Nigeria: No Forex For Goods With Local Substitutes –Emefiele
The Central Bank Governor, Mr Godwin Emefiele, has said that the CBN will not support the importation of items that…
Category: Local
Venezuela Files Legal Claim In Bid To Force Bank Of England To Hand Over $1 Billion Of Gold
Venezuela has launched legal proceedings to try to force the Bank of England to hand over $1 billion worth of…
Ford Forced To Temporarily Close Factory After Two
Ford was forced to temporarily close an auto manufacturing plant in Chicago after two workers tested positive for coronavirus, the…
Nigeria Doctors To Strike Over Treatment By Police During Lockdown
Doctors in Nigeria’s commercial capital Lagos will go on strike from Wednesday evening because of what they describe as police…
Nigeria’s Active Oil Rigs Fall By 24% To 16
The number of active oil rigs in the country fell by 23.8 per cent to 16 in April amid the…
China’s Xi Pledges $2 Billion To Help Fight Coronavirus
Chinese President Xi Jinping said Monday his country will provide $2 billion over two years to help other countries respond to the…
Oil Production Cut Will Deepen Nigeria’s Recession, Says Fitch
A global credit ratings agency, Fitch Ratings, has said Nigeria’s compliance with the oil production cut deal led by the…
Nigeria: FG Refineries Suffer N19bn Loss In Two Months
The refineries owned by the Federal Government recorded a total loss of N18.96bn in the first two months of this…
Nigeria: President Buhari Extends Gradual Ease Of Lockdown By Two More Weeks
The Federal Government, on Monday, said the recent order of the President, Major General Muhammadu Buhari (retd.), on gradual ease…
Jack Ma Quits SoftBank’s Board As Its Vision Fund Posts A Record $18 billion Loss
Alibaba founder Jack Ma is stepping down from the board of SoftBank after the company’s Vision Fund posted record-breaking losses…
Outdoor Furniture Sales Grow As Customers Prepare For A Summer At Home
With the travel industry crushed by the coronavirus pandemic, it’s more than likely that people will be staying close to…
NIgeria: FG Impounds British Aircraft In Lagos, Begins Investigation
The Federal Government on Sunday impounded an aircraft belonging to a British company, FlairJet for operating commercial flights into the…
Nigeria: CBN Naira Defence Depletes Foreign Reserves By $3.17bn
Forex scarcity due to falling crude oil price forced the Central Bank of Nigeria to access the country’s foreign reserves…
Nigeria: FG, States, LGs Share N606.196bn, Revenue Drops By N227.265bn
The Federation Accounts Allocation Committee has shared a total of N606.196bn for April revenue to the federal, states and local…
Nigeria: Currency In Circulation Rises By N11.38bn In One Month
The total currency in circulation in the country rose to N2.3tn as of April 30 from N2.29tn on March 31,…
Nigeria: Borrowers Complain As MfBs Demand Loan Repayment
Some borrowers from microfinance banks have decried their exemption from loan tenor extension in the banking industry, which some commercial…
Nigerian Treasury Bill Oversubscribed By N132bn
The Nigerian Treasury Bills auctioned for the month of May was oversubscribed by N132bn. The Debt Management Office disclosed this…
Airtel Nigeria Reports $1.37bn Revenue, 41.8 Million Subscribers
Airtel Nigeria reported a revenue growth of 24.1 per cent to $1.37bn in the year ended March 31, 2020, up…
Nigeria: Stock Market Halts Downward Trend As Unilever, 19 Others Gain
Transaction activities on the Nigerian equity market on Wednesday halted the three-day negative sentiment following gains recorded by Unilever Nigeria…
Nigeria: FG Adjusts 2020 Budget To N10.52tn, Adopts $25 Oil Benchmark
The Federal Government on Wednesday adjusted the 2020 budget downward from the original N10.59tn to N10.52tn. The budget deficit is…
Dow Drops 250 Points In 4th Straight Days Of Losses After Dismal Unemployment Data
Stocks fell on Thursday after the latest jobless data underscored the coronavirus’ devastating toll on the U.S. economy. Dow Jones…
Nigeria: Foreign Reserves Gain $1.22bn In 11 Days, Rise To $34.65bn
Foreign reserves have risen to $34.65bn within eleven days, latest figures from the Central Bank of Nigeria have indicated. The…
Nigeria’s Bonny Light Rise Above $25, As Saudi Arabia Further Cuts Supply
Nigeria’s flagship crude, Bonny light, rose by 1.20% to stand at $25.23 per barrel, according to the latest data released by…
U.S. Airlines Tell Crews Not To Force Passengers To Wear Masks
American Airlines Group Inc (AAL.O), Delta Air Lines Inc (DAL.N) and United Airlines Holdings Inc (UAL.O) have told employees that…
U.S. Reports Record $738 Billion Budget Deficit In April
The United States on Tuesday reported a record $738 billion budget deficit in April as an explosion in government spending…
Dollar Sells For N445 As Forex Scarcity Persists
The dollar exchanged for N445 in the parallel market on Monday due to scarcity and shrinking liquidity in the forex…
Nigeria: Stock Market Loses N49bn On Profit-Taking
Equity transactions on the Nigerian Stock Exchange on Monday closed on the negative route to further extend losses as investors…
Nigeria: Reps Approve Buhari’s N850bn Loan
The House of Representatives has approved the request by the President, Major General Muhammadu Buhari (retd.), to borrow N850bn to…
Nigeria: Buhari Appoints Professor Agboola Ibrahim Gambari As New Chief Of Staff
President Muhammadu Buhari has appointed Professor Agboola Ibrahim Gambari as his new chief of staff following the death of Mallam…
China Announces New Tariff Waivers For Some U.S. imports
China announced on Tuesday a new list of 79 U.S. products eligible for waivers from retaliatory tariffs imposed at the…