Petrol Marketers in Nigeria Demand End to NNPC’s Supply Monopoly Amid Subsidy Concerns – Petrol marketers in Nigeria have raised concerns over the monopoly in the petrol supply, highlighting that the Nigerian National Petroleum Company Limited (NNPC) should not be the sole importer of petrol into the country. This monopoly, they argue, is not only unsustainable but also inefficient, hampering the growth and competitiveness of the market. Monopoly Concerns: During the annual conference of the Association of Energy Correspondents of Nigeria held in Lagos, Tunji Oyebanji, the CEO of 11 Plc ..read more

Canada’s Regulatory Authority Sets Clear Stablecoin Rules for Exchanges and Issuers – In a move to bring clarity to the burgeoning stablecoin market, the Canadian Securities Administrators (CSA), the overarching body for securities regulators in the country, has released detailed guidance for both cryptocurrency exchanges and stablecoin issuers. This recent clarification outlines the CSA’s interim approach to handling value-referenced crypto assets, specifically focusing on stablecoins. On October 5, the CSA published an official statement where it clarified the conditions under which tr ..read more

THORSwap Temporarily Halts Operations Amidst Concerns Over Illicit Transactions – In a recently released statement via social media, the team behind THORSwap, a prominent decentralized exchange (DEX) platform, brought to light their concerns about the potential movement of illicit funds through its system. The platform, developed under the larger THORChain network, has been meticulously designed to facilitate cross-chain trading in a secure and efficient manner. The announcement was addressed to the community of users and supporters, colloquially known as ‘THORChads’. In it, THORSwap’s c ..read more

Controversy Swirls in Oil Sector as NNPC Awards Pipeline Contracts to MRS, AA Rano Once Again – The Nigerian National Petroleum Company Limited (NNPC) has ignited a maelstrom of criticism from industry operators after awarding pivotal pipeline rehabilitation contracts to four companies, including the oft-favored downstream firms MRS Oil Nigeria Plc and A.A RANO Nigeria Limited. The other beneficiaries of the new contracts are Oilserv Limited and Macready Oil & Gas Service Company Limited. These four firms were selected as the preferred bidders to maintain and rehabilitate Nigeria’s e ..read more

Naira Weakens at Official FX Market, Strengthens in Parallel Black Market – In a day of contrasting performances, the Naira fell by 1.48% in the official foreign exchange market on Wednesday, even amidst signs of increased dollar liquidity. Data from the Financial Market Derivatives Quotations (FMDQ) reveals that the US dollar was quoted at N756.21 at the close of trading in the Investors’ and Exporters’ (I&E) forex window, marking a decline from the N745.19 quoted the previous day. The depreciation of the Naira in the official market is attributed to a surge in dollar demand, which ..read more

Nigeria’s Industrial Ambitions Stalled Amid Economic Headwinds — Despite 63 years since gaining its independence, Nigeria continues to struggle with fostering a robust industrial sector due to a heavy reliance on imports and a rapidly devaluing currency. For the first time ever, the Naira has slipped past the N1,000/$ mark on the parallel market, posing significant challenges for local manufacturers, some of whom have been compelled to cease operations while others operate sub-optimally. Experts highlight that during the 1960s through to the early 1980s, a stronger Naira vis-à-vis the US ..read more

The Downfall of a Crypto Titan: Understanding the Sam Bankman-Fried Trial — The trial of Sam Bankman-Fried, the former CEO of the now-bankrupt cryptocurrency exchange FTX, is set to commence on October 4th. With the crypto community closely watching, this trial could set significant precedents for the industry. Here are five crucial things you need to know about the impending legal battle. The Rise and Fall of FTX FTX was once the darling of the crypto world, co-founded in 2019 by Bankman-Fried and Gary Wang. It swiftly garnered popularity and massive capital through a series of successf ..read more

Federal Government Eyes 50% Annual Increase in Tech Startup Revenue — The Federal Government has unveiled ambitious plans to boost the revenue of Nigerian tech startups, targeting a 50% year-on-year increase. According to a strategic document titled ‘Strategic Plan for the Ministry of Communication, Innovation and Digital Economy,’ the government aims to escalate capital raised by these startups from $1 billion annually in 2022 to a whopping $5 billion by 2027. The Minister of Communications, Innovation and Digital Economy, Bosun Tijani, disclosed these plans, emphasizing the identificat ..read more

Tuesday Trading Sees Naira Rising Against Dollar as FX Market Reopens — In a positive turn of events on Tuesday, the Naira witnessed a noteworthy appreciation of 0.79 percent (equivalent to N8) against the US Dollar as trading in the foreign exchange (FX) market resumed post the Independence Day holiday hiatus. The parallel market experienced a lively start with the US Dollar opening at N1,000 on Tuesday, reflecting a decrease from the N1,008 recorded on the preceding Friday. This positive momentum for the Naira is a beacon of optimism as trading activities kick-start after the national ..read more

Federal Government Urges NLC and TUC to Reconsider Nationwide Strike – In a bid to prevent a proposed nationwide indefinite strike scheduled for October 3, the Federal Government appealed to the Nigeria Labour Congress (NLC) and the Trade Union Congress of Nigeria (TUC) on the grounds that the action would violate a current court injunction. Highlighting the urgency of the situation, the National Economic Council (NEC) requested the labour unions to rethink their decision and encouraged negotiations between the Federal Government and labour unions at the state level. This appeal was made ..read more