Dollar

In a significant pivot, Dangote Refinery has announced a temporary halt to the sale of petroleum products in Naira. This decision appears to be a strategic move to sidestep the complexities arising from a disparity between revenues generated in Naira and the obligations tied to dollar-denominated purchases of crude oil, as reported by Premium Times. Without a doubt, this shift means that oil marketers will now be compelled to transact in dollars for crucial commodities, such as petrol and diesel. The implications are…

Refinery's Bold Move: Selling Petrol in Dollars In a world where the economic waves are as unpredictable as ocean tides, businesses must navigate carefully. Recently, the Dangote Petroleum Refinery, a powerhouse in the energy sector of West Africa, unveiled a striking decision to sell petrol not in the local currency, the naira, but rather in U.S. dollars. This development has certainly sent ripples through the economic waters. Why such a bold move,…

Professor Nana Browne Klutse, the interim head of the Environmental Protection Authority (EPA), has sounded the alarm. Calling the situation an emergency, she reaches out to international partners, urging them to support Ghana’s reclamation efforts. But what does it mean when land crying out for healing is left unattended due to financial constraints? In a recent dialogue with the Ghana News Agency, Professor Klutse shared how a World Bank initiative had managed to reclaim some land—though, regrettably, only on a pilot…

On a sunny day in Nairobi, Kenya, the Central Bank Governor, Patrick Njoroge, exhibited crisp Kenyan shilling bills during a vibrant news conference at the Central Bank on June 3, 2019. The financial air was palpable with speculation as these colorful slips of currency held center stage. Photo credits to REUTERS/Baz Ratner. Recently, the Kenyan shilling took a bit of a nosedive when pitted against the dollar. A local trader spilled the beans, saying that this wasn't just a Kenyan phenomenon – the dollar was flexing its…

Sharmarke Issa stands accused of orchestrating a staggering $7.6 million of the $50 million heist from the Feeding Our Future (FOF) nutrition program. Out of this, he pocketed a whopping $3.5 million, which he must repay as restitution.A former Somalian refugee and the chair of the Minneapolis Public Housing Authority (MPHA), Issa, 40, of Edina, admitted to federal wire fraud charges on Wednesday. Court records reveal he masterminded a complicated money-laundering scheme that siphoned funds meant for feeding children during…