Forex Crisis

We Backed Dangote Refinery Establishment With $1bn Loan – NNPCL

Dec 17, 2024. by Praise Ben

The Nigerian National Petroleum Company Limited (NNPCL) has announced securing a $1bn crude-backed loan to facilitate the operations of the 650,000 barrels-per-day Dangote Petroleum Refinery and address liquidity challenges. Chief Corporate Communications Officer, Olufemi Soneye, revealed this during the Energy Relations Stakeholders Engagement in Abuja on Monday. EDITOR’S PICKS PDP Declares Ethiope East Federal Seat … Read more

Naira Under Siege as Brent Crude Oil Falls Below $70 Per Barrel

Sep 10, 2024. by Ekohot Editor

The price of Brent crude oil has dropped below $70 per barrel for the first time since December 2021, raising concerns about a global economic slowdown. This steep decline in oil prices is expected to put additional pressure on the Nigerian naira, which has recently depreciated to N1,600 per US dollar. EKO HOT BLOG gathered … Read more

Naira Free Fall: FG Blocks Binance, OctaFX, Others Over Forex Crisis

Feb 22, 2024. by Ekohot Editor

Eko Hot Blog reports that the Federal Government has reportedly blocked the major online crypto platforms to avert the continuous manipulation of the forex market and illicit movement of funds. This latest development comes after the National Security Adviser, Nuhu Ribadu, ordered a crackdown on currency speculators in the country. It was gathered that the … Read more