Northern Nigerian States Limit Residents’ Movements Over Attacks
Four northern Nigerian states introduced restrictions on movement to curb attacks that have disrupted economic activities and displaced thousands of…
Category: Business
Oil Drops After OPEC+ Alliance Agrees To Return More Barrels
Oil declined after OPEC+ stuck with a plan to boost crude production, with the cartel wagering that the global market…
Nigeria’s Eurobonds Debts Rise By $9.37bn In Five Years
Commercial loans obtained by Nigeria through Eurobonds rose from $1.50bn as of December 31, 2015 to $10.87bn as of December…
Central Bank Digital Currencies To Be Tested In BIS Experiment
The Bank for International Settlements will test the use of central bank digital currencies with Australia, Malaysia, Singapore and South…
Emerging Markets-Peso, Baht Lead Asia FX Declines, Indian Rupee Gains Ahead Of U.S. Jobs Data
Asian currencies were largely mixed on Thursday, with the Philippine peso and the Thai baht leading declines as rising coronavirus…
Remittances: Senate Accuses NNPC, CBN, Others Of Underpayment
The Senate on Wednesday accused Government Owned Enterprises of worsening the current dwindling revenues in the country by engaging in…
Sterling Driven Higher By Dollar Weakness, Still Stuck Below $1.38
Sterling edged higher on Thursday, driven by dollar weakness after disappointing U.S. labour data, while traders waited for the fuller…
Foreign Investors Renewing Confidence In Economy, Says Adebayo
The Minister of Industry, Trade and Investment, Mr. Niyi Adebayo yesterday said the economy was coming back strongly adding that…
Naira Trades At N528/$1 In Streets Despite Oil Price Uptick Ahead OPEC+ Meeting
The Nigerian Naira has slumped to an all-time low of N528 to the dollar in street trading as pressure continues…
OPEC+ Sticks With Planned Supply Hike As Oil Demand Improves
OPEC and its allies agreed to stick to their existing plan for gradual monthly oil-production increases after a brief video…
France Fines U.S. Bank JP Morgan $29.6 Mln In Tax Fraud Settlement
U.S. bank JP Morgan has agreed to a 25 million euros ($29.6 million) fine in a settlement of a tax…
U.S. Weekly Jobless Claims Fall; Layoffs At 24-Year Low
The number of Americans filing new claims for jobless benefits fell last week, while layoffs dropped to their lowest level…
Central Bank Of Nigeria Clarifies Reports of Non-Remittance of 80% surpluses into Consolidated Revenue Fund
The Central Bank of Nigeria (CBN) has denied allegations that it failed to remit 80 per cent of its operational…
Nigeria: IDB, Others Earmark $520m For Nigeria’s Agro-Industrial Zones
The Senior Special Adviser to the President of the Africa Development Bank on Industrialisation, Prof Banji Oyeyinka, has disclosed that…
New Law Stokes Tension In Nigeria’s Blighted Oil Delta
Local communities in Nigeria’s Delta Region have spent years waiting for lawsuits against foreign oil companies for environmental damages. Tensions…
Dollar Weakens After ADP Miss, Euro Hits Fresh One-Month High
The dollar fell against a basket of major currencies on Wednesday after a report on the U.S. labor market fell…
Dangote Refinery Complex In Nigeria Set To Cost $19 Billion
A giant oil refinery complex being built in Nigeria by a company owned by Aliko Dangote, Africa’s richest person, will…
South African Factory Mood Rises As Economy Steadies After Riots
An index measuring South African factory sentiment jumped by a record in August as conditions normalized after deadly riots, looting…
External Reserves Gain $500m In One Week, Near $34bn
Nigeria’s external reserves rose by $500m in one week to the highest point in more than two months, according to…
Uniform Men Extorting Importers At Ports, Says NPA Boss
The Acting Managing Director, Nigeria Port Authority (NPA), Mohammed Bello-Koko, on Tuesday accused Naval personnel and Police officers in Lagos…
‘$3.35b SDR To Bring Forex Market Under Control’
EFG Hermes, financial services corporation in frontier emerging markets, says the release of the $3.35 billion Special Drawing Rights (SDRs)…
CBN Announces New Appointments
The Central Bank of Nigeria (CBN) has confirmed the appointment of Mr. Osita Nwanisobi as the Director, Corporate Communications Department,…
Yuan Edges Down After Weak Factory Activity, Awaits More Cues
China’s yuan softened against the U.S. dollar on Wednesday, after signs of slowdown in factory activity and on expectations of…
Online Dating Company ParshipMeet Prepares For IPO In 2022
Rivals such as Bumble and Tinder-owner Match Grouping trade at about 50 times their expected core earnings. That means ParshipMeet could be valued at more than 4 billion euros in the IPO, people close to the matter said.
Adesina Hails Singapore’s Huge Investments In Africa
Akinwumi Adesina, president of the Africa Development Bank (AfDB), has hailed Singapore’s huge investments in Africa amid the Covid-19 pandemic. Speaking at…
Nigerian Banks Ask Customers To Return Unutilised Dollars Within 2 Weeks
Nigerian banks have asked customers to return unutilised dollars within two weeks from the day of purchase, in response to…
Oil Price Firms Before OPEC+ Policy Meeting
Oil prices rose on Wednesday before an OPEC+ meeting at which the producer club is expected to stick to a…
Dutch E-bike Maker Van Moof Raises $128 Million To Expand
Dutch electric bicycle maker Van Moof on Wednesday said it has raised $128 million to expand production and speed its…
Power Losses Stifle Oil firms Recovery Efforts After Hurricane Ida
Energy companies’ efforts to get workers back to production platforms and refineries to make repairs after Hurricane Ida lashed Louisiana…
China To Step Up Financing Support For Small Firms
China will boost financing support for small firms by increasing annual relending quotas by 300 billion yuan ($46.39 billion), the…