External Reserves Dropped By $640m In May – CBN
The country’s external reserves lost $640m in May, falling to $34.24bn on May 28 from $34.88bn as of April 28.…
Category: Local
Stock Market Sheds N812bn In May As Investors Weigh Options
The rally witnessed in the equities market in April was halted in May as rising yields in the fixed income…
7,000 Oil Reserves Discovered, Only 1,700 Producing – Nigerian Government
The Federal Government on Monday disclosed that out of 7,000 oil reserves that have been discovered in the country, only…
We’re Significantly Decongesting Lagos Ports, Says NPA
The Nigerian Ports Authority has said it is making significant progress in decongesting the ports in Lagos with the e-call…
Nigerian Equities Could Rise, But Upside Is Capped
Global X MSCI Nigeria ETF (NYSEARCA: NGE) provides predominantly U.S. investors with the chance to gain direct access to the…
Nigerians Trade N69.29bn Bitcoin In Five Months Despite Ban
Nigerians traded N69.29bn ($169m) in bitcoin volume in the first five months of 2021, according to data analysed from www.usefultulips.org.…
NNPC Plans To Acquire Stakes In Six Private Refineries
The Nigerian National Petroleum Corporation on Monday said it is currently considering equity participation in some private refineries across the…
Stock Investments Drop By N1.02trn As Buyers Shift To Fixed Income
Investments on the Nigerian stock market declined by N1.022 trillion in the first five months of the year. Capital market…
Nigeria Opens Bid For Highway Development, Management
The initiative is aimed at creating alternative sources of financing road development and management in the country. The Federal Ministry…
Federal Government: $40bn Investments Needed To Boost Power Supply In Nigeria
The federal government has said that there’s still a lot of financing gap in the country’s power sector, requiring an…
Corrected-Forex-Dollar In Doldrums As Traders Ponder Fed Policy Path; Sterling Soars
The dollar languished near multi-month lows versus major peers on Tuesday, as traders pondered the prospects for early policy normalisation…
Apprehension As Naira Crashes To N700/£1 At Parallel Market
The foreign exchange (Forex) market in Nigeria was thrown into a panic mood on Monday when the value of the Naira significantly depreciated against the Pound Sterling at…
Nigerian FX Volumes Rose 0.72pc To $1.25bn Week Ago
ABUJA: A total of $1.250 billion traded across Nigeria’s currency markets last week, up 0.72% from a week earlier, driven…
Coming Supreme Court decision in major LGBT rights case seen as bellwether of conservative court
The Supreme Court is expected to release a decision in the coming days that could provide the first glimpses of…
Nigeria Records N5tr Non-Oil Exports
More than N5 trillion non-oil export cargoes were ferried out of the country in the fourth quarter of last year.…
Gas Shortage Knocks Out Several Power Plants
Low pressure on the Escravos-Lagos Pipeline System, ELPS, has left several power plants without gas supply leaving about 3,000 megawatts…
FX Spot, Forwards, Futures Markets Record $1.252bn Turnover
The foreign exchange (FX) Spot, Forwards and Futures markets on the FMDQ Securities Exchange recorded a total turnover of $1,250.97…
Forex Speculators Responsible For Naira Crisis, Says ABCON
Speculators are responsible for the sale of dollars above the exchange rate approved by the Central Bank of Nigeria (CBN)…
Dangote Cement Increases Capacity, Promises More Supply
The Dangote Cement Plc has announced that it has deeply invested in enlightening consumers on the different applications and the…
Naira In Best Health Against Dollar, Says Garba Shehu
Senior Special Assistant to the President on Media and Publicity, Garba Shehu, says the naira in its best possible health…
Dollar Edges Up Ahead Of Inflation Data; Yen Falls
The dollar strengthened further on Friday following its rise from more than four-month lows in recent sessions, as investors waited…
World Bank Approves $700m Loan For Nigeria
The World Bank has approved a $700 million loan for the Nigeria Sustainable Urban and Rural Water Supply, Sanitation and…
Oil Rallies Above $67 As Demand Optimism Outweighs Iran Concerns
Oil extended gains from the highest close in more than two years as optimism over burgeoning U.S.-led demand outweighed the…
ABCON: ‘Corporate Governance Compliance Key In BDCs’ Operations’
Association of Bureaux De Change Operators of Nigeria (ABCON) has urged Bureaux De Change (BDC) to carry out their operations…
CBN Moves To Curb $580m Annual Cassava By-Product Imports
Despite being the world’s largest producer of cassava, Nigeria imports over $580 million worth of cassava by-products annually. To keep…
Dangote: Nigeria To Earn $700m Annually From Sugar Backward Integration
The Chairman of Dangote Sugar Refinery(DSR) Plc Aliko Dangote, has urged government to faithfully follow through the Backward Integration Policy…
Illegal Oil Deals: FG Fails To Recover $69bn Loot In American Banks
An American assets recovery firm, Forensic Assets Investigation and Recovery Services LLC, has traced $69bn (about N28.3tn) to different Texas…
Nigeria’s President Appoints New Army Chief After Predecessor’s Death -Statement
Nigeria’s president has appointed a new army chief, the ministry of defence said in a statement on Thursday, following the…
Debt Rises By N20.8tn Under Buhari, Servicing Gulps N10.26tn
The country’s debt rose by N20.8tn between July 2015 and December 2020, data obtained from the Debt Management Office on…
Experts Fault Naira Devaluation, Say Prices’ll Rise, Poverty Deepened
Against the backdrop of the recent devaluation of the naira by the Central Bank of Nigeria, economic and financial experts…