The Central Bank of Nigeria (CBN) yesterday said it was not planning to amend the Foreign Exchange Act or recommend jail term for anyone that holds the dollar for more than 30 days. Acting Director, Corporate Communications Department, Mr. Isaac…
Militant Attack – Nigeria considers importing crude oil from Niger Republic
Nigeria, typically Africa’s biggest crude oil producer, is considering importing crude from neighbouring Niger due to militant attacks on pipelines in the Niger Delta that feed its refineries, a state oil company spokesman said on Friday. Nigeria’s crude production, which…
Nigerian interbank rate flat as market awaits monthly budget cash flow
Nigeria’s overnight interbank lending rate held steady for the second consecutive week at 14 percent on Friday even as the market anticipated the injection of October budgetary allocations to government agencies to boost liquidity in the system. On Wednesday, Nigeria…
OPEC Head To meet Iran oil minister over Upcoming Meeting
OPEC Secretary-General Mohammed Barkindo and Iran’s Oil Minister Bijan Zanganeh will meet in Tehran on Saturday to discuss issues linked to an upcoming OPEC meeting, the ministry’s official website reported. “Consultation about the topics of the OPEC ministers meeting in…
40 Arrested By DSS in Kano Bureau De Change Raid
DSS Operative Friday afternoon in Kano raided Bureau de change spots and arrested no fewer than 40 currency dealers. Eyewitness, Umar Iliya explained that the operatives stormed the Wapa area at about noon, seized selected men and took them away…
Nigeria’s GDP could expand 2.5% next year if oil output rises – Moody
Nigeria’s economy can expand by 2.5 percent next year, rebounding from a recession entered in the second quarter, as long it can keep oil output at 2.2 million barrels per day, a senior Moody’s analyst said. Africa’s largest economy faces…
CBN to provide N750bn Boost for BoA
The Central Bank of Nigeria, CBN is to provide about N750bn for the recapitalization of the Bank of Agriculture before the end of next year, the Federal Government has said. According to the government, the restructuring and recapitalization of the…
Hoard Dollars, Go to Jail – FG
The Federal Government has proposed an amendment to the Foreign-Exchange Act to enable the imprisonment of anyone who holds foreign currencies, especially the dollar, for more than 30 days. This is the latest measure the government and the Central Bank…
Forex crisis: Fitch Downgrades 10 Nigerian banks
Following a reassessment of potential sovereign support for the banking sector, Fitch, Ratings, a leading global rating agency has revised down the Support Rating Floors of 10 Nigerian banks to ‘No Floor’ and downgraded nine others’ Support Ratings to ‘5’.…
IMF board approves Egypt’s $12 billion loan agreement, $2.75 billion disbursed
Egypt won International Monetary Fund approval on Friday for a three-year, $12 billion bailout program aimed at reviving a struggling economy, bringing down public debt and controlling inflation while seeking to protect the poor. The IMF said its executive board’s…