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 Okoroafor stated this in a statement issued yesterday in response to a report by Reuters …
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 was 2.1 million barrels per day (bpd) at the start of 2016, fell by around …
Militant Attack – Nigeria considers importing crude oil from Niger Republic Read More »
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 distributed 420 billion naira ($1.34 billion) between its three tiers of government from crude oil …
Nigerian interbank rate flat as market awaits monthly budget cash flow Read More »
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 Vienna on November 30 … as well as reviewing recent developments of the oil market …
OPEC Head To meet Iran oil minister over Upcoming Meeting Read More »
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 in security van. The witness said the operation caused a stir culminating in a pandemonium …
40 Arrested By DSS in Kano Bureau De Change Raid Read More »
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 its worst crisis in 25 years, brought on by low oil prices which have slashed …
Nigeria’s GDP could expand 2.5% next year if oil output rises – Moody Read More »
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 BoA will enable the bank to attract up to N1tn to effectively provide loans at …
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 of Nigeria are considering to stem the volatility in the exchange rate and bolster the …
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’. According to a statement by Fitch, the long-term Issuer Default Ratings of First Bank of …
Forex crisis: Fitch Downgrades 10 Nigerian banks Read More »
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 approval immediately disbursed an initial loan tranche of $2.75 billion to Egypt’s central bank. The …
IMF board approves Egypt’s $12 billion loan agreement, $2.75 billion disbursed Read More »
