NERC Approves Compensation Scheme The Nigerian Electricity Regulatory Commission (NERC) has approved a special compensation package for eligible Band A electricity customers. The initiative targets customers affected by poor power supply between February and March 2026. NERC announced the decision through a public notice published on its social media platforms on Thursday. According to the…
Naira Maintains Stability at Official Market The Nigerian naira traded within a relatively stable range against the United States dollar on Thursday, June 4, 2026. According to the latest market data, the currency maintained its recent performance as the gap between the official and parallel markets remained narrow. At the Nigerian Foreign Exchange Market (NFEM),…
Naira Records Fresh Gain at Official FX Window The Nigerian naira extended its positive performance against the United States dollar on Wednesday, June 3, 2026, at the official foreign exchange market. Data released by the Central Bank of Nigeria showed that the naira traded at N1,361.0479 per dollar at the Nigerian Foreign Exchange Market (NFEM)….
Failure to Meet Reform Milestones Nigeria’s electricity sector faces a major setback after the Federal Government canceled $717.7 million in World Bank funding. This decision ends the Power Sector Recovery Operation prematurely. Initially, the program aimed to fix chronic industry dysfunction and improve supply. However, Nigeria failed to meet critical reform milestones required for the…
Strike Disrupts Administrative Operations The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has confirmed that oil and gas production in Nigeria remains stable. This follows a nationwide strike by protesting workers that shut down its offices. The strike paralysed administrative operations across the commission. However, field activities in the oil sector continued without disruption. Commission Assures…
Naira Holds Steady at Official Market The Nigerian naira maintained a stable performance against the United States dollar on Tuesday, June 2, 2026. Data from the Central Bank of Nigeria (CBN) showed the official Nigerian Foreign Exchange Market (NFEM) rate remained at ₦1,373.25 per dollar. Market participants attributed the stability to steady foreign exchange inflows…
World Bank Funding Exceeds $3.6bn Nigeria’s electricity sector received at least $3.653 billion in World Bank-backed funding between 2001 and 2024. Despite the massive investment, millions of Nigerians still struggle with poor power supply. Data from the World Bank showed that several projects targeted transmission upgrades, sector reforms, rural electrification and renewable energy development. According…
The Nigerian naira traded within a narrow range against the United States dollar on June 1, 2026, as market participants monitored foreign exchange liquidity and demand conditions. Recent data from the Central Bank of Nigeria (CBN) showed that the official Nigerian Foreign Exchange Market (NFEM) rate closed at ₦1,373.25 per dollar on May 29, the…
Food Import Spending Records Decline Nigeria’s food import bill dropped to $2.34 billion in 2025, representing a 7.37 percent decline from the $2.53 billion recorded in 2024. Financial analysts say the development reflects a gradual shift in the country’s economic priorities and foreign exchange allocation strategy. According to data contained in the latest Quarterly Statistical…
Refinery Lowers Petrol Gantry Price The Dangote Petroleum Refinery has reduced the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, from N1,275 to N1,250 per litre. The latest adjustment represents a two per cent reduction and comes as competition continues to increase in Nigeria’s deregulated downstream petroleum sector. Furthermore, market checks confirmed…
