China Loan At Risk As Nigeria Faces New Claim Over Power Deal
A Nigerian company that lost out on a contract to build a multibillion-dollar hydropower plant has filed a $400…
Yearly Archives
2021
Sterling Holds Recent Gains As Britain Enters Second Phase Of Reopening
Sterling held on to recent gains against the dollar on Monday as Britain took a big step towards reopening its…
$1.24bn Spent On Food Imports Despite Buhari’s Forex Ban
Food products imports gobbled up $1.24bn of the foreign exchange supplied by the Central Bank of Nigeria from…
Elon Musk Just Reopened An Old Wound In The Bitcoin World
Earlier this year, when Tesla added Bitcoin to its balance sheet, CEO Elon Musk became an instant hero in the…
NSML To Establish Dry Docking Facility
The NLNG Ship Management Limited (NSML), which manages vessels belonging to the Nigerian Liquefied Natural Gas…
Dollar Lower After Weak Data, As Inflation Fears Ease
The dollar edged lower against major currencies on Friday after U.S. retail sales unexpectedly stalled in April and…
IMF Mission Says Ghana Economy Rebounding
A country mission of the International Monetary Fund said on Friday that Ghana has managed its COVID-19 outbreak…
Nigeria Devalues Naira, Official Rate Now 411 To Dollar
Nigeria let the naira weaken to a record low against the dollar on the official market on Friday, according to…
Three Refineries Processed No Crude In January – NNPC
Latest operations report of the Nigerian National Petroleum Corporation indicates that Nigeria’s refineries under…
Nigeria Lets Naira Weaken In Possible Move To Unify Exchange Rates
Nigeria let the naira weaken to a record low against the dollar on the official market on Friday, according to…
Economists Evaluate Nigeria-China Currency Swap
Some Financial Economists have expressed great concerns on the minor influence that the Nigeria-China currency swap…
We Breached No Laws In Our Relationship With INTELS – Suspended NPA Boss Usman
Embattled suspended Managing Director of the Nigerian Ports Authority, Hadiza Bala Usman, has debunked claims by an…
Toxic Loans, Courts May Force AMCON’s Burdens On Taxpayers
Seized Assets Face Capital Erosion Amid Agency’s Monetisation Hurdles
• Aero, Arik Struggling, Five Years Post…
CBN Begins Gradual Harmonisation Of Exchange Rates
The Central Bank of Nigeria (CBN) yesterday began gradual harmonisation of exchange rates with the removal of…
Sterling Steadies Above $1.40 As Stronger Dollar Weighs
Sterling steadied above $1.40 against the dollar on Thursday after losing its perch near $1.41 the previous day…
Nigeria’s Diaspora Remittance Dropped By 28 Per Cent In 2020 – World Bank
The World Bank, on Wednesday, disclosed that diaspora remittances to Nigeria dropped sharply by 28 per cent in…
Power Outage As National Grid Collapses Again
On Wednesday, the nation’s grid collapsed once more, triggering power outages in some parts of the country.
This…
Elon Musk Says Tesla Will Stop Accepting Bitcoin For Car Purchases, Citing…
Tesla CEO Elon Musk said Wednesday on Twitter that Tesla has “suspended vehicle purchases using Bitcoin,” out of…
Nigeria, Others Recorded $540 Billion Remittance Flows In 2020 – World Bank
Despite the destabilising effects of the COVID-19 pandemic, Nigeria and other low and medium-income countries…
Air Cargo Business Surges As African Airlines Record 24.6% Demand Spike
The International Air Transport Association (IATA) released March 2021 data for global air cargo markets showing…
Oil Spill: Agip Shuts Down Oil Well In Bayelsa
The Nigerian Agip Oil Company (NAOC) on Wednesday confirmed an oil leak from its Idu oilfields at Egbebiri…
Dollar Hits Fresh 10-Week Lows Ahead Of Inflation Report
The U.S. dollar dropped to a fresh 2-1/2-month low on Tuesday as investors bet that rising inflation could erode…
Cement Prices Threaten Nigeria’s Economic Recovery
Dangote Cement, founded by Africa's richest man, Aliko Dangote, has a 60.6% market share, Lafarge Africa -…
Agusto: Diaspora Remittances Will Increase 5% To $22bn In 2021
Agusto Consulting Limited, a credit rating agency, says diaspora remittances to Nigeria will increase by five…
MoneyGram To Let Cryptocurrency Holders Cash In Their Investments
MoneyGram will let people in the U.S. withdraw their cryptocurrency holdings in cash, marking another step…
Nigeria Wealth Fund To Sell Sukuk Bonds For Roads In 2021
The Nigeria Sovereign Investment Authority plans to raise equity capital and sell sukuk bonds this year to fund…
Inflation Speeds Up In April As Consumer Prices Leap 4.2%, Fastest Since 2008
The Consumer Price Index, which measures a basket of goods as well as energy and housing costs, rose 4.2% from a…
$100m Lost As NNPC Gives Bunkering Service To Foreigners, Says SOAN
Shipowners Association of Nigeria (SOAN) has said that $100 million is lost to capital flight as the Nigerian…
Actis Plans To Double Africa Energy Investments To $2 Billion
Actis LLP, a London-based private equity firm focused on emerging markets, plans to finalize deals on six African…
EXCLUSIVE: How Amaechi, Hadiza Usman Clashed Over Multibillion Naira NPA Contracts
Months before her suspension last week, the Managing Director of the Nigerian Ports Authority (NPA), Hadiza Usman,…