A Record 3 Trillion Euros Is Looking For A Home
Banks rushing to benefit from the European Central Bank’s cheap-loans facility have helped push excess cash in the euro area economy past 3 trillion euros ($3.5 trillion) for the first…
Oil Prices Likely To Continue To Struggle In The Fourth Quarter As Demand Lags
Oil prices are expected to rise just slightly in the final quarter of the year, held back from further gains by a deep chill in global travel and a still…
Nigeria Accounts For 80% Capital Flight In West Africa
The United Nations Conference on Trade and Development has released a report decrying the illicit financial flows from Africa, saying Nigeria accounted for 80 per cent capital flight from West…
British Pound Is Set To Break Out Stable Range
After weeks of treading water, the pound is gearing up to break out of a tight trading range. The big question is whether it’ll rise beyond $1.30, or fall below…
Raise Your Glass! This Nigerian Company Wants To Change How Locally Made Gin Or ‘Ogogoro’ Is Perceived
Lagos, Nigeria (CNN)Ogogoro is a West African alcoholic drink extracted locally from palm trees often served to guests or consumed in local bars, and at social events in Nigeria. The…
Chevron Nigeria To Cut 25% Of Workforce As Oil Demand Wobbles
Nigeria’s Chevron unit said it plans to cut 25% of its workforce to become more efficient and reduce operating costs, the latest sign demand for global oil is wobbling under…
West Africa’s New Currency Could Now Be Delayed By Five Years
The arrival of West Africa’s new flagship common currency, the eco, could now be up to five years away after being derailed by the coronavirus pandemic, Ivorian President Alassane Ouattara…
Ford’s Q3 Vehicle Sales Outperform Industry As Demand Recovers From Coronavirus Lockdowns
Ford said its third-quarter sales were up 27% relative to the previous three months. It also reported its best third quarter sales of pickups since 2005, according to the company.…
Buhari: It Makes No Sense To Sell Petrol Below Saudi’s N168/Per Litre
President Muhammadu Buhari, on Thursday morning, said it makes no sense for petrol to be cheaper in Nigeria than Saudi Arabia and some countries in Africa. Addressing Nigerians in his…
Ailing Economy: So, What About The CBN Interventions?
Falling oil price, weakened naira and the coronavirus pandemic have driven Nigeria’s economy to the precipice, thus forcing the country’s apex bank, Central Bank of Nigeria, to intervene in almost…
CBN: Contending With Impossible Trinity And Fifth Columnists
In Nigeria, Inflation and unemployment has been on the increase for over a decade number of years. The Nara remains constantly under pressure, while the Gross Domestic Product growth crawls…
A Major Nigerian Bank Is Expanding To Southern Africa
Access Bank, one of Nigeria’s top-rated financial institutions, has announced that it is set to expand to Southern Africa. The bank is diversifying on the backs of a restructuring exercise,…
Dollar Holds Gains, Oil Currencies Fall After Trump Positive COVID Test
The U.S. dollar and the safe-haven Japanese yen clung to their earlier gains on Friday after U.S. President Donald Trump’s positive test for COVID-19 spooked investors, just a month before…
‘FG Aggressively Developing Gas-To-Power Infrastructure, Exploration’
The Group Managing Director, Nigeria National Petroleum Corporation (NNPC), Mele Kyari, has said the Federal Government is aggressively pursuing other gas development initiatives to improve Nigeria’s current utilization of alternative…
Next Africa: Nigeria’s Buhari Stakes His Legacy On Oil Reform
Nigerian President Muhammadu Buhari has been derided by critics as inept and indecisive on the economy, with some giving him the nickname “Baba Go-Slow.” Yet the 77-year-old is on the…
CBN Says Nigerian Youth Investment Fund Is Coming Soon
The Central Bank of Nigeria (CBN) has announced that its Nigeria Youth Investment Fund (NYIF) will soon be disbursed. The apex bank made the announcement via its Twitter handle on…
Freight Forwarders, Others Seek Government Support
Freight forwarders and customs brokers under the aegis of the Association of Nigerian Licensed Customs Agents have tackled the government for failing to provide palliative measures, despite their roles in…
Canadian Dollar Seen Higher If Commodity Prices Rebound
The Canadian dollar is set to gain more than 2% against its U.S. counterpart in a year as an expected recovery in the global economy from the coronavirus crisis improves…
Lagarde Plans For Digital Euro As Alternative To Cash
A digital version of the euro could be on the way as the European Central Bank set out its plans for a potential new form of currency. It would sit…
FG Inaugurates Survival Fund For 333,000 Artisans, Transporters
The Federal Government, on Thursday, formally inaugurated the artisans and transport sector track of the N75bn MSME Survival Fund and Guaranteed Off-take Stimulus Scheme. A total of 333,000 artisans and…
40% Of Bank Deposit In Dollar As Customers Move To Mutual Funds
About 40 per cent of bank deposits in the top 10 banks in the country are in dollars as Nigerians begin to move the monies from bank accounts to mutual…
FG Will Complete $1.6bn Lagos-Ibadan Railway December
The $1.6bn Lagos-Ibadan railway project will be completed in December this year or early January 2021, the Minister of Transportation, Rotimi Amaechi, announced on Thursday. Amaechi, who disclosed this during…
Canada Denying Nigerians Visas Unfairly – Envoy
Nigeria’s High Commissioner to Canada, Amb. Adeyinka Asekun, says the host country is unfairly denying a lot of Nigerians visas including students. Asekun stated this during a webinar on Nigeria’s…
We Will Report You To Buhari, Group Tells CBN Governor
The President of the Federated Commodity Association of Nigeria (FACAN), Victor Iyama, said his group will inform President Muhammadu Buhari of the grave legal and economic implications of wrongful implementation…
Sterling Falls After EU Dismisses UK ‘Spin’
Sterling was set to end at a loss on Thursday after markets swung on contradicting assessments of prospects for Britain and the European Union to reach a Brexit deal. The…
Nigeria Spends $5bn On Food Import, $1.5bn On Milk Annually
The Federal Ministry of Agriculture and Rural Development (FMARD) has estimated that Nigeria spends $5 billion to import foods annually out of which $1.5 billion goes to importation of milk…
NIS Introduces New Visa Fees
The Nigeria Immigration Service (NIS), has introduced new visa fees for all countries which takes effect from the first of October 2020. Comptroller General of Immigration, Muhammad Babandede said the…
How The Year 2020 Confounded Wall Street Strategists
Bank of America Corp’s BAC.N strategists cut their year-end forecasts for the S&P 500 index twice this year, trailing the U.S. stock market as it plummeted in a coronavirus-induced panic.…
Nigeria May Sell Stake In State Oil Company In Industry Overhaul
A long-awaited bill that could reorganize the petroleum industry of Nigeria, Africa’s biggest crude producer, makes provision for a possible sale of shares in its powerful state oil company. Draft…
OPEC September Oil Output Rises For Third Month On Libya Restart, Iran
OPEC oil output has risen for a third month in September, a Reuters survey found, as a restart of some Libyan installations and higher Iranian exports offset strong adherence by…