In One Week FX Window Records $1.11 Billion Transactions

The level of activities on the Investors and Exporters (I&E) foreign exchange (FX) window strengthened to $1.110 billion in just one week, compared with the $759.2 billion recorded the preceding week. the indicative exchange rate for the I & E window, known as the Nigerian Autonomous Foreign Exchange (NAFEX), which gained on the first two trading days, to N359.91/$1 and N359.83/$1, closed the week at N360.41 to the dollar. This represented an appreciation by 16 kobo, compared with the Read more [...]

Nigerian Oil Union PENGASSAN Threatens Nationwide Strike

  On Thursday, one of Nigeria’s two primary oil unions  threatened to launch a nationwide strike from Dec. 18 over what it stated was once a “mass sacking of workers that joined the union”. If the government fails to pressure the management of home oil and gasoline companies and marginal area operators to recall laid-off union members, its employees will go on strike, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) said. PENGASSAN did not say how Read more [...]