or 1.2%. The S&P 500 gained 1.1%, while the Nasdaq Composite advanced 1.1%, recovering most of […]
Taiwan’s Premier Praises New U.S. Trade Deal as Beijing Condemns Agreement
Taiwan’s premier on Friday welcomed a newly announced trade agreement with the United States, calling it the most favorable tariff arrangement secured by any economy running a trade surplus with Washington, while Chinese officials in Beijing sharply criticized the deal. Under the agreement, U.S. tariffs on Taiwanese goods will be reduced to 15% in exchange […]
