Royal Dutch Shell said on Tuesday that Nigeria’s claims that it was owed billions in taxes could delay the development of a major oil field off the coast of the West African nation. Nigeria ordered several major foreign oil and gas companies to pay nearly $20 billion in taxes it says are owed to local […]
The Central Bank of Nigeria (CBN) has injected 210 million dollars into the inter-bank Foreign Exchange Market to ensure adequate supply of foreign exchange to customers. The CBN Director, Corporate Communications Department, Isaac Okorafor, in a statement on Tuesday, noted that 100 million dollars was offered to authorised dealers in the wholesale segment of the […]
Nigeria’s dollar-denominated government bonds rose to 5-7 month highs on Wednesday after Muhammadu Buhari won a second term at the helm of Africa’s largest economy and top oil producer. The country’s longer-dated bonds were up as much as 0.8 cents in the dollar to extend a more than 10 cents rally since the start of […]
As the Central Bank of Nigeria (CBN) warms up to launch its National Microfinance Bank, the number of existing micro finance banks (MFBs) in the country has plummeted by 11 per cent to 898 this month. According to the apex bank, as at February 13 ( 2019), the number of the mfbs, licensed to provide […]
Foreign investment inflow into the Nigeria oil and gas industry declined sharply by 59.7 per cent to $133.51 million in 2018, compared to $331.36 million recorded in 2017, according to data obtained from the National Bureau of Statistics, NBS. Using current exchange rate of N306.75 to a dollar, $133.51 million foreign capital inflow into the […]
The Central Bank of Nigeria is expected to conduct a Primary Market Auction on Wednesday where a total of N115.1bn across the 91-day (N23.4bn), 182-day (N38.8bn) and 364-day (N59.9bn) tenors is expected to be rolled over. The 91-day tenor has an offer amount of N24.37bn and is expected to have a stop rate range of […]
Nigeria’s stocks and bonds rose on Monday after the conclusion of a presidential election over the weekend lifted a layer of political uncertainty in Africa’s biggest economy, traders said. The electoral body has started to count votes in the closely-fought election that pitted President Muhammadu Buhari against businessman Atiku Abubakar but it is unclear when […]
..Igbo not targets for attacks, say police There was pandemonium in the Oshodi area of Lagos, on Monday, as shops belonging to Igbo traders were allegedly forced shut by hoodlums said to be sympathetic to the All Progressives Congress. It was gathered that the hoodlums beat up some of the traders for allegedly voting for […]
Oil prices fell by more than two per cent on Monday, reversing earlier gains after U.S. President Donald Trump told OPEC producers to “relax” as prices were too high. Brent crude oil futures were down $1.43 at $65.69 a barrel at 1403 GMT, having earlier risen to a 2019 high of $67.47. West Texas Intermediate […]
The Association of Bureau De Change of Nigeria (ABCON) has stated that one of the most efficient tools introduced in the management and stability of the country’s foreign exchange market by the Central Bank of Nigeria (CBN) was the involvement of the body in forex management. The Association’s national President, Alhaji Aminu Gwadabe, who spoke […]