China’s Central Bank Could Intervene After ‘Glaring’ State-Firm Bond Defaults, Analyst Says
SINGAPORE — The People’s Bank of China (PBOC) could step in following a number of recent bond defaults by Chinese…
Month: November 2020
Dollar Poised For Weekly Losses On Improving Risk Sentiment
The dollar held steady in thin trade on Friday but was on track for weekly losses against a basket of…
Protect Nigerian Businesses In Your Country, Lawan Tells South Africa
Senate President Ahmad Lawan on Thursday urged the South African authorities to reciprocate the Nigerian Government’s gesture by ensuring that…
Crisis Hits Apapa Port As CCECC Demolishes Structures, Cripple Seaport Operations
Operations at the Apapa container terminal, operated by APM Terminals, were paralysed on Wednesday as the contractor handling the rail…
FG Approves N30bn For Roads To Niger Republic
ABUJA—THE Federal Executive Council, FEC on Wednesday approved contracts for construction of two roads from Sokoto and Jigawa States up…
General Gowon Denies Looting ‘Half Of CBN’
Nigeria’s former Head of State, General Yakubu Gowon, has denied ‘looting half of Central Bank of Nigeria (CBN),’ saying he…
We Deliberately Shut Down Refineries – NNPC GMD
The Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, on Thursday said the country’s refineries were shut…
Nigeria: Smugglers Reign Large Despite Border Closure
As the Yuletide season approaches, more smuggled items — mainly foreign parboiled rice, tomato paste, frozen chicken and cars —…
Oil Falls To $47 As Fate Of OPEC+ Deal Uncertain
The international oil benchmark, Brent crude, pared some of its recent gains on Thursday as what seemed to be shaping…
Naira In Big Trouble, Falls To N495/$1 At Black Market
The attempt by the Central Bank of Nigeria (CBN) to discourage Nigerians from seeking forex at the parallel market seems…
Nigeria: BPE Hands over Afam Power Plant to Transcorp
The Bureau of Public Enterprises (BPE) has handed over the Afam Power Plant in Oyigbo Local Government of Rivers State…
Netherlands Returns Smuggled 600-Year-Old Ife Terracotta To Nigeria
The Kingdom of Netherlands on Thursday officially presented a smuggled Ife Terracotta antiquity dated to be at least 600 years…
World’s Outlier On Remittances Has Currency Woes To Blame
Nigerians living abroad could be sending more money home than authorities realize, bypassing official channels so their families can get…
Nigeria’s Traditional Textiles Threatened By Chinese Imports
JOS, NIGERIA – Nigeria has been producing traditional, handmade, beautiful fabric designs for centuries. But preservers of the ancient art…
AFRICA-FX-Kenyan, Zambian, Nigerian Currencies Seen Under Pressure
The currencies of Kenya, Zambia and Nigeria are expected to come under pressure versus the U.S. dollar next week, according…
Bob Diamond’s African Bank Exits Two Markets As It Enters Debt Talks
Atlas Mara Ltd., the African banking group started by former Barclays Plc Chief Executive Officer Bob Diamond, agreed to sell…
Nigeria To Strengthen Infrastructure Company To Boost Recovery
Nigerian state-owned Infrastructure Credit Guarantee Company plans to raise additional capital to fund critical projects in Africa’s biggest economy. The…
Nigerian Central Bank Rule Leaves Cocoa Stranded At Ports
Nigerian cocoa exporters are facing long delays in shipping their goods after the central bank started insisting on additional documentation…
Naira May Head To N500 Against Dollar On Black Market Next Week
The foreign exchange market has been under pressure since March 2020 following a sharp drop in oil prices as a…
Former Microsoft Engineer Says Nigerian Expatriates Are Using Bitcoin To Circumvent Country’s Overvalued Exchange Rate
A former Microsoft software engineer and co-founder of Buycoins Africa Tomiwa Lasebikan says some Nigerians expatriates are now using bitcoin…
FG Moves For Better Forex Access
As the naira sustains its sliding profile against the American dollar at the parallel market, Vice President Yemi Osinbajo, yesterday,…
Nigeria Argues Over The Writing On Its Banknotes
Some say Arabic script smacks unconstitutionally of Islam. Others shrug Malcolm omirhobo is no stranger to the Federal High Court…
Nigeria Weak On Innovation Infrastructure’
THE National Centre for Technology Management (NACETEM) yesterday said Nigeria was weak on innovation stressing the need for more investment…
Euro Retreats After Early Gains; Swedish Crown Falls After Riksbank QE Expansion
The euro retreated on Thursday after briefly hitting a near three-month high against the dollar as concerns about rising coronavirus…
Importers, Clearing Agents Lament As Railway Contractor Stalls Cargo Evacuation At Apapa Port
Cargo evacuation at APM Terminal, Apapa , were yesterday paralysed as the contractor handling the rail project at the Apapa…
Pound Near Three-Month High As Weak Dollar Counters Unease On Brexit Talks
Sterling held near a three-month high on Thursday as U.S. dollar weakness offset some of the uncertainty about the outcome…
Exclusive: White House Considers Lifting European Travel Restrictions – Sources
The White House is considering rescinding entry bans for most non-U.S. citizens who recently were in Brazil, Britain, Ireland and…
CBN To Banks: Cut Service Cost
THE Central Bank of Nigeria (CBN) has advises banks and other financial institutions to reduce the cost of providing banking…
Naira Hits Record Low At The Investors And Exporters Window
Nigeria’s local currency, the naira fell to a record low of 393 naira 25 kobo to the US dollar at…
Bitcoin Plunges By Nearly $3,000 After Closing In On Its All-Time Record
LONDON — Bitcoin has plunged by close to $3,000 in less than 24 hours after hitting highs not seen since…