The National Bureau of Statistics reported that the average retail price for a liter of petrol surged from N195.29 in October 2022 to N630.63 in October 2023, marking a 222.92% increase.

Zamfara, Gombe, and Borno had the highest prices, while Lagos, Oyo, and Delta had the lowest.

In terms of zones, the North-East had the highest petrol price at N644.16, while the South-West had the lowest at N616.81.
See more: https://naijatask.com.ng/petrol-price-rose-to-n630-63-in-october/

That the country we all say it going to get better


We are all hoping for a better Nigeria

According to the October 2023 household kerosene and cooking gas report from the National Bureau of Statistics (NBS), the average retail price per liter of household kerosene (HHK) increased by 25.18% year-on-year, rising from N1,041.05 in October 2022 to N1,303.16 in October 2023. The month-on-month increase was 0.32% from N1,299.03 in September.
See more: https://naijatask.com.ng/prices-of-kerosene-and-cooking-gas-rose-by-25-18-per-cent-and-1-7-per-cent-respectively-in-the-last-year/

The Federal Government has formally requested the Supreme Court to extend the period during which old naira notes can be in circulation.

Additionally, it seeks to lift the March 3 order that designated old naira notes, including N1000, N500, and N200, as legal tender alongside new notes until December 31. The Attorney-General of the Federation, Lateef Fagbemi (SAN), disclosed this in a recent application, citing the economic crisis and the inability to print sufficient new notes before the year-end deadline.
See more: https://naijatask.com.ng/extend-old-naira-notes-lifespan-govt-tells-supreme-court/

On Wednesday, a Nigerian court granted bail to former central bank governor Godwin Emefiele, who faces six counts of fraud and corruption.

Emefiele, who was suspended as the head of the central bank in June, has pleaded not guilty to the charges. Justice Hamza Muazu set the bail at
See more: https://naijatask.com.ng/nigerian-court-grants-bail-to-ex-central-bank-chief-facing-fraud-charges/

On Monday, the foreign exchange (FX) market saw a 12.02 percent increase in dollar supply, leading to a strengthened Nigerian naira in the official market. Post-trading on Monday, the naira appreciated by 5.26 percent, with the dollar quoted at N750.14 compared to N791.75 on Friday at the Autonomous Foreign Exchange Market (NAFEM), according to data from FMDQ.

The surge in dollar supply was driven by willing buyers and sellers, resulting in a 12.02 percent rise in the daily FX market turnover to $176.75 million on Monday, up from
See more: https://naijatask.com.ng/naira-firms-at-official-market-as-dollar-supply-rises/

Despite concerted efforts to boost crude oil production since the third quarter of 2022, Nigeria incurred a substantial loss of $13.5 billion due to its failure to meet its Organization of Petroleum Exporting Countries (OPEC) quota between January and October 2023, as estimated by THISDAY.

Although the OPEC allocation for the year remained at 1.74 million barrels per day, equating to about 522 million barrels over the 10 months, Nigeria fell short by 150.4 million barrels, resulting in an output of 371.6 million barrels.
See more: https://naijatask.com.ng/nigeria-loses-estimated-13-5bn-to-oil-production-deficit-in-10-months/

On Monday, November 20, the Naira saw an increase to N1,135 per dollar in the parallel market compared to N1,140 per dollar on Friday. Conversely, in the Nigerian Foreign Exchange Market (NAFEM), the Naira depreciated to N841.14 per dollar on the same day. FMDQ data revealed a decline in the indicative exchange rate for the I&E window to
See more: https://naijatask.com.ng/naira-gains-at-n1135-in-parallel-market/

The former President of the Association of Issuing Houses of Nigeria (AIHN), Mr. Ike Chioke, highlighted that the Central Bank of Nigeria's ongoing currency reforms pose both challenges and opportunities for investment banking. Speaking at the Investment Banking Awards Night in Lagos, Chioke acknowledged that the free-floating of the naira and the removal of the fuel subsidy have
See more: https://naijatask.com.ng/chioke-currency-reforms-present-challenges-opportunities-for-investment-banking/

The National Insurance Commission (NAICOM) has called on both federal and state government to allocate sufficient funds for the insurance of public buildings and buildings under construction in their annual budgets. Commissioner for Insurance, Sunday Thomas, emphasized the compulsory nature of such insurance categories under existing insurance laws during the 12th edition of the National Council of Lands, Housing and Urban Development forum in Kaduna State.

Section 64 of the Insurance Act 2003, as highlighted by Thomas, mandates individuals, governments, and corporate organizations involved in constructing buildings exceeding two floors to
See more: https://naijatask.com.ng/government-urged-on-budgetary-provisions-for-public-building-insurance/

The Nigerian Naira demonstrated an improvement against the United States Dollar in various foreign exchange markets. Data from the FMDQ Securities Exchange revealed that in the official FX segment, Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira closed at N791.75/$1 on November 17, 2023. This marked a 5.9% or N49.39 appreciation compared to the previous day's rate of
See More: https://naijatask.com.ng/see-the-latest-naira-to-dollar-exchange-rate-across-the-market-naijatask/

The Nigerian government is actively pursuing its refinery repair deal with Saudi Arabia, a move that has garnered both attention and reservations from industry analysts. The agreement involves Saudi officials committing to the repair of Nigeria's four ailing refineries, which have been non-operational for an extended period, leading to the nation's reliance on petrol imports.

The Nigerian government aims to finalize the details of the deal with the Kingdom within six months. If successful, Nigeria could potentially process around 450,000 barrels of crude oil daily from
See more: https://naijatask.com.ng/nigeria-and-saudi-arabia-to-sign-a-refinery-deal-naijatask/

A recent analysis by nonprofit Oxfam International reveals that the wealthiest one percent of the global population is responsible for emitting as much carbon as the poorest two-thirds, comprising around five billion people. Titled "Climate Equality: A Planet for the 99%," the report, based on research from the Stockholm Environment Institute, underscores the need for tailored government policies to address the disproportionate contributions to climate change.

Key findings indicate that the richest one percent, totaling 77 million people globally, accounts for 16 percent of emissions related to consumption, equivalent to the emissions from the
See more: https://naijatask.com.ng/worlds-richest-emits-1-as-much-carbon-as-bottom-two-thirds-naijatask/

Germany is actively addressing its significant labor shortage by opening doors to foreign talent, including individuals from Nigeria. With over 1.98 million job vacancies across various sectors, the German government aims to fill this gap, driven by factors such as an aging population, a low birth rate, and a growing demand for skilled professionals.

To attract skilled foreign workers, Germany is emphasizing 20 high-demand jobs, offering a streamlined visa application process. These job opportunities span crucial sectors like farming, construction, and transportation, presenting a unique chance for foreign workers seeking employment in the country.

The shortage is particularly pronounced in areas such as livestock production,

forestry,

horticulture,

metalworking,

See more: https://naijatask.com.ng/list-of-jobs-in-nigeria-that-can-get-you-quick-visa-naijatask/