Dollar Drop In Asia As Fed Fails To Inspire

On Thursday The dollar suffered fresh losses as Asian investors followed their New York counterparts in moving out of the unit, unmoved with the aid of some other interest charge hike and an upbeat evaluation of the world’s pinnacle economy. The fall in the greenback used to be mirrored in a broad sell-off in regional equities as merchants omitted another report finish for the Dow on Wall Street. The dollar was hit by way of selling after the much-anticipated central bank meeting, which supplied Read more [...]

Auditor-General Exhibits Source Of $43m Ikoyi Cash

NNPC presently runs six JVs — with Shell Petroleum Development Company of Nigeria Limited (SPDC), Chevron Nigeria Limited (CNL), Mobil Producing Nigeria Unlimited (MPNU), Nigerian Agip Oil Company Limited (NAOC), Elf Petroleum Nigeria Limited (EPNL) and Texaco Overseas Petroleum Company of Nigeria Unlimited (TOPCON). Also, there was once no reliable documentation for the legit release of $289,202,382 to the the National Intelligence Agency (NIA) — which claimed the $43 million discovered Read more [...]
  The Central Bank of Nigeria (CBN) ended overseas alternate (forex) market transactions for the week with $303.9 million, as it previously in the week, offered $210 million to preserve liquidity. This is the 2d week in succession that the apex financial institution passed a $500 million intervention in the past five weeks, jogging on the heels of a disclosure through the CBN Governor, Godwin Emefiele, that the u . s . a . is now sitting atop $38.2 billion reserves’ profile. Consequently, Read more [...]

Addax Plans $5 Billion Funding In Nigeria

In a assertion on Sunday, Addax Petroleum Develop affirmed its dedication to Nigeria, announcing its future in Nigeria remained very bright. In the statement, Addax Petroleum/NNPC Production Sharing Contract has produced over 425 million barrels of crude oil over the 19 years when it took over operator ship of Oil prospecting Licences 98/118 and OPLs 90/225, previously operated by way of Ashland Nigeria Oil Company from 1973 to 1998. Addax Petroleum Development (Nigeria) Limited has stated Read more [...]

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 [...]

CBN Has Pumped $3.6 Billion Into Forex Market Within 10 Months

The CBN injection of over 3.6 billion dollars to meet the demand for overseas trade resulted in the convergence of quotes at the parallel market and the Bureau De Change segments. Since February, CBN has reportedly injected $3.6 billion into the foreign exchange market. Reports bears it that the Naira has preferred by using 30.3 percentage because the Central Bank of Nigeria (CBN) started out its interventions at the overseas change market. The Naira had reached a top at N520 previously in Read more [...]

Swiss To Return $321 Million In Stolen Cash To Nigeria

  In 2014, Nigeria and the Abacha family reached an agreement for the West African united states to get lower back the funds, which had been frozen, in return for shedding a criticism towards the former military ruler’s son, Abba Abacha. Switzerland will return to Nigeria around $321 million in belongings seized from the family of former navy ruler Sani Abacha with the aid of a deal signed with the World Bank on Monday, the Swiss government said. Transparency International, a corruption Read more [...]

Nigeria’s Parliament Passes 2018-2020 Budget Framework

On Tuesday, Nigeria’s parliament exceeded the government’s 2018-20 spending framework elevating its oil price assumption to $47 from $45 per barrel. The budget framework tasks crude manufacturing of 2.3 million barrels per day for next year. It additionally forecasts Nigeria’s economy will develop 3.5 percentage subsequent year, 4.5 percent in 2019 and 7 percent in 2020. The higher oil rate assumption “should not be overly problematic,” said Standard Chartered’s Razia Khan, given Read more [...]

Nigerian Capital Inflows More Than Doubled In Q3 To $4.2 Billion

  The whole fee of capital imported into Nigeria extra than doubled in the third quarter to $4.15 billion, after the financial system emerged from a recession, the National Bureau of Statistics (NBS) stated on Monday. Nigeria’s economy grew in the second quarter, climbing out of its first recession in 25 years, as oil revenues rose. Last 12 months the central bank imposed foreign money controls to prevent a fall down in the Naira, which affected overseas capital inflows. The NBS Read more [...]