Naira Burnout Continues, Now N484/$1 At Black Market
At the previous session, the Nigerian currency was exchanged against the American currency at the parallel market at N480/$1. An analysis by Business Post showed that for the five trading…
Nigeria Plunges Into Second Recession In Five Years
Nigeria, Africa’s biggest economy, has entered its second recession in five years as official figures published on Saturday show that the economy shrank again in the third quarter of this…
From Building Schools To Wells: Ordinary Turks Lend A Hand In Africa
Turkey’s growing influence in Africa is not only aided by projects and policies implemented by the Turkish government but also shaped by personal contributions made by the Turkish people. To…
To Honor Slave Trade Victims, A Memorial In The Depths Of The Atlantic
NEW YORK, Nov 19 (Thomson Reuters Foundation) – Tributes to victims of the transatlantic slave trade can be found in museums and through statues, but a new proposal is calling…
Naira Plunges To N484/$1 On Parallel Market
The lingering acute shortage of foreign exchange in the country appears to be worsening as the local currency continued its downward slide on the parallel market, dropping to N484/$1 Friday…
Nigeria: Cocoa Prices Rise As Producers, Processors Clash
Tensions between cocoa-producing countries and manufacturers over costs have led to soaring prices on the international market, even as demand slumps because of the coronavirus. In New York, the price…
Nigeria Backtracks On Currency Rules After Naira Weakens
Nigeria’s central bank has backtracked on a rule that banned companies from sourcing imports from third parties other than manufacturers after the naira extended losses in the black market due…
Elon Musk Passes Mark Zuckerberg To Become The World’s Fourth Richest Person
Tesl TSLA +2.6% a’s billionaire cofounder and CEO, Elon Musk, overtook Facebook FB +0.4% FacebookCEO Mark Zuckerberg to become the world’s fourth-richest person on Wednesday, as Tesla’s stock continued to…
Why Nigerians Should Invest In Bitcoin
As the world continues to learn more about investment options, bitcoin has also been making the news among other cryptocurrencies. However, in a developing country like Nigeria, awareness seems to…
Next Africa: Cocoa’s OPEC Is In Fight With Few Winners
Ivory Coast and Ghana, who together produce about two-thirds of the world’s cocoa, are insisting that traders pay a higher price for their beans. That’s due to a hefty $400…
Nigeria: Crude In Commercial Quantity Discovered In Benue Trough – NNPC
The Nigerian National Petroleum Corporation on Thursday said the volume of crude oil discovered in Benue Trough was in commercial quantity. It said Nigerian geologists were spearheading efforts in the…
Nigeria: $30 Billion Fuels Import Outlay Present Energy Security Challenges
Industry stakeholders, yesterday, expressed concerns over the state of Nigeria’s petroleum downstream and of other African countries in the face of emerging global issues. With over $30 billion yearly import…
Economic Data Puts The Loonie, The Pound, And The EUR In Focus
It’s was a busy start to the day on the economic calendar this morning. The Japanese Yen and the Aussie Dollar were in action in the early part of the…
Nigeria To Resume Fuel Imports From Niger Republic
Nigeria, Africa’s biggest oil producer, is set to resume the importation of petroleum products from a neighbouring country, Niger Republic. The Ministry of Petroleum Resources announced on Thursday in a…
Oil Rises, Set For Weekly Gain, On Covid-19 Vaccine Optimism
Oil rose, heading for a third weekly gain, as positive Covid-19 vaccine developments offered bulls encouragement about the market’s prospects despite lockdown measures to combat the disease’s spread. Brent rose…
Canadian Dollar Gains On Stimulus Hopes But Sticks To Recent Holding Pattern
The Canadian dollar rose against the greenback on Thursday as the prospect of renewed U.S. economic stimulus talks bolstered investor sentiment, but gains were capped by the surge in global…
Nigeria: Customs Decries Smuggling Activities In Niger, Kwara Communities
Nigeria Customs Service (NCS) has listed some communities inKwara and Niger as notorious for smuggling activities over the years. The communities, according to the service, include Kaiama, Chikanda, Okuta, Ilesha-Baruba…
FG Urged To Tackle Multiplicity Of Inspection, Shipping Charges
To ensure the drive by the federal government to boost exports succeeds, the government has been urged to simplify the process through the removal of factor associated with delays, multiplicity…
Nigerian High Commission Seeks Release Of 12 Nationals From Meghalaya Jails
An official of the Home (Prisons) Department said that at least 12 Nigerian nationals are presently lodged in Shillong and Jowai district jails in Meghalaya even after completing their stipulated…
Nigeria’s Yemi Edun Listed Among Britain’s Most Influential Black People
Nigerian-born London property expert and acquisition agent, Yemi Edun, was Tuesday named among one of the UK’s Most Influential Black People in The Powerlist 2021. Regarded as one of the…
Financial Inclusion: Ray Of Hope As CBN Licenses PSBs
Bank account ownership is quite compulsory in many developed countries of the world. Research shows that nearly half of the world’s unbanked population live in developing countries. Though China and…
Lagos Free Zone To Boost Nigeria’s GDP By Two Per Cent
BUSINESS Experts have expressed confidence that the Lagos Free Zone (LFZ) has the capacity to contribute around two percent of Nigeria’s Gross Domestic Product (GDP) when fully developed. Experts stated…
Survey: Nigerians Expect Weaker Economy If Inflation Rises Faster —CBN
The Central Bank of Nigeria has said more than 60 per cent of Nigerian households it surveyed in September believed that the nation’s economy would end up weaker if inflation…
NNPC Set To Grow Crude Reserves To 40bn Barrels
The Nigerian National Petroleum Corporation (NNPC) has assured of its resolve to grow the nation’s hydrocarbon reserves to 40billion barrels through reinvigorated exploratory activities in the inland frontier basins across…
Rising Inflation, Forex Demand Push Naira To N478/$1 At Parallel Market
The naira on Thursday depreciated to N478 to dollar at the parallel market as importers and manufacturers push unmet foreign exchange (forex) demand from official market into the parallel market.…
Value Of Naira Sinks To N480/$1 At Black Market
According to data obtained by Business Post from AbokiFX, a platform that tracks the Naira exchange rate at the black market, the value of the Naira further depreciated against the…
Nigeria: Terminal Operators Assure NPA Of Support
The Seaport Terminal Operators Association of Nigeria (STOAN) has promised to support the Nigerian Ports Authority (NPA) in replacing some of the items lost to the recent attack on its…
Dollar Halts Slide As Mnuchin Calls Time On Emergency Funds
The dollar halted its slide on Friday after U.S. Treasury Secretary Steven Mnuchin called an end to some of the Federal Reserve’s pandemic lending, derailing a risk rally and surprising…
UK May Ease Christmas Rules As COVID Cases Start To Flatten, Minister Says
There are signs that coronavirus cases in Britain are starting to flatten as a result of current lockdowns, health minister Matt Hancock said, paving the way for a Christmas period…
Naira Sinks To 620 Against Pound, Euro Rises
The naira tumbled to 620 against the British pound sterling at the parallel market on Thursday, even as the euro rose to N565. The naira fell by 2.1 per cent…