Euro Hits New Four-Month High After Pandemic Recovery Deal
The euro hit its strongest level since early March on Tuesday after the European Union (EU) struck a deal for a massive stimulus plan to revive their coronavirus-hit economies. The…
Forex Uncertainty Worries Businesses As CBN Retains 12.5% Interest Rate
The Central Bank of Nigeria on Monday retained the country’s benchmark interest rate or Monetary Policy Rate at 12.5 per cent. It also held all other monetary policy parameters constant,…
Nigeria Weekly Update – The Mystery Of The Parallel Exchange Rate
Until recently, the behaviour of the parallel exchange rate this year has been a mystery. Why did it not respond to pent-up demand for US dollars by adjusting rapidly? The…
Nigeria’s Rating Suffers Blow From COVID-19, Oil Shock – Fitch
Fitch Ratings has said the coronavirus pandemic and the oil price shock have caused a severe impact on credit rating in Nigeria and some other sub-Saharan African countries. It stated…
Nigeria: CBN Boosts Economy With N3.3tr Credit
The Central Bank of Nigeria (CBN) on Monday said it has facilitated a credit of N3.3trillion to the productive sectors of the economy. It has also given intervention funds to…
Nigeria, Others Import $650bn Goods From Outside Africa – FG
Nigeria’s National Action Committee on the African Continental Free Trade Area on Monday said Nigeria and other countries on the continent spend $650bn annually importing goods and services from the…
Naira Devaluation: Good Policy With Grave Implications
As the monetary authorities advance in the unification of the exchange rates by devaluation of the Naira, experts warn of its implications on the economy. The date was July 10,…
MPC To Retain Policy Rates As Analysts See Further Rise In Inflation
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) meeting today is expected to retain its policy rates at current levels following the sharp increase in the…
Unified Exchange Rate’ll Attract $25bn Diaspora Remittances –ABCON
The Federal Government’s move to unify multiple exchange rates in the country will attract over $25bn diaspora remittances according to currency exchange operators. The Minister of Finance, Budget and National…
Shekel Could Sour As Central Banker Sees Bigger Economic Hit
After a strong week, the shekel is again testing pre-coronavirus levels. A resurgent outbreak could change all that. With cases surging, the Israeli government last week mandated new restrictions including…
Nigeria: FG To Save $300m From Barite Importation
The Minister of Mines and Steel Development, Mr Olamilekan Adegbite, says the Federal Government will soon ban the importation of barite to help the country save foreign exchange for other…
Where’s Crude Heading? Morgan Stanley Says To Watch The Oil-Gold Ratio
“The oil-gold ratio has historically been a poor indicator of future oil prices,” Morgan Stanley’s Martijn Rats and Amy Sergeant said in a research note published Monday. “However, it is…
Nigeria’s Revenues Rise In June On Higher Oil, Tax Receipts
Nigeria’s gross revenues rose to 653.35 billion naira ($1.7 billion) in June from 517.8 billion naira in May due to higher crude and tax receipts, accountant general Ahmed Idris said,…
Nigeria: Anxiety As Forex Scarcity Hit Banks
Indications are that most deposit money banks (DMBs) operating in the country are practically struggling to meet daily demands of foreign exchange to customers, The Nation has learnt. This is…
Nigeria: Waiting on the Revised Petroleum Industry Bill
The much-sought sanity in the petroleum industry may soon be found if the promise by the federal government to transmit a new Petroleum Industry Bill (PIB) to the National Assembly,…
Nigeria: NNPC Suffers 47% Drop In Petrol Sales Revenue
The Nigerian National Petroleum Corporation saw its revenue from petrol sales plunge by 47.38 per cent to N107.61bn in April as supply dropped amid the coronavirus lockdown and the reduction…
Nigeria Border Closure: Unsold Inventory Fell By N23.73b In 2019-MAN
The border closure may have been a blessing in disguise as local manufacturers reaped bountifully with many consumers patronising made-in-Nigeria goods thus marginally reducing their inventory. It may be recalled…
Nigeria: Women To Get 60% Of N220bn SME Fund – CBN
The Central Bank of Nigeria has said that women will be given 60 per cent of the N220bn Micro, Small and Medium Enterprises Development Fund as part of its developmental…
How Did Nigeria’s Treasury Bills Drop From 18% to 3% in 3 Years?
How did Nigeria’s treasury bills drop from 18% to 3% in the last three years and why earnings on savings, investments and pensions are now peanuts. In today’s thread, we…
Dollar Falls, Euro Hovers At Four-Month High As EU Negotiates Rescue Fund
The dollar was broadly lower on Friday as the euro rose to just under a four-month high, with negotiations underway between European Union leaders on a recovery fund that could…
The End Of The Arab World’s Oil Age Is Nigh
Their budgets don’t add up anymore. Algeria needs the price of Brent crude, an international benchmark for oil, to rise to $157 dollars a barrel. Oman needs it to hit…
Cautious Optimism On Crucial EU Summit Lifts Euro
The euro was heading for four-month highs on hopes a European Union summit will make progress on a recovery fund that would help lift the EU out of recession and…
Zimbabwe Accuses ECONET Wireless Of Money Laundering
Zimbabwean police have accused the country’s largest telecom operator ECONET Wireless of money laundering. They have thus issued a warrant asking it to hand over a list of its mobile…
Foreign Reserves Drop To $36.12bn
The country’s foreign reserves fell by $454.05m from $36.57bn on June 1 to $36.12bn on July 15, the latest figures from the Central Bank of Nigeria showed on Thursday. The…
The Billion Dollar Broker Who Managed A Nation’s Oil Wealth
The wire transfer was just one of millions that ricochet through the global financial system every day. Starting at the Zurich branch of a Russian state bank, $800 million zipped…
Oil Is A Wasting Asset, Why Are We So Addicted To It?
The oil industry is the benchmark by which the Nigerian economy rises or falls. But the cliché of this predicament is that it has been a wasting asset. Its value…
Pound Set For Biggest Weekly Fall In A Month, Economic Gloom Weighs
The pound eased slightly in early London trade on Friday, set for its biggest weekly fall versus the dollar in a month, as uncertainty over Britain’s economy, difficult Brexit talks…
Nigeria Refines Own Gold, Starts Stockpiling In Reserve
Nigeria has for the first time refined its own gold and purchased the refined product into a new gold reserve. On Thursday, the Central Bank of Nigeria (CBN) presented a…
Nigeria Loses $3b To Illegal Gold Smuggling In 6 Years
President Muhammadu Buhari has voiced concern that Nigeria lost close to $3b from 2012 – 2018 due to illegal smuggling of gold. President Buhari spoke on Thursday during the official…
Oil Falls As OPEC+ Plans To Raise Output While Virus Cases Increase
Oil prices fell 1% on Thursday after OPEC+ agreed to ease record supply curbs and as new infections of the novel coronavirus continue to surge in the United States. Both…