Nigerian petroleum marketers have implemented a fresh premium motor spirit (PMS) price reduction following Dangote Refinery’s announcement of a downward price review. A DAILY POST correspondent who went around Abuja observed that MRS Filling, Bova, and AP Ardova PLC have all adjusted their petrol prices. At MRS filling stations along Kubwa and Lugbe Expressway, DAILY…
Nigeria’s exchange rate appreciated significantly in January 2025, gaining N63.72 against the dollar to close at N1,474.78 per dollar on January 31 at the Nigerian Foreign Exchange Market. According to data from the FMDQ Securities Exchange Limited and the Central Bank of Nigeria, this increase of 4.14 per cent pushes the local currency to the…
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Global stocks and emerging market currencies sank on Thursday after the US Federal Reserve indicated it would cut interest rates more slowly next year to guard against any renewed threat of inflation. The quarter-point reduction…
A certificate of deposit (CD) has long been considered a safe place to store cash. For years, CD interest rates hadn’t exactly been impressive, but they recently surged to levels not seen in over a decade. However, with the Federal Reserve’s latest rate cut, this upward climb has reached its tipping point. The best CD…
The World Bank has said that Nigeria, Angola and Sierra Leone, with double-digit inflation and weakened domestic currencies, will maintain a high interest rate for a long period and may even increase it. The bank said that in its latest Africa’s Pulse report, where it focused on how the inflation outlook varied across countries on…
Federal Reserve Chair Jerome Powell announces interest rates will remain unchanged during a news conference at the Federal Reserves’ William McChesney Martin Building in Washington, D.C., on June 12, 2024. Kevin Dietsch | Getty Images A flurry of major central banks will hold monetary policy meetings this week, with investors bracing for interest rate moves…
The world economy’s tectonic plates will shift this week when a US easing cycle begins, just as officials from Europe to Asia set policy against a backdrop of brittle markets. A 36-hour monetary rollercoaster will start with the Federal Reserve’s probable decision to cut interest rates on Wednesday, and finish on Friday with the outcome…
A trader works on the floor of the New York Stock Exchange on Aug. 23, 2024. Bloomberg | Bloomberg | Getty Images Central banks around the world are set to kick off or continue interest rate cuts this fall, bringing an end to an era of historically high borrowing costs. In September, the U.S. Federal…
Nigeria’s annual inflation rate eased for the first time in five months after a persistent rise. Inflation rate eased to 33.40 per cent in July 2024 compared to 34.19 per cent in June, the National Bureau of Statistics (NBS) announced Thursday. National Bureau of Statistics (NBS) According to the NBS, the July headline inflation rate…
What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)? See the black market Dollar to Naira exchange rate for 10th August, below. You can swap your dollar for Naira at these rates. How much is a dollar to naira today in the black market?…
