Business - Kennis 104.1 Fm

Naira reaches all-time low at official market

The naira fell to a new all-time-low of N1,534/$ on the official Nigerian Autonomous Foreign Exchange Market on Monday. This indicates a loss of 3.93 per cent fall or N58 from the N1,476.13/$ the national currency closed last week Friday, according to FMDQ…

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FG saves N8tn from subsidy removal, FX reform –Tinubu panel

The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has said the Federal Government will be saving N8tn annually from the fuel subsidy removal and exchange rate unification policies. Oyedele spoke during a panel session at the Lagos Chamber…

Business Business, Finance & Economics News 17 — 01

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Shell To Sell Nigerian Onshore Oil Business

Shell said it has reached an agreement to sell its Nigerian onshore subsidiary, the Shell Petroleum Development Company of Nigeria Limited (SPDC), to Renaissance. Renaissance is a consortium of five firms made up of four exploration and production companies based in Nigeria and…

Business Business, Finance & Economics 15 — 01

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Seven major marketers get approval to sell Dangote fuel

The seven major oil marketers in Nigeria have registered with the Dangote Petroleum Refinery for the lifting and distribution of refined petroleum products produced by the $20bn plant. Dealers under the aegis of the Major Oil Marketers Association of Nigeria confirmed on Sunday…

Business Business, Finance & Economics 9 — 01

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Dangote set for production as crude supply hits 6million barrels

The Dangote Petroleum Refinery, on Monday, announced its readiness to commence production of refined petroleum products as it received the 6th batch of one million barrels of crude oil required by the plant for its initial operations. “Dangote refinery appears set to commence…

Business Business, Finance & Economics News 2 — 01

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Northern Forum urges Tinubu to treat report on Emefiele with caution

The Concerned Northern Forum has urged President Bola Tinubu to exercise extreme caution over the report submitted to him by the Central Bank of Nigeria (CBN)’s private investigator, Jim Obazee. The forum described the investigation by Obazee conducted to check the activities of…

Business Business, Finance & Economics 28 — 12

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Insecurity, economic hardship to worsen in six states –W’Bank

Persistent insecurity, armed conflict, and deteriorating livelihoods will continue to affect local government areas in Borno, Kaduna, Katsina, Sokoto, Yobe, Zamfara states, and the far north of Adamawa State in Nigeria until May 2024, the World Bank has predicted. This is as it…

Business Business, Finance & Economics 28 — 12

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CBN special investigator rejects Lemo’s request to reschedule meeting

The Office of the Special Central Bank of Nigeria Investigator has rejected a request by the Chairman of Titan Trust Bank Limited, Babatunde Lemo, for rescheduling the December 28, 2023, meeting with investigators till January 7. The investigator warned that the failure of…

Business Business, Finance & Economics 27 — 12

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Slow e-payment channels worsen cash, Yuletide troubles

Added to the economic slowdown and cash crunch challenges that took the shine off the 2023 festive period, sluggish payment digital channels have compounded the woes of Yuletide. The challenge of cash crunch across the country has forced many bank customers to switch…

Business Business, Finance & Economics 15 — 12

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Nigeria’s Inflation To Fall, Pressures To Reduce On Exchange Rate In 2024, Says CBN

The Central Bank of Nigeria (CBN) on Thursday said the country’s inflation rate and the pressures on the exchange rate will reduce in the coming year. While the country’s inflation rate jumped to 27.33% for November – the highest in 18 years, the apex…