OPEC’s crude production rose last month, the first increase since the group and its allies started a new round of output cutbacks at the start of the year to shore up a weak global market. Nigeria and Saudi Arabia led the boost by the Organization of Petroleum Exporting Countries, which collectively increased by 200,000 barrels […]
The Central Bank of Nigeria, CBN, will this week intensify its liquidity mop up activities in response to inflow of N553.8 billion into the interbank money market. Last week, the interbank money market received inflow of N601.9 billion from matured treasury bills, TBs. In response the CBN sold primary market (fresh) TBs worth N208.6 billion. […]
Investors in the nation’s stock market have lost a total of N1.52tn in eight months, as the total market capitalisation of equities listed on the Nigerian Stock Exchange dropped from N11.721tn at the beginning of the year to N10.200tn at the end of August. The market capitalisation of equities (not including the market value of […]
The nation’s foreign exchange reserves have dropped to a five-month low of $43.67bn, losing $1.23bn in 29 days, latest data obtained from the Central Bank of Nigeria on Sunday showed. The external reserves, which rose to a high of $45.18bn on June 10, 2019 from $43.17bn on January 1, dropped to $44.90bn on July 31. […]
Oil prices weakened on Monday after new tariffs imposed by the United States and China came into force, raising concerns about a further hit to global growth and demand for crude. Brent crude slipped 22 cents, or 0.4%, to $59.03 a barrel by 0620 GMT, while U.S. oil was down 2 cents at $55.083 at […]
The Nigerian Export–Import Bank (NEXIM) has solicited partnership with the Nigerian Navy towards facilitating the regional Sealink Project, internal waterways operation and coastal trade. Navy Director of Information, Commodore Suleman Dahun, disclosed this in a statement on Sunday in Abuja. Dahun said Mr Abba Bello, the Managing Director of NEXIM sought for this during a […]
Super Eagles’ midfielder Alex Iwobi on Sunday scored in his first English Premier League start for Everton in a Match day four fixture at home to Wolverhampton Wanderers. Brazil forward, Richarlison Andrade, scored twice and Alex Iwobi netted his first league goal to hand Everton a 3-2 win over the visitors in an electrifying EPL […]
Some sections of the Lagos-Ibadan expressway will be closed from September 2 to October 31 for construction work, a traffic advisory released by the Lagos State Traffic Management Authority (LASTMA) has shown. According to the advisory released on Sunday, the road will be closed from Kara Bridge inward Berger and from Berger inward Kara Bridge. […]
Nigeria has taken delivery of its first modern calibration aircraft for $8.5 million. The aviation minister, Hadi Sirika, announced on Twitter on August 29 that the Beechcraft King Air 350i would help improve Nigeria airspace’s safety and security. “Just received new calibration aircraft for the country. Make is King Air 350i. Cost $8.5M,” Mr Sirika […]
The Federal Controller of Works in Lagos State, Mr Adedamola Kuti, has said that traffic arrangements were ongoing to begin another phase of major repair on the Third Mainland Bridge. Kuti told the News Agency of Nigeria in Lagos State that results of investigative tests on the bridge were ready and that contractors would move […]