The Nigerian naira fell close to 500 against the dollar on the unapproved open retail market due to dollar shortages on Friday as retail currency operators set their quotes for dollar purchases at 399 for next week, traders said. Bureau de change operators said the central bank had approved 399 naira for retail trades this …
Naira on a free fall as it crashes to nearly 500/Dollar in open market Read More »
Under the current market regulatory framework, the naira is bound to remain under pressure and unstable until the market is allowed to operate freely and efficiently. This was disclosed by a group of analysts at Financial Derivatives Company (FDC) Limited in their outlook for the naira in 2017. According to Bismarck Rewane, FDC’s Chief Executive …
With substantial boost in production of many agricultural produce and traders from central and North African countries flooding Nigeria to import commodities, the Federal Government (FG) is moving to maximize its advantage by resuscitating the moribund Nigeria Commodities Exchange (NCX). Since the abolition of marketing boards by the Babangida administration, there has not been any …
The country’s external reserves rose to $26.2bn on January 4, 2017, up from $25.8bn on December 30, 2016, the latest data from the Central Bank of Nigeria showed on Thursday. The data also showed that the foreign exchange reserves ended last year with $25.84bn balance on December 30, 2016. The foreign exchange reserves had risen …
A court in London will decide in coming weeks whether Royal Dutch Shell can face trial in the UK over oil spill allegations in Nigeria, a decision some legal experts predict could attract more cases against multinationals in Britain. The High Court will judge whether members from two communities, Bille and Ogale in Nigeria’s oil-rich …
Shell battles Nigerian communities in high-stakes London lawsuit Read More »
The Federal Government, in a bid to check the high level of under-remittance of funds by revenue-collection agencies, has issued fresh guidelines for the computation of operating surpluses. The new guideline that will guide the preparation of the agencies’ financial statements for the next three years covering up to 2019 is contained in a circular …
Unremitted N450bn: FG issues new guideline for calculating surplus Read More »
Economic and financial experts have said that the country’s inflation rate may rise further to 20 per cent during the first quarter of this year from the current 18.4 per cent. They, however, said the inflation rate was expected to reduce significantly as the fiscal and monetary authorities would begin to implement certain policies to …
Inflation rate may hit 20% in first quarter —Experts Read More »
As economic recession continues to weigh on the banking sector, non-performing loans ratio in the banking industry has crashed further above the Central Bank of Nigeria’s five per cent threshold. The NPLs ratio fell to 13.4 per cent in September 2016, up 11.7 per cent recorded in June 2016, according to a Bloomberg report. The …
Investors in the nation’s stock market lost over N214 billion last week following massive selloff of shares of highly capitalized companies across the sub sectors on the Nigerian Stock Exchange, NSE. Consequently, the market capitalization of the NSE which represents the total value of stocks traded on the exchange dropped from N9.246 trillion it opened …
Stock Market: Investors lose N214bn as market closes on marginal gains Read More »
Generally, life works clockwise, taking you round in circles as you begin the year in January and end it in December only to start the process again. The difference however, is that change is constant and your decisions at the beginning of the year determines how the rest of the year goes. Decisions can be …
