The Nigerian Electricity Regulatory Commission on Friday insisted that electricity Distribution Companies must not increase tariffs of customers enjoying less than 12 hours of power supply daily.Mr Dafe Akpeneye, NERC Commissioner, Legal Licensing and Compliance, made the clarification during the regulatory agency’s online town hall meeting with customers on the new electricity tariff regime.The DisCos had on September 1 announced the implementation of new Service R...

NIGERIAN National Petroleum Corporation (NNPC) Group Managing Director Dr. Maikanti Baru says the corporation has doubled the daily supply of Premium Motor Spirit (PMS), otherwise called petrol, from 700 trucks (about 27 million – 30 million) litres per day supply to 80 million litres per day since the scarcity in the supply chain was noticed.Despite the intervention, scarcity of petrol continued in several cities across the nation yesterday, with travelling motor...

The naira rose to 380 per United States dollar on the parallel market on Thursday, up from 390 it closed on Wednesday.This came hours before the Central Bank of Nigeria sold $20,000 each to Bureau De Change operators. The CBN had sold $20,000 to each of the BDCs earlier this week to boost liquidity. The central bank sold its usual $1.5m on the spot market on Thursday at 305.50 per dollar, according to Thomson Reuters data.According to analysts, the C...