The Lagos State Commissioner of Police, Mr. Olohundare Jimoh Moshood, has been named in fresh contempt proceedings filed before the Federal High Court in Abuja over alleged disobedience of a subsisting court order relating to the disputed premises occupied by Nestoil Group in Victoria Island, Lagos. The suit was initiated by Drawcok Estates Ltd, which […]
Category archives: Business
Why NUPENG and PENGASSAN Must Stop Terrorising Nigerians
By Kunle Ayo Recent actions by the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) in the oil and gas sector reveal a desperate attempt by certain actors to exploit Nigerians’ sensibilities, perpetuating lawlessness, economic sabotage, and threats to national security for […]
CBN Recapitalisation: Two Major Banks in Quiet Merger Talks as Deadline Nears
As the Central Bank of Nigeria’s (CBN) recapitalisation deadline draws closer, reports say two national banks have quietly opened merger discussions to meet the target and stay afloat. Many banks are under pressure, with a previous report by Legit.ng revealing that six banks still face a funding gap of about N965 billion.
NESG Report: Nigeria’s Inflation Rate Expected to Drop to 27% by December 2025
Key Forecasts: Nigeria’s headline inflation rate is projected to average 30.5% year-on-year in 2025, with a gradual decline to 27.1% by December, according to the NESG-Stanbic IBTC Business Confidence Monitor report. The forecast hinges on a reduction in the impact of high petrol prices on inflation metrics, provided there are no unexpected disruptions in fuel […]
Black Market Exchange Rates: Dollar to Naira Today – January 10, 2025
Current Black Market Dollar to Naira RatesCurious about the Dollar to Naira exchange rate in the parallel (black) market? Here’s the latest update for January 8, 2025. Exchange Rates (Black Market): Central Bank of Nigeria (CBN) Rates: It’s important to note that the Central Bank of Nigeria (CBN) does not endorse black market transactions, urging […]
Dollar to Naira Exchange Rate Today, November 19, 2024: Black Market vs CBN Rates
Current Dollar to Naira Exchange Rate What is the current exchange rate between the Dollar and the Naira in the black market, also known as the parallel market (Aboki fx)? Below are the black market rates for November 18, 2024, which indicate the buying and selling prices for converting your dollar to Naira. Black Market […]
Dollar to Naira Exchange Rate Update: November 17, 2024
Black Market Dollar to Naira Exchange RateAs of Saturday, November 16, 2024, the Dollar to Naira exchange rate in Lagos’ parallel market (Black Market) was: Please note that these rates can vary depending on the location and source. The Central Bank of Nigeria (CBN) does not acknowledge the black market for Forex transactions and recommends […]
Weekly Food Prices in Nigeria: Rice, Beans, Tomatoes, and More
As the Christmas season approaches, many Nigerians are bracing for a potential rise in the prices of essential food commodities like rice, beans, and tomatoes. It’s common for the festive season to prompt panic buying and bulk purchases, leading to increased demand and potential supply chain issues. Market traders across Nigeria are already expressing concerns […]
Nigeria’s Crude Oil Output Expected to Reach 2 Million Barrels per Day by December
Nigeria’s crude oil production is projected to hit 2 million barrels per day (mbpd) by December 2024, following recent positive trends. On November 14, the Nigerian National Petroleum Company Limited (NNPCL) announced that crude oil production had reached 1.8 mbpd, with gas output increasing to 7.4 billion standard cubic feet per day. This development has […]
Fresh Naira Scarcity Hits Nigeria – Affected States and Causes
Fresh Cash Scarcity Hits Nigerian States – Key Areas Affected Naira scarcity has resurfaced in several Nigerian states, despite increased supply efforts by the Central Bank of Nigeria (CBN). Over the past week, the shortage has been particularly severe in northern regions, affecting daily transactions and causing frustration among residents. Affected States The states grappling […]