Two Nigeria Raises More Than Deliberate From Payments

Nigeria’s central financial institution on Wednesday raised extra money from an public sale of treasury bills than at the start planned after it acquired subscriptions for almost 4 instances the amount of debt initially on offer, traders said. The bank raised 215.88 Billion Naira ($686 Million) at the auction, 75 Billion Naira extra than planned, with the one-year paper accounting for most of the debt. Total subscription at the auction stood at 559 Billion Naira. Investors bid as plenty as Read more [...]

Buhari Said He Would Now Not Search For Re-election In 2019 -minister

Nigeria’s President Muhammadu Buhari advised members of his birthday party earlier than he was once first elected that he would only seek one term, implying he did not intend at that time to run in 2019, the minister of women’s affairs told Reuters on Wednesday. The feedback by means of Aisha Alhassan should heighten uncertainty over whether Buhari plans to contest the subsequent election. Buhari took power in 2015 but has been absent for a whole lot of this yr due to illness. He is but to Read more [...]

During Economic Boom, Only 1% of Nigerians Enjoyed

Only the pinnacle one per cent of Nigerians enjoyed while the degree of inequality accelerated throughout the oil growth that predated the recent monetary recession in the country, a file has stated. The Financial Derivatives Company Limited, referred to this in its Economic Bulletin for August 2017, bought recently. According to the lookup and financial advisory firm, the chance for real monetary impact on the average Nigerian was squandered. It referred to that prior to the economic crisis; Read more [...]

Nigeria Misplaced 773,100 Barrels Per Day Of Crude Oil In May 

The Nigeria oil enterprise lost 773,100 barrels per day to production shut-in due to product theft and pipeline vandalism in the month of May, 2017. At the international Brent fee of $52 per barrel, the country lost about $40.20million (N12.30billion) per day. This has however, resulted to the Nigerian National Petroleum Corporation (NNPC) having a trading deficit of N5.23billion, representing an make bigger of N3.55billion in contrast to the preceding month’s. According to the NNPC in Read more [...]

Nigerians Nevertheless Traveling In Spite Of Excessive Airfares

Nigerians are nonetheless taking to the air this summer season in spite of announcement of a new dollar exchange price for the sale of air tickets, which has affected the fees of ticket from Nigeria to international destinations. This is as the International Air Transport Association (IATA) in Montreal, Canada, introduced that from Friday, its exchange charge for ticket sales, which stood at N327.7 to a greenback previously this week, will expand to N359.40 to a dollar from today. As a result, Read more [...]

Nigeria Out Of Worst Recession In 29 Years

The National Bureau of Statistics (NBS), who declared Nigeria’s worst recession in 29 years, said on Tuesday, that the west African country grew by using 0.55 percent in GDP phrases for Q2 2017. According to the Nigerian Gross Domestic Product file launched by way of NBS on Monday, the economic system recorded a effective growth after five consecutive quarters of contractions considering Q1 2016. The 0.55% growth recorded is 2.04% higher than the fee recorded in the corresponding quarter Read more [...]

N350 Billion Naira Released For Capital Projects – Confirms By  Adeosun

The Minister of Finance, Mrs. Kemi Adeosun, on Monday validated the launch of the sum of N350bn to Ministries, Departments and Agencies of the Federal Government for the implementation of capital projects contained in the 2017 budget. She verified the improvement completely to our correspondent at some point of a cellphone interview. The 2017 budget, christened: ‘Budget of Recovery and Growth, was once presented to the National Assembly on December 14, 2016, and exceeded by the lawmakers Read more [...]

Nigerian Currency (Naira) Is Viewed Range Against The U.S. Foreign Money

Kenya’s shilling is subsequent week anticipated to take its cue from a court ruling on a petition challenging the re-election of President Uhuru Kenyatta, whilst the Ugandan shilling is likely to weaken on extended demand for tough currency. NIGERIA * Nigerian naira is considered vary certain towards the U.S. forex subsequent week as weak demand coupled with extended greenback provide from the central financial institution and different sources grant assist for the nearby currency, traders Read more [...]

CBN Pumps $9.96bn Into FX Market In Six Months

The financial organization of African country (CBN) has injected $9.964 billion into the interbank phase of the interchange (forex) market since it commenced its aggressive interventions in Feb this year. This has helped to ease pressure on Nigeria’s forex market, that before the action by the regulator had been pummeled by speculators. According to figures compiled between Feb twenty one and August twenty one, the CBN sold the buck to authorized dealers in forty four sessions. A breakdown Read more [...]

Nigeria, Libya Anticipated At Subsequent Meeting

The joint ministerial monitoring committee for the Organization of Petroleum Exporting Countries and non-OPEC oil producers collaborating in the manufacturing cut deal has said it will invite representatives from Nigeria and Libya to its subsequent assembly in September to explain their manufacturing outlooks. The deal, which commenced on January 1 and known as on OPEC nations and 10 non-OPEC producers led through Russia to cut a blended 1.8 million barrels per day in supplies, was once in May Read more [...]