Bullish Markets Lifts Pound To Six-Week High, Look Past Economy Woes
The pound rallied above $1.27 for the first time in six weeks on Tuesday as optimism over a coronavirus vaccine…
Foreign Reserves Decline by $494m to $36.1 Billion
Foreign reserves declined with falling revenue generation and weak oil prices in the month of July, according to the Central…
Nigeria Wants Banks to Alter 65% of Loans Amid Economic Fallout
Lenders are already busy reorganizing $20 billion of debt Banks can revamp credit terms without booking provisions Nigeria’s central bank…
Nigeria:Calabar, Kaduna, Yola Airports Open Amid Traveller Apathy
FG to shut airports in default of COVID-19 safety guidelines At least another two airports were yesterday certified ready and…
Nigeria: Clearing Agents Condemn Planned Concession Of Scanners To Foreigners
There is nothing like that, says Customs The Association of Nigerian Licensed Customs Agents (ANLCA), has criticised the planned concession…
Nigeria: Hope Dims For National Carrier Two Years After London Launch
FG insists on Nigeria Air as project gets priority in N27b bailout fund • Pandemic forecloses credible investors, technical partners…
NNPC Raises August Selling Prices Of Crude Oil
The Nigerian National Petroleum Corporation has increased the prices at which two of the country’s major crude oil grades would…
Nigeria Sets Up Committee To Drive Digital Identity Initiative
Nigeria‘s President Muhammadu Buhari has established a committee led by the Secretary to the Government of the Federation, Boss Mustapha,…
CBN Mute On FX As MPC Meeting Underwhelms
The Central Bank of Nigeria (CBN) announced its monetary policy decisions on Monday without addressing the acute dollar shortages in its…
‘Cassava Can Boost Nigeria’s Export’
The New Partnership for Africa’s Development (NEPAD) Business Group Nigeria (NBGN) has called for good policies and investments in cassava…
Preserving Forex Reserves, Raising Local Capacity Through Import Substitution
For decades, successive governments in Nigerian resorted to protective measures, including import restrictions and exchange rate control, to manage its…
Covid-19 Takes Toll On Kaduna Dry Port
Barely five months into the outbreak of the Coronavirus (Covid-19), some operators in the sector are already feeling the heat…
Towards A Digitalised Port System
One major issue dominated discussions at the parley of the chief executive officers of maritime agencies hosted by the Nigerian…
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…
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…
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…
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…
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…
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…
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…
South Africa Bans Alcohol Sales Again To Combat Covid-19
South Africa has introduced new restrictions, including another ban on alcohol sales, to help contain the spread of coronavirus. A…
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…
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…
Nigeria: Naira In An Age Of Pestilence
I remember when the Naira was born. It hatched out of the British Pound, and we celebrated it as though…
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…
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…
Nigerian Banks To Limit Debit Card Spending Abroad To Ease FX Risk
Nigerian banks plan to reduce the amount customers can spend abroad using debit cards on Monday, two lenders said, as…
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…
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…
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…