Business

The National Bureau of Statistics (NBS) on Friday revealed that the average retail price for refilling a 5kg cooking gas dropped by 6.07 per cent to N4,360.69 in May 2023 from N4,642.27 recorded in April 2023. It means the average retail price for refiling 1kg stood at N872.14 in May from N928.45. in April. NBS in its “Liquefied Petroleum Gas…

To provide full information, support investor decision-making and facilitate international comparability to attract capital, the Financial Reporting Council (FRC) and NGX Regulation Limited (NGX RegCo) have concluded arrangements to organize and host the launch of the first two IFRS Sustainability Disclosure Standards, (IFRS S1 and IFRS S2 Standards) by the International Sustainability Standards Board (ISSB). The launch will hold at…

President of Dangote Group, Aliko Dangote was on Monday night recognized and given the “Founder of the Year 2023” award by the African Export-Import Bank (Afreximbank) at an award ceremony held by the bank in in Accra, Ghana. The award was given to Dangote because of his newly opened $19billion petrochemical plant, which is now Africa’s largest refinery. Group Managing…

The naira on Thursday depreciated by 0.3 per cent to N765.13 against the dollar at the Investors and Exporters foreign (I & E FX) exchange market from N753.50 it opened for trading. The local currency also weakened against the Pound sterling, and Euro by 5.40per cent, and 5.46per cent to close at N960.26 and N826.84 respectively.  Analysts said they expected…

The equities market of the Nigerian Exchange Limited  (NGX) on Thursday reversed the three-day winning streak with a decline of N61 billion as Okomu Oil Plc and 30 others drove the market’s weak performance. The All Share Index (ASI) declined by 112.69 basis points or 0.19 per cent to close at 59,211.26 basis points. Also, market capitalisation lost N61 billion…

The Central Bank of Nigeria (CBN) has disclosed that currency in circulation increased by N44.57 billion in May 2023 to N2.53trillion, up from N2.48 trillion in April 2023. This is an increase of 82.2per cent In Year-till-Date growth from N1.39 trillion CBN reported in January 2023 as the reported figure in May is the highest so far. The Money and…

The equities market segment of the Nigerian Exchange Limited (NGX) traded positive on Wednesday as investors bargain hunting in Conoil Plc and 43 others drove the overall capitalisation N116 billion higher. The All Share Index (ASI) gained by 213.93 basis points or 0.36 per cent to close at 59,323.95 points. Also, market capitalisation gained N116 billion to close at N32.302…

…says it is a start of an exciting chapter for the capital market Nigerian Exchange Limited (NGX) has commended the Board and Management of Coronation Group Limited’s recent regulatory recognition. The recognition, the Exchange said is the start of another exciting chapter for the barometer of Nigeria’s economy- the capital market. Its Chief Executive Officer, Temi Popoola stated this during…

Equities on the Nigerian Exchange Limited yesterday opened the week positive as the overall market capitalisation advanced by N8 billion. Accordingly, the All Share Index (ASI) gained by 13.89 basis points or 0.02 per cent to close at 59,014.85 basis points. Also, market capitalisation gained N8 billion to close at N32.134 trillion. The upturn was impacted by gains recorded in…

The Federal Inland Revenue Service (FIRS) has issued a letter to diesel suppliers in Nigeria, informing them that they are required to pay value-added tax (VAT) on automobile gas oil (AGO) or diesel imported into the country. The letter was forwarded by the Assistant Comptroller-General of Tariff and Trade, Mba Musa, on behalf of the Deputy Comptroller-General of Tariff and…