BUSINESS

Forex crisis: NNPCL secures $3bn loan to stabilise naira

Daily Dispatch August 16, 2023

The Nigerian National Petroleum Corporation Limited has secured a $3 billion crude repayment loan to support the naira and stabilise the foreign exchange market, a terse statement posted on the official account of the company on X (formerly known as Twitter) said on Wednesday. The statement

BUSINESS

Fuel Subsidy: Nigeria’s inflation rate jumps to 24.08% in July 2023

Daily Dispatch August 15, 2023

Nigeria’s inflation surged to 24.08% in the month of July 2023, a 129 basis-point increase compared to 22.79% recorded in the previous month. This represents the sixth consecutive increase in the headline index this year.  This is according to the recently released Consumer Price Index (CPI) report for July 2023 by the National Bureau of […]

BUSINESS

NNPCL restores production at Forcados Terminal as crude oil lifting rises by 350,000 barrels per day

Daily Dispatch August 15, 2023

Hope for an increase in crude oil production has been rekindled as Nigeria’s crude oil production is expected to rise by at least 350,000 barrels per day. This is as a result of the decision of the Nigerian National Petroleum Company Limited (NNPCL) to resume operations at the Forcados Terminal. The implication of this is […]

BUSINESS

Breaking: CBN moves to halt naira slide, vows to “deal” with forex speculators, black market operators

Daily Dispatch August 14, 2023

The Central Bank of Nigeria (CBN) said it was set to take new measures to stabilize the naira against the dollar. Acting Governor of the CBN, Folasodun Sonubi, made the disclosure to State House Correspondents after briefing President Bola Tinubu on what the bank was doing the halt the slide. He said President Tinubu expressed […]

BUSINESS

Flaws, misleading information may forced CBN to withdraw seven – years financial statement

Daily Dispatch August 14, 2023

In the coming days, the Central Bank of Nigeria (CBN) may be asked to withdraw and restate the entire seven years’ financial statements published last week owing to the alleged inherent flaws and also, for containing misleading information. The apex bank published the financial statements for 2016, 2017, 2018, 2019, 2020, 2021, and 2022 last week

BUSINESS

UBA releases 2022 Annual Sustainability Report

Daily Dispatch August 14, 2023

Supports 22,000 SMEs Female Directors on Board, Highest in Africa. Africa’s Global Bank, United Bank for Africa (UBA) Plc, has released its 2022 Annual Sustainability Report. The comprehensive report provides an overview of the bank’s commitment to Environmental, Social and Governance (ESG) performance and practices. The report