Electricity tariff: Nigerians to pay more from April – NERC

The electricity tariffs being paid by consumers will increase in April this year the Nigerian Electricity Regulatory Commission, NERC has said. This was disclosed in its ‘December 2019 Minor Review of Multi-Year Tariff Order 2015 and Minimum Remittance Order for the Year 2020,’ which was dated December 31, 2019. See Also: Electricity tariff hike imminent… Read More »

N55.5bn spent to subsidise petrol in December by FG

The Federal Government, through the Nigerian National Petroleum Corporation, NNPC, spent N55.58 billion on Premium Motor Spirit, (PMS) also known as petrol subsidy in December 2019. The Petroleum Products Pricing Regulatory Agency, PPPRA, the Nigerian petroleum downstream sector regulator, disclosed this in a data obtained yesterday by Vanguard. According to PPPRA’s pricing templates for PMS,… Read More »

Nigeria faces decline in oil output as oil price rises

The Brent crude, against which Nigeria’s oil is priced, gained 30 cents to trade at $66.30 per barrel as of 5.40pm Nigeria’s time. This slight increase on the Brent came on the back of improving trade relations between the United States and China as well as rising tensions in the Middle East. SEE ALSO: Oil… Read More »

FG loses N626.7 billion as average energy drops to 3,781MW

Power generation from the nation’s generating companies hits an average of 3,781MW in 2019 from a yearly average of 3,807MW in 2018, latest data from the office of the Vice President has shown.At 50.17Hz with an installed capacity of available units of 6,985.9MW and generation capability of available units of 5,983.1MW, power generation has remained… Read More »

United States Oil Imports Drops to 35-Year Low

The US Energy Information Administration (EIA) has said that The United States’ imports of crude oil from Nigeria and other members of the Organisation of Petroleum Exporting Countries, (OPEC) fell below 1.2 million barrels per day, the lowest since February 1985. The decline in imports arrived as the US continues to break production output records… Read More »

In One Year Foreign Reserves Drop by $4.45bn

At the beginning of January 2019, Nigeria’s foreign reserves, stood at $43.07bn but fell by $4.45bn to $38.619bn as of the end of December, 2019. Latest figures from the Central Bank of Nigeria, CBN, have revealed the reserves, had been recording a downward trend dropping from $39.8bn on November 11 to $39.24bn on December 13.… Read More »

December 2019 Exchange Rate

Nigerian (Naira) Currency Exchange Rate For | Dollar | Pounds | Euro & Other. DATE Countries & Currency Qnty  Curr. Flags BUY SELL 30.12.2019 United States Dollar $1 USD ₦358  ₦362 30.12.2019 UK Pounds Sterling £1 GBP ₦470 ₦477 30.12.2019 European Euro €1 EUR ₦390 ₦398 30.12.2019 Canadian Dollar  $1 CDA ₦272 ₦277 30.12.2019 Australian… Read More »

World Bank Seeks Reforms in Nigeria’s Digital Economy

A new report by the World Bank Group (WBG) has canvassed reforms in Nigeria’s digital economy, saying by leveraging Information Communication Technology (ICT), the country has the potential for economic diversification and job creation. The multilateral financial institution said digital financial services alone could be transformative and capable of creating over three million new jobs… Read More »

West Africa Single Currency, Eco- FG Speaks

The agreement reached by eight West African countries to change the name of their common currency to Eco, has elicited response from the Federal Government. The Federal Government says it is studying the situation on change of West African Economic and Monetary Union (UEMOA) currency, Eco, to be used as ECOWAS single currency. SEE ALSO:… Read More »

New Recapitalisation Deadline for Insurance Companies by NAICOM

The National Insurance Commission, NAICOM has extended the recapitalisation deadline for insurance companies to December 31, 2020 from the earlier scheduled date of June 30, 2020. This was disclosed on Monday by the commission in a circular which was signed by the Director (Policy & Regulation), NAICOM, Pius Agboola, to all insurance and reinsurance companies.… Read More »

No Devaluation of the Naira Next Year – CBN

The Central Bank of Nigeria (CBN) says it has no plans for devaluation of the Naira next year, while expressing optimism that crude oil price will remain stable in the New Year. Mr. Isaac Okoroafor, the Director, Corporate Communications, CBN said this in a telephone interview with a newspaper while reacting to some analysts’ predictions… Read More »

N305/$ Exchange Rate, Not Transactional as Naira Stabilizes

Aminu Gwadabe, the President of Association of Bureaux De Change Operators of Nigeria (ABCON) in defending the Central Bank of Nigeria’s (CBN) N305 to dollar exchange rate policy on Sunday, explained that the rate is for settling government obligations and not a transactional rate as being speculated. He faulted the petition against the CBN Governor… Read More »

Nigeria’s foreign portfolio investments dip by N280b

Portfolio transactions for Nigeria declined by N280 billion as foreign portfolio investors (FPIs) tended to be more on the sell side than the buy side. Latest official transactional report on FPIs obtained at the weekend indicated that total foreign transactions at the Nigerian stock market dropped to N879.40 billion over the past 11 months, 24.1… Read More »

South Africa Power: Eskom Breaking Down Again, A Very High Possibility

South Africa’s energy company, Eskom breaking down again soon, is a very high possibility as it announced on Sunday morning that load shedding was not expected for the day due to drop in demand during the holiday period and a return of some generating units to service. However, a massive 14,574MW remains missing from SA’s… Read More »