Business Local Naira Trades N485/$1 At Parallel Market As CBN Interventions Lessens Pressure – December 3, 2020 Ekemini At the same segment, the domestic currency also appreciated by N5 against the Pound to wrap the day at N635/£1 as against N645/£1 of Tuesday but lost ground against the…
Business Local CBN Introduces New Bills To Control Liquidity December 3, 2020 Ekemini The Central Bank of Nigeria has said it has introduced special bills as part of efforts to deepen the financial markets and avail the monetary authority with an additional liquidity…
Business Local Naira Gains, Exchanges For 490/$ December 3, 2020 Ekemini Naira exchanged to the dollar at 490/$ in the parallel market on Wednesday, after it had sold for N500 on Monday. The Bureau De Change operators had attributed the devaluation…
Business Local Exporters, Agents Lament Difficulties In Getting CBN Proceeds Number December 3, 2020 Ekemini Nigerian exporters have lamented the difficulties and undue stress in obtaining the Nigerian Export Proceeds Number, a new procedure introduced by the Central Bank of Nigeria for non-oil exportation. The…
Business Local OPEC+ Resumes Talks On 2021 Oil Policy Amid Disagreements December 3, 2020 Ekemini OPEC and Russia resume talks on Thursday in a bid to define policies for 2021 after an initial round of discussions this week failed to bring a compromise on how…
Business Local New CBN Policy Firms Up Naira Value In Parallel Market December 3, 2020 Ekemini The Nigerian currency, Naira, yesterday reversed its two weeks depreciation trend in the parallel market, recording N20 gain against the United States Dollar closing at N470 per dollar. Meanwhile the…
Business Local Nigeria Oilfield Sale To Eni, Shell Was Legally ‘Perfect’, Says Ex-Oil Minister Lawyer December 3, 2020 Ekemini The sale of a Nigerian oilfield to Eni and Royal Dutch Shell was legally “perfect” and there was no proof of any corruption, a lawyer for former Nigerian oil minister…
Business Sterling At One-Month Low Vs Euro As Brexit Trade Deal Doubts Emerge December 3, 2020 Ekemini Sterling fell to a one-month low against the euro and also dipped momentarily below $1.33 on Wednesday as Britain and the European Union quickly approached a make-or-break moment in trade…
Business Dollar Falls To Fresh 2-1/2-Year Low On U.S. Stimulus Bets December 3, 2020 Ekemini The safe-haven dollar sank to a fresh 2-1/2-year low in choppy trading on Wednesday, pressured once again by expectations of further fiscal stimulus for the United States. The dollar, however,…
Business Local Nigerian Port Authority’s E-Call Up System Could Help Solve Apapa Gridlock December 3, 2020 Ekemini The Nigerian Ports Authority has finalised plans to implement the electronic call-up system to control the entry of trucks into ports in Apapa area of Lagos state. This is according…
Business Local Pope Condemns ‘Terroristic Massacre’ Of Nigerian Farmers December 2, 2020 Ekemini Pope Francis condemned on Wednesday the killing of scores of farmers and villagers in northeast Nigeria by suspected Islamist militants as a “terroristic massacre” that offended the name of God.…
Business Stock Market Extends Gains By N55bn December 2, 2020 Ekemini Nigerian stock market sustained its positive outlook on Tuesday to begin the month of December on a positive note as the All-Share Index and the market capitalisation rose further by…
Business Fitch Ratings: Forex Liquidity Risk May Affect Credit Rating Of Nigerian Banks December 2, 2020 Ekemini Fitch Ratings, a global credit rating agency, predicts a risk in the rating of Nigerian banks due to foreign currency liquidity. Fitch, in a statement released on Tuesday, said funding,…
Business Local Terrorism: Don’t Unfreeze #EndSARS Campaigners’ Accounts, CBN Begs Court December 2, 2020 Ekemini THE Central Bank of Nigeria has asked Justice Ahmed Mohammed of a Federal High Court in Abuja not to unfreeze the accounts of #EndSARS campaigners because they are still under…
Business Pound Jumps As Traders Look For Endgame To U.K.-EU Trade Talks December 2, 2020 Ekemini The pound rallied the most in more than a week, as speculation grows British and European officials are getting closer to striking a trade deal. Sterling rose as much as…
Business Local Naira Appreciates At N490/$1 In Parallel Market After New CBN Policy December 2, 2020 Ekemini This is coming a day after it weakened at N500 to the dollar in the parallel market. The CBN had, on Friday, announced the devaluation of the naira and urged…
Business Local Diaspora Remittances, Domiciliary Accounts Become Battlegrounds For Nigeria’s FX Crisis December 2, 2020 Ekemini Truth is no one will gladly send a dollar to Nigeria at N390 if he or she can get N490-500 for the same dollar. Nigeria moved over night to correct…
Business Local Businesses Need Lower Interest Rates To Kick-Start Recovery December 2, 2020 Ekemini Creaking grid: Electric wires in Ojuelegba district in Nigeria’s commercial capital Lagos, June 18, 2018. REUTERS/Akintunde Akinleye Nigeria’s government needs to help businesses stricken by the economic impact of COVID-19…
Business Local Ivory Coast Struggles To Sell Cocoa Amid Dispute Over Farmer Premium December 2, 2020 Ekemini Ivory Coast has not sold up to 15% of cocoa from its ongoing main crop, while the vast majority of the upcoming mid-crop remains unsold as the COVID-19 pandemic drives…
Business Local Threats, Detentions And Frozen Assets: Nigeria’s Protesters Depict Pattern Of Intimidation December 2, 2020 Ekemini At 7 a.m. on a recent Saturday, Onomene Adene received a call from a man whose voice she did not recognise. The man said he knew her from church and…
Business Technology Musk to Tesla employees: ‘Our stock will immediately get crushed like a souffle under a sledgehammer!’ if we don’t control costs December 2, 2020 Ekemini Tesla CEO Elon Musk sent an e-mail to employees on Tuesday warning them that they need to control their spending in order to continue squeaking out quarterly profits, even though…
World Japan Makes COVID-19 Vaccine Free For Residents December 2, 2020 Ekemini Japan on Wednesday enacted a law to cover the cost of vaccination against COVID-19 for residents. Amid rising hopes for the early arrival of vaccines in Japan, the country’s House…
World Dr. Scott Gottlieb sees Covid vaccine in ‘rationing type of environment’ well into the spring December 2, 2020 Ekemini Dr. Scott Gottlieb told CNBC on Wednesday the availability of coronavirus vaccine doses is likely to be limited in the next few months should U.S. regulators grant emergency approval la6ter…
Business Local Naira Reverses Loss, Trades At N470/$ December 2, 2020 Ekemini It is currently trading at N470 to the dollar. The naira, which had previously exchanged at N500/$, strengthened after the Central Bank of Nigeria (CBN) relaxed the rules on foreign…
Business Local CBN Directs Banks To Close Naira Ledger Accounts For IMTO December 2, 2020 Ekemini The Central Bank of Nigeria (CBN) has directed banks in the country to close all naira ledger accounts opened specifically for the purpose of receiving proceeds from international money transfer…
Business World Delay In Vaccine Rollout Is The Top Risk To The Economic Recovery, ECB Member Says December 2, 2020 Ekemini LONDON — A potential delay to the distribution of coronavirus vaccines is the biggest risk facing the economic recovery in the euro zone, a member of the European Central Bank…
Business Local Oil Holds Steady With OPEC Working To Bridge Gaps On Policy December 2, 2020 Ekemini Oil held steady in New York, with OPEC and its partners engaging in a diplomatic push to agree on output levels before a key meeting on Thursday. Futures were little…
Business Local Minister Assures Investors Of Forex In Machinery Procurement December 2, 2020 Ekemini The Federal Government on Monday assured local raw materials investors that they will be given priority in foreign exchange (forex) allocation for procurement of machines and other equipment not readily…
Business Local Govt Assures Investors Of Access To Forex For Machinery Importation December 2, 2020 Ekemini The Minister of Industry, Trade and Investment, Mr. Niyi Adebayo has assured investors using local raw materials that the federal government will accord them priority in the allocation of foreign…
Business Local CBN Issues Fresh Directives On Foreign Currency Payment Of Diaspora Remittance December 2, 2020 Ekemini The Central Bank of Nigeria CBN) has issued fresh directives to International Money Transfer Operators (IMTOs) on foreign currency payment in cash to beneficiaries of diaspora remittances. The fresh directives…
