By Ajibola Olaide, JKNewsMedia Reporter BENCHMARK INTEREST rate will remain at 26.5 per cent after the Central Bank of Nigeria (CBN) retained the Monetary Policy Rate (MPR) at the end of the 306th Monetary Policy Committee meeting in Abuja. JKNewsMedia.com reports that the decision was announced on Tuesday after the committee concluded its tw...
By Ajibola Olaide, JKNewsMedia Reporter FEDERAL ACCOUNT Allocation Committee (FAAC) shared a total of N2.55 trillion among the Federal Government (FG), states and local government councils for June following its July meeting held in Abuja on Wednesday. JKNewsMedia.com reports that the allocation was announced in a statement by Bawa Mokwa, Dir...
By JKNewsMedia NIGERIA’S ECONOMY has recorded foundational progress through ongoing fiscal, revenue and tax reforms, President Bola Tinubu told a Deloitte Africa delegation at the State House in Abuja on Wednesday. JKNewsMedia.com reports that Tinubu, who received the delegation led by Chief Executive Officer Ruwayda Redfearn, said the reform...
By Ajibola Olaide, JKNewsMedia Reporter NIGERIA’s DOWNSTREAM petroleum market is facing fresh pressure after Dangote Petroleum Refinery switched sales of refined petroleum products from naira to the United States (US) dollar, a move expected to require petroleum marketers to source about $1.84bn every month to sustain fuel supply across the c...
By JKNewsMedia NIGERIA’s CURRENCY, the naira, remained stable at N1,379.6504 to the dollar at the official foreign exchange market on Monday. JKNewsMedia.com reports that the currency has maintained the same rate since the market’s last auction on Friday. Dealers quoted bid rates ranging between N1,378 and N1,382 to the dollar dur...
By Olaide Ajibola, JKNewsMedia Reporter HIGHER PRICES for essential goods will further aggravate poverty and food insecurity in Nigeria despite improved macroeconomic stability, the International Monetary Fund (IMF), has said while maintaining its growth forecast for the country at 4.1 percent in 2026 and 4.3 percent in 2027. JKNewsMedia.com ...
By Joke Kujenya OIL PRODUCING alliance OPEC+ has agreed to increase its oil production target by 188,000 barrels per day from August, adding more crude to the global market as prices continue to decline. JKNewsMedia.com reports that the decision was reached during an online meeting, with the alliance extending the same production increase imp...
By JKNewsMedia FRESH GAINS by the Naira at the official foreign exchange market saw the local currency close at N1,369.10 to the dollar on Monday, strengthening from N1,370.45 recorded at the end of trading on Friday. JKNewsMedia.com reports that data published on the website of the Central Bank of Nigeria (CBN) showed that the currency [&hel...
By Koforola Fakeye, JKNewsMedia Reporter FIRST HALF of June 2026, Nigeria’s external reserves increased by more than $1 billion extending gains recorded in May and strengthening the country’s foreign exchange buffers. JKNewsMedia.com reports that data from the Central Bank of Nigeria (CBN) showed that gross external reserves rose from $49.80 ...
By Kofoworola Fakeye, JKNewsMedia Reporter CONSUMER PRICES continued to rise in May as Nigeria’s headline inflation rate increased to 15.93 percent, marking the third consecutive monthly rise in 2026, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS). JKNewsMedia.com reports that the...
