The Dollar Snaps Back
Overview: The US dollar is enjoying broad, even if not large, gains today following yesterday’s recovery from three-year lows against sterling and four-year lows against the Canadian dollar. The greenback…
Why We Want 20% Stake In Dangote Refinery – NNPC
The Nigerian National Petroleum Corporation, NNPC, has moved to explain its recent bid to acquire 20 percent stake in the 650,000 barrels per day Dangote Refinery in Lagos, citing the…
Bitcoin Unlikely To Dodge Regulation For Long, Sweden Says
Bitcoin and other cryptocurrencies are unlikely to escape regulatory oversight as supervisory authorities respond to the sheer popularity of the phenomenon, according to the governor of Sweden’s central bank. Though…
Update 1-South Africa’s Rand Falls After Unemployment Data
The South African rand fell on Tuesday after data showed that the country’s unemployment rate hit a new record high in the first quarter, signalling continued weakness in an economy…
Analysis-China’s Banks Are Bursting With Dollars, And That’s A Worry
A mountain of dollars on deposit in China has grown so large that banks are struggling to loan the currency and traders say it poses a risk to official efforts…
IMF Offers Bailout To Second African Nation In Less Than A Week
The International Monetary Fund staff agreed to provide a $1 billion facility to Uganda, the lender’s second bailout to an African nation in four days to help the continent’s economies…
NNPC Decries Destruction Of Rail Lines For Oil, Gas Pipe Transportation
The Nigerian National Petroleum Corporation (NNPC) has bemoaned the recent spate of attacks on the country’s rail lines, especially from Warri in Delta state to Itakpe in Kogi state, which…
OPEC+ Gives Little Away As It Sees Oil Market Tightening
OPEC+ left oil consumers in limbo, sticking to its plan of monthly production increases until July but refusing to give any hints about further moves until there’s clear evidence more…
Bank Of England Expresses Unease About Jump In Housing Prices
The Bank of England indicated unease about the U.K. housing market after Nationwide Building Society said prices were growing at their fastest pace since 2014. Jon Cunliffe and Dave Ramsden,…
Nigeria’s Furniture Export Rises As Cyrus Doors Enters Alaro City
Nigeria’s furniture export profile has received a boost with the move by Cyrus Doors and Joinery, a leading manufacturer and installer of furniture and joinery products, to Alaro City, the…
PFAs Invest N8.3tr In FGN Securities
Pension Fund Administrators (PFAs) have invested N8.32 trillion in Federal Government’s Securities, out of the N12.39 trillion pension fund assets recorded as at April 2021, The Nation has learnt. According…
Federal Government Targets Private Refineries To Offtake Over 300,000bpd
Except Dangote and other private refineries coming on board give preference to the Federal Government for patriotism sake, the NNPC may have to compete with other oil producers to supply…
Nigerian Banks Spend Billions Annually On KYCs
A KPMG report has revealed that Nigerian banks spend billions of naira annually to implement the Know Your Customer (KYC), which is a compulsory regulatory tool used to reduce the…
How Wema Bank Is Supporting Nigerians With Loan Offerings
There are many reasons to take out a loan. From needing a bigger shop or office space to buying a new device, or simply needing to take care of an…
Dollar Set For Second Consecutive Monthly Loss Vs Euro And Pound
The dollar came under pressure on Monday and was heading for its second consecutive monthly loss against the euro and the pound, as traders assessed the impact of a surge…
Pound Touches Three-Year High Against The Dollar
The pound reached to a three-year high against the dollar on Tuesday, boosted by thin trade that gave relatively small market moves outsized influence on the price. Sterling hit a…
External Reserves Dropped By $640m In May – CBN
The country’s external reserves lost $640m in May, falling to $34.24bn on May 28 from $34.88bn as of April 28. Figures obtained from the Central Bank of Nigeria on Tuesday…
Dollar Gets Respite As U.S. Manufacturing Picks Up, Jobs Report Awaited
The dollar clung to small overnight gains on Wednesday, edging back from near a five-month trough versus major peers, as a pick up in U.S. manufacturing kept bets alive for…
China Yuan Assets Not A ‘Bargaining Chip’ For Gamblers, Xinhua Warns
Chinese yuan-denominated assets are not a “bargaining chip” for gamblers, the official Xinhua news agency said in a commentary on Wednesday, in the latest attempt to curb speculative bets on…
Sub-Saharan Africa Most Expensive Globally To Send And Receive Money
The cost of remittances in sub-Saharan Africa was the highest, averaging 8.17 percent in the fourth quarter of 2020 compared with 4.9 percent in South Asia, the lowest average cost.…
Sterling Hits Fresh 3-Year High As Investors Bet On UK Recovery, House Price Surges
The pound edged lower on Tuesday after touching a fresh three-year high versus the dollar amid expectations for a recovery in the British economy following a successful vaccination programme, while…
Stock Market Sheds N812bn In May As Investors Weigh Options
The rally witnessed in the equities market in April was halted in May as rising yields in the fixed income securities market reduced demand by investors. Owing to this, the…
Australia Central Bank Holds Rates As Economy Bolts Ahead, A$ Slips
Australia’s central bank left its cash rate at record lows on Tuesday and reiterated its lower-for-longer policy stance even as data showed the country’s economic output was above its pre-pandemic…
7,000 Oil Reserves Discovered, Only 1,700 Producing – Nigerian Government
The Federal Government on Monday disclosed that out of 7,000 oil reserves that have been discovered in the country, only 1,700 of the reserves are currently producing crude oil. The…
We’re Significantly Decongesting Lagos Ports, Says NPA
The Nigerian Ports Authority has said it is making significant progress in decongesting the ports in Lagos with the e-call up system. The authority said this on Monday in a…
Canada FX Debt-C$ Heads For Monthly Gain As Current Account Swings To Surplus
The Canadian dollar edged lower against its U.S. counterpart on Monday, but was on track to notch its fourth straight monthly gain as oil prices rose and data showed Canada…
Nigerian Equities Could Rise, But Upside Is Capped
Global X MSCI Nigeria ETF (NYSEARCA: NGE) provides predominantly U.S. investors with the chance to gain direct access to the Nigerian equity market. Nigeria is an interesting market, as valuations…
China C.Bank Says To Raise FX Reserve Requirements
China’s central bank said on Monday that it will raise the FX reserve requirement ratio for financial institutions to 7% from 5%, effective on June 15. The People’s Bank of…
Nigerians Trade N69.29bn Bitcoin In Five Months Despite Ban
Nigerians traded N69.29bn ($169m) in bitcoin volume in the first five months of 2021, according to data analysed from www.usefultulips.org. The data showed that trading volume was highest in May…
Yuan Stabilises After New FX Requirements, Corp Clients Told To Hedge
China’s yuan clawed back earlier losses on Tuesday taken after authorities ordered banks to increase their foreign exchange holdings, although investors are wary of further moves by policymakers to rein…