Real Time Financial News Website
Nigeria, under pressure from multilateral lenders, has vowed to untangle its Byzantine foreign-exchange regime that deters investment in Africa’s biggest economy. But the slow pace of change signals the path…
Financial Market Dealers have said the implementation of currency control, making it difficult for certain sectors of the economy to access dollar at official rate, will continue to make black…
China’s Huawei Technologies has requested a meeting with UK Prime Minister Boris Johnson to work out a deal to delay its potential removal from the country’s 5G phone network, the…
Tesla Inc (TSLA.O) cut the price of its sport utility vehicle Model Y by $3,000, just four months after its launch, as the U.S. electric carmaker seeks to maintain sales…
Saudi Arabia’s largest telecoms operator Saudi Telecom Co (STC) (7010.SE) said on Sunday it would need another two months to complete the purchase of Vodafone Group’s 55% stake in Vodafone…
British finance minister Rishi Sunak is preparing to introduce sweeping tax cuts and an overhaul of planning laws in up to 10 new “freeports” within a year of the UK’s…
Abu Dhabi Fund for Development has suspended debt service repayments for some countries and companies for the year, the state-financed fund said on Sunday. The fund provides financial assistance to…
Nigeria could only collect about half of its budgeted revenues in the first five months of this year as low oil prices and output took a toll on government income.…
As the coronavirus menace dug its vicious talons deeper into Africa’s largest economy, the Central Bank of Nigeria wasted no time in depreciating the official Naira rate by 5.5% to…
Elon Musk is now richer than Warren Buffett. The fortune of Tesla Inc.’s founder rose $6.1 billion on Friday, according to the Bloomberg Billionaires Index, after the carmaker’s stock surged…
The Manufacturers Association of Nigeria (MAN) has expressed its support for the recent move by the Central Bank of Nigeria (CBN) to unify the official exchange rate and called on…
The International Energy Agency (IEA) bumped up its 2020 oil demand forecast on Friday but warned that the spread of COVID-19 posed a risk to the outlook. The Paris-based IEA…
With the Central Bank of Nigeria (CBN) adjusting the foreign exchange rates in a move to have a uniform rate for the Naira, local manufacturers have warned that many factories…
The naira stayed stable at N461/$1 on the parallel market yesterday, as traders appeared confused about whether the Central Bank of Nigeria’s (CBN) adjustment of the exchange rate at the…
Lagos — With moves by the monetary authorities to unify the Naira foreign exchange (forex) rates gaining traction, economic analysts believe that the step may impact positively on the economy…
The Minister of State for Petroleum Resources Chief Timipre Sylva says the deregulation of the downstream oil sector was to ensure economic growth and development of the country. Sylva made…
Federal Reserve officials raised fresh doubts on Wednesday about the durability of the U.S. recovery, while new business surveys highlighted developing risks from the relentless coronavirus pandemic. Residents wait in…
In the face of economic uncertainty, dollar scarcity and depressed Oil prices, the Central Bank of Nigeria (CBN) has devalued the Naira for the second time this year. At an…
In the past oil palm waste were discarded. Not any more as two entrepreneurs are using technology to put them to profitable use, DANIEL ESSIET reports. Demand for palm oil…
Price volatility is a constant feature of the oil market, exposing oil-dependent countries like Nigeria to regular economic crises when oil prices tumble. Beyond surviving the latest oil price slump…
Naira devalued by 5.5% against dollar, according to FMDQ data. Nigeria is seeking to unify its multiple exchange rates
Sterling was steady at $1.2545 GBP=D3 and at 89.96 pence against the euro EURGBP=D3 on Wednesday, a day after hitting three-week highs against both currencies, ahead of expected British moves…
Palm oil imports by India climbed to a five-month high in June as traders and refiners in the world’s biggest buyer increased purchases to replenish stockpiles. Inbound shipments increased 45.5%…
The dollar dipped slightly on Wednesday as investors weighed hopes for a swift economic recovery against fears about a resurgence in the pandemic, particularly in the United States. Demand for…
Nigeria’s naira eased 5.5% on the official market on Tuesday, after the central bank sold dollars to lenders at a lower rate, bowing to pressure from international lenders to unify…
The naira depreciated against the dollar at the Investors and Exporters (I&E) window on Monday, closing at N386.50 to a dollar, compared to the N386 to a dollar that was…
Analysts at Vetiva Research have predicted that despite the downside risks affecting the exchange rate, various policy measures introduced by the Central Bank of Nigeria (CBN) will support the naira…
As the Central Bank of Nigeria rejigs the forex market as a prelude to rate unification and further devaluation of the naira, currency traders stayed away from the market and…
The Central Bank of Nigeria debited N122bn ($338m) from banks’ excess cash with the apex bank before weakening the currency at a retail auction on Friday in a move to…
The yuan on Monday recorded its best day against the dollar since December as investors lapped up risky assets on growing expectations of a strong Chinese economic rebound and as…