Business
JUST IN: CBN Floats Naira at I&E Window
The Central Bank of Nigeria (CBN) appears to have capitulated after many years of resisting pressure from the World Bank and the International Monetary Fund (IMF) to float the Naira,
Forex traders- commercial banks and forex dealers- were on Wednesday allowed to trade the Naira freely without a cap on the rate.
Investigations revealed that Forex traders at the Investors and Export (I&E) window were only allowed to buy and sell Forex only at N1 difference, while there were no restrictions at the market on Wednesday morning.
The dealer stated that as of 12 noon on Wednesday, the Naira was already exchanging at N750 to the dollar.
However, the final rate will be determined at the close of trading by 4 pm.
The trader hinted that the free-floating of the Naira may not be unconnected with a recent statement credited to. Wale Edun, a close associate of President Bola Tinubu, that the exchange rate will soon be unified.
Edun told Bloomberg a few days ago that “there are other sorts of things that need be put in place” before full exchange rate unification.
He added: “It’s quite imminent, no date has been set, but as I said, I think it’s already moved, there’s already movement in that direction but it’s very difficult to put the date on it and I don’t think it would be long at all”.
President Bola Tinubu at his inaugural speech vowed to unify the exchange rates to bring about stability and in the Forex market.
Business
NAFDAC : FG directive to halt enforcement on sachet alcohol’s “False, Misleading “
“At no time has the Agency received any formal directive ordering the suspension of its regulatory or enforcement activities in respect of sachet alcohol products.”
The National Agency for Food and Drug Administration and Control (NAFDAC) has dismissed as false reports claiming that the Federal Government directed it to suspend enforcement actions against sachet alcohol and 200ml PET bottle alcoholic products.
In a statement signed by Mojisola Adeyeye, its director general, the agency described the publication as “false and misleading,” stressing that it had received no official communication from the Federal Government ordering such a suspension.
NAFDAC stated that it operates strictly within its statutory mandate and only acts on formally communicated government policies and directives.
According to the agency, “At no time has the Agency received any formal directive ordering the suspension of its regulatory or enforcement activities in respect of sachet alcohol products.”
The regulator reaffirmed its commitment to public health protection, regulatory compliance, and transparency in carrying out its responsibilities in line with established laws and due process. It emphasised that any decision affecting national regulatory actions would be conveyed through official government communication channels.
Business
Dangote Refinery Hits 650,000 bpd Capacity
Chief Executive Officer, David Bird, says all remaining processing units will begin their respective performance test runs in Phase 2, scheduled to commence next week.
The Dangote Petroleum Refinery has announced the attainment of 650,000 barrels per day production capacity from the initial 450,000 daily barrels.
The company on Wednesday attributes the feat to a major operational milestone with the full restoration and optimisation of its Crude Distillation Unit and Motor Spirit production block.
Both the crude distillation and Motor Spirit production units are now running at optimal performance, further strengthening the steady state operations of the refining facility.
Following a scheduled maintenance exercise on the CDU and MS Block, the refinery has also commenced an intensive 72 hour series of performance test runs in collaboration with licensor UOP.
These tests are designed to validate operational efficiency and confirm that all critical parameters meet global standards.
Chief Executive Officer, David Bird, says all remaining processing units will begin their respective performance test runs in Phase 2, scheduled to commence next week.
Business
Dangote Expanding Investment To Burundi
Our focus really is investing heavily in the African continent, not anywhere else, and so Burundi is part and parcel of that African region,” Dangote stated…
Africa’s richest man, Aliko Dangote, is in Burundi to explore new investment opportunities and cemented plans to expand the Dangote Group’s presence across the continent.
The visit included high-level talks with President Evariste Ndayishimiye at the presidential palace.
Accompanied by former Nigerian President Olusegun Obasanjo, Dangote described the mission as both diplomatic and economic in scope.
He revealed that two dedicated technical teams—one representing Burundi and the other the Dangote Group—have been constituted to identify priority sectors and develop viable investment projects. “Our focus really is investing heavily in the African continent, not anywhere else, and so Burundi is part and parcel of that African region,” Dangote stated after the meeting.
” Our focus really is investing heavily in the African continent, not anywhere else, and so Burundi is part and parcel of that African region,” Dangote stated after the meeting.
He pointed to strong potential in solid minerals, power generation, agriculture, cement production, and infrastructure development, emphasising that the goal is to build a mutually beneficial partnership that drives shared prosperity.
According to official sources, discussions centered on strategic cooperation in infrastructure, logistics, industrialization, and energy—areas the Burundian government considers essential to its long-term economic transformation.
The engagement aligns with Burundi’s broader ambition to attract large-scale private sector investment and strengthen ties with leading African industrial players.
Observers widely view the engagement as a landmark moment—one that positions Burundi as a credible destination for African mega-investors and integrates the country more firmly into Dangote’s continental expansion strategy.
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