Experts warn as ATMs breed dirty notes
Experts, yesterday, blamed the preponderance of dirty notes on corruption and lack of political will, as 22,000 Automated Teller Machines (ATM) dispense bad notes. This is as the disappearance of…
Niger Exports Fuel To Nigeria As Egypt, Algeria Build 13 Refineries
Neighbouring Niger Republic, which started commercial oil production in 2011, now exports petroleum products to Nigeria, as Egypt and Algeria lead African operations with 13 refineries. Both countries (Egypt and…
Nigeria: FG Debt Now N24.52Tn, Recorded N561.71Bn Deficit – CBN
The Federal Government’s outstanding as of March 31 stood at the N24.52tn (excluding the states and the Federal Capital Territory Administration), the Central Bank of Nigeria has said. The apex…
UPDATE 1-Nigeria Asks For $1.1 Bln Advance From Eni, Shell In Graft Case
Nigeria asked a Milan court on Wednesday to order Eni and Royal Dutch Shell to pay $1.092 billion as an immediate advance payment for damages in one of the oil…
Nigerian Stock Exchange Intensifies Efforts To Introduce Derivatives To The Nigerian Capital Market
As investors anticipate the launch of Derivatives trading in the Nigerian capital market, The Nigerian Stock Exchange (NSE or The Exchange) continues to lay the ground work to build a…
Oil Slides 5% To Lowest Level Since June On Demand Fears
Oil slid 5 percent to below $40 a barrel on Tuesday, its lowest since June, over concerns that a demand recovery could weaken as coronavirus infections flare up around the…
CBN’s FX Interventions; Good Cheer But How Sustainable?
According to reports in the local media, the Central Bank of Nigeria (CBN) has resumed FX sales at the Investors & Exporters window (I&E window) and to Bureau De Change…
Exchange Rate Is Weakened At NAFEX Window As Drop In Dollar Supply Continues
The Forex turnover dropped by 22% as Nigeria’s exchange rate at the NAFEX window depreciated to 386.21 during intraday trading on Tuesday, September 8, 2020. In sharp contrast, the naira…
Stronger Collaboration With CBN’ll Stabilise Naira –ABCON President
The Association of Bureau De Change Operators of Nigeria (ABCON), has called for stronger collaboration between the Central Bank of Nigeria (CBN) and the operators to aid naira stability. President…
Lower Oil Prices Are Coming
Oil is entering a weak season at the same time that the monthly cycle peaks. The combination of the bearish seasonality and the declining cycle are highly likely to bring…
Foreign Exchange Inflows Fell To $5.52bn In May
Foreign exchange inflows into the country fell to $5.52bn in May, the latest figures from the Central Bank of Nigeria have shown. The CBN stated in its report on foreign…
Refinery News Roundup: Most Refineries In Africa Back Online
Chad’s Ndjamena refinery, in Djarmaya, 30 km (17 miles) from the capital, is providing regular daily shipments of butane, and combined with imports the supply is sufficient to cover domestic…
Dollar Firms, Yen Up As Tech Selloff Hits Forex
The dollar found support on Wednesday as a stock market slide spooked investors into selling riskier currencies, while worries about Brexit pushed the pound down to a new six-week low.…
Edo Modular Refinery Targets To Process 60,000BPD Of Oil
Benin City — The Edo Modular Refinery is targeting an increased refining capacity of 60,000 barrel per day (bpd) of crude oil against its original 6,000 bpd. The modular refinery…
Stocks Making The Biggest Moves After Hours: Lululemon, Slack, Lyft And More
bell: Slack — Shares of the messaging platform tanked 14% in after hours trading on Tuesday despite its better-than-expected quarterly results. Revenue came in at $215.9 million, higher than the…
A Review Of The Recent CBN Directive On Form M Issuance From A Transfer Pricing Perspective
Following the drop in global crude oil prices and the economic shutdown caused by the COVID-19 pandemic, economies across the globe have been significantly impacted, leading to creative approaches to…
Singapore’s Temasek Says Its Portfolio Fell For The First Time In Four Years Due To Covid-19
Singapore’s state investment company Temasek said Tuesday the net value of its portfolio fell for the first time since 2016 as the coronavirus pandemic hit global markets. The size of…
Oil Drops 5% On Demand Fears
Oil fell below $42 a barrel on Tuesday, its 5th session of decline, pressured by concerns that a recovery in demand could weaken as coronavirus infections flare up around the…
‘Tenet’ Scores $20 Million In Biggest Domestic Opening Since Pandemic Upended Movie Industry
After months of delays Christopher Nolan’s “Tenet” finally landed in U.S. theaters over the weekend, cashing in more than $20 million in ticket sales. The spy thriller, distributed by Warner…
Bitcoin Is Finding A Niche In Africa
Africa is experiencing a quiet boom in the use of cryptocurrency. Over the last year, crypto transfers by individuals and small businesses soared by over 40% to a whopping $315…
Euro Zone GDP Revised Up, But Still A Record Drop
The euro zone economy declined by slightly less than initially estimated in the second quarter, but the drop was still the sharpest ever as consumer spending caved in due to…
Forex Infractions: CBN Sanctioned 300 Firms In One Year
About 300 companies including Bureau de Change operators have been sanctioned or had their accounts frozen over forex infractions. The President, Association of Bureaux de Change Operators of Nigeria, Alhaji…
Oil Slides Over 3% To Lowest Since June On Demand Fears
Oil slid more than 3% towards $40 a barrel on Tuesday, its 5th session of decline, pressured by concerns that a recovery in demand could weaken as coronavirus infections flare…
5,180 BDCs Get $51.8m On Forex Sales Resumption
About 5,180 Bureau De Change operators got $10,000 each as the Central Bank of Nigeria fully resumed foreign exchange sales to the operators on Monday. The CBN had earlier announced…
Naira Loses Ground Against Dollar
The Nigerian Naira depreciated against the US dollar in the parallel market on Monday in contrast to the massive gains it recorded last week. According to market monitors, ngnrates.com, the…
Oil Prices Face A Chill Autumn Wind
As the summer driving season fades in the rearview mirror, oil markets are taking on a distinctly chilly air. The recovery in demand has officially stalled, just as the OPEC+…
Qatar Airways To Resume Four Weekly Flights To Lagos From Sep 10
Qatar Airways has resumed four weekly flights to Murtala Muhammed International Airport (LOS) Lagos, Nigeria from September 10. With the addition of Lagos, Qatar Airways’ network in Africa will expand…
Assessing CBN’s Interest Rate Cap On Savings Deposits
The Central Bank of Nigeria’s recent review of interest charge on savings deposits has the potential to spur growth as well put the banks on the back foot, writes James…
How The Coronavirus Pandemic Helped Convince Grocery Chains To Experiment With New Tech
Grocery chain Giant Eagle turned one of its stores into a checkout-less shopping experience. A handful of Price Chopper stores in Missouri are offering shoppers access to an app that…
Tesla Could Be The Most Dangerous Stock On Wall Street
Tesla shares may be up 400% this year, but one investment researcher is sounding the alarm on the stock. New Constructs CEO David Trainer calls Tesla the most dangerous stock…