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 million…
Year: 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 October 2020…
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 (NLNG), is to establish…
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 as concerns…
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 very effectively…
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 the management of NNPC could not…
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 had on the country’s…
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 online newspaper, Sahara Reporters,…
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 Takeover • Over 3,000…
CBN Begins Gradual Harmonisation Of Exchange Rates
The Central Bank of Nigeria (CBN) yesterday began gradual harmonisation of exchange rates with the removal of N379/$1 official rate…
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 when stronger…
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 2020. It…
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 was stated…
Elon Musk Says Tesla Will Stop Accepting Bitcoin For Car Purchases, Citing Environmental Concerns
Tesla CEO Elon Musk said Wednesday on Twitter that Tesla has “suspended vehicle purchases using Bitcoin,” out of concern over “rapidly…
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 recorded strong remittance flows, a…
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 that air cargo demand…
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 settlement within…
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 the…
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 – 21.8%, BUA Cement…
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 percent to $22 billion…
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 from mainstream financial institutions toward…
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 technology and…
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…
$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 National Petroleum…
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 power projects…
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, repeatedly faced off with…