Author: Damilola

The Nigerian currency, the Nigerian naira, traded at N1,401.4 per dollar on Tuesday at the official foreign exchange window. Data from the Nigerian Foreign Exchange Market (NFEM), the country’s official FX platform, showed that the naira has weakened by about 4.09 percent over the past three weeks compared with the N1,346.32/$ rate recorded on February 20. The figures also indicated that the exchange rate crossed the N1,400-per-dollar mark on Monday when the local currency traded at N1,405.62 against the United States dollar. The last time the naira traded around the N1,400 range was on January 27, when it exchanged at…

The Dangote Petroleum Refinery has reduced its ex-gantry price of petrol to N1,075 per litre. According to the refinery’s latest pricing template released on Tuesday, the new rate reflects a N100 reduction from the previous price of N1,175 per litre. The company also announced that petrol supplied through coastal distribution will now sell at N1,050 per litre. It also cut the price of diesel to N1,430 per litre, representing a N190 decrease from the earlier price of N1,620 per litre. The refinery noted that the quoted gantry prices do not include statutory charges imposed by the Nigerian Midstream and Downstream…

President Bola Tinubu has requested the Nigerian Senate to confirm Taiwo Oyedele as a minister. Tinubu, on March 3, nominated Oyedele, chairman of the presidential committee on fiscal policy and tax reforms, for appointment as minister of state for finance. If confirmed, Oyedele will replace Doris Uzoka-Anite, who is expected to move to the Ministry of Budget and Planning as minister of state — her third portfolio in the current administration. Senate President Godswill Akpabio read the president’s letter conveying the nomination during plenary on Tuesday. In the letter, Tinubu said the request was made in accordance with constitutional provisions.…

Kaduna-based Islamic scholar Abubakar Gumi has alleged that the Nigerian government is aware of the identities and locations of terrorists operating across the country. Gumi made the claim during a recent interview with DRTV, which began circulating widely online on Tuesday. The cleric was reacting to accusations that he personally knows and interacts with terrorists and bandits responsible for insecurity in parts of Nigeria, and that he advocates on their behalf. Responding to the claims, Gumi said his engagements with the groups are carried out alongside security agencies. “The government knows every terrorist by name and by location. I don’t…

Global crude oil prices dropped to about $90 per barrel on Tuesday, marking the first decline since the Middle East conflict began. Brent crude fell by 8.45 per cent to $90 per barrel, while West Texas Intermediate (WTI) declined by 8.58 per cent to $86.77 per barrel. The drop follows Monday’s surge when oil prices climbed above $100 per barrel — their highest level since July 2022. Analysts say the cooling trend came after European ministers discussed releasing strategic oil reserves to stabilise the market. It also followed remarks by Donald Trump suggesting the conflict in the Middle East could…

The United States Embassy in Nigeria has issued a security alert over a potential terrorist threat targeting American facilities and schools linked to the United States in the country. In a notice posted on its website on Monday, the embassy said the advisory was intended to inform U.S. citizens in Nigeria about potential security risks and urged them to take extra precautions when visiting American diplomatic missions and affiliated institutions. The embassy had earlier warned citizens of a possible Abuja protest over the Middle East conflict The embassy specifically advised American nationals to exercise heightened vigilance when travelling to its…

The Court of Appeal in Abuja has dismissed an appeal filed by the Governor of Ondo State, Lucky Aiyedatiwa, against a ruling that allowed amendments in a suit questioning his eligibility to contest the 2028 governorship election. In a unanimous judgment delivered on Monday, a three-member panel of the appellate court ruled that the appeal lacked merit and ordered the governor to pay N2 million as costs. Delivering the lead judgment, Justice Uchechukwu Onyemenam held that Aiyedatiwa failed to prove that the Federal High Court in Akure denied him fair hearing when it granted permission for the amendment of the…

Governor of Zamfara State, Dauda Lawal, has defected from the Peoples Democratic Party to the All Progressives Congress. The development was confirmed on Monday in a statement issued by the governor’s media aide, Nuhu Anka, who said the decision followed consultations with political stakeholders and supporters across the state. “The Government and PDP family of Zamfara State wish to formally inform the general public of an important political development following extensive consultations with stakeholders, political leaders, elders, and supporters across the state. “After careful consideration, and in the overriding interest of stability, progress, and the sustainable development of Zamfara State,…

Dangote Petroleum Refinery has raised the gantry price of petrol to N1,175 per litre, marking the third increase within one week. The latest adjustment was announced to fuel marketers on Monday, with the price of Premium Motor Spirit rising from N995 per litre, which had been set on Friday. The change represents an increase of N180, or roughly 18.1 per cent, in just three days. The refinery also reviewed the price of Automotive Gas Oil, widely known as diesel, which is now set at N1,620 per litre. The development comes shortly after reports suggested that another petrol price increase was…

Global crude oil prices surged past the $100 per barrel mark on Monday, recording their highest level since July 2022 as tensions in the Middle East continued to disrupt energy supplies. Brent crude climbed by about 16 per cent to $107.56 per barrel, up from roughly $91 recorded on Friday. Similarly, West Texas Intermediate (WTI) rose by nearly 13.96 per cent to $103.59. The spike in prices follows the continued shutdown of maritime traffic through the Strait of Hormuz due to the ongoing Middle East conflict, raising fears of the most severe energy disruption since the 1970s and posing…