Nigeria’s central bank said on Friday it had injected $355.43 million into the inter-bank foreign exchange market, as part of its efforts to boost liquidity and alleviate dollar shortages. The bank said in a statement the money was released to “meet requests in the agricultural, airlines, petroleum products and raw materials and machinery sectors”. Nigeria, […]
Author: Isaac Umunna
Nigeria immigration service to investigate trafficking probe after staff arrests
Nigeria’s immigration service has launched an investigation after two of its staff members were arrested on suspicion of trying to traffic girls out of the country, it said on Friday. Thousands of girls are each year taken illegally out of Africa’s most populous country, where 70 percent of the 190 million inhabitants live on less […]
Stock market continues gaining streak by 0.18% as ASI appreciates WoW
Equities market closed today on a positive note, as NSEASI appreciated by +0.18% to close at 43,167.87 basis points as against +0.33% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +12.88%. Market Breadth Market breadth closed positive as LASACO led 32 Gainers as against 27 Losers topped by FTNCOCOA at the end of […]
Nigeria Mortgage Refinance Coy to deepen housing market financing
By Foster Obi Following economic recession that almost erased demand for housing loans in Nigeria, Africa’s most-populous country, the state financed mortgage guarantor, Nigeria Mortgage Refinance Co(NMRC) is anticipating that a return to growth will help double its asset base and create a robust platform for mortgage financing. Set up four years ago to copy […]
Glut in Nigeria crude oil looms as buyers snub consignments
There are indications that a glut in Nigeria’s oil supply to the international market loom as plenty supply of light and medium grades from the North Sea and the Mediterranean continues to limit buying interest for Nigerian crude. The Nigerian cargoes, reckoned to be near 50 cargoes, was said to be weighing on the market, […]
Ibadan-Kaduna rail project to gulp $6.7bn
The federal government has approved $6.7bn for the construction of Ibadan-Kaduna standard gauge railway. Rotimi Amaechi, minister of transportation, said the project was part of the Ibadan to Kano railway project. He made this known on Wednesday after the federal executive council (FEC) meeting. Amaechi said the government also awarded a spur linking Ado-Ekiti with […]
Forbes keeps Saudis off billionaires list after corruption crackdown
Forbes magazine said on Thursday it was excluding all Saudi Arabian tycoons from its annual list of the world’s richest people after dozens of top businessmen from the oil-rich kingdom were detained in a crackdown on corruption last year. Most detainees were released after reaching settlements with the authorities, who say they arranged to seize […]
Nokia workers down tool in Nigeria over unwholesome labour practices
Staff of Nokia Solutions Networks Ltd in Nigeria Thursday started a three-day warning strike to protest anti-labour practices by the management of the company. The workers said they embarked on the strike as members of the Private Telecommunications and Communications Senior Staff Association of Nigeria. The General Secretary of the association, Mr Okonu Abdullahi, said […]
Blackberry sues Facebook for rights infringement on messaging
BlackBerry is suing Facebook for copyright infringement, claiming the social media giant uses technology invented by the former smartphone maker in Facebook’s massively popular messaging applications. Apps like Facebook, Instagram and WhatsApp use some messaging capabilities that were originally designed by BlackBerry, a spokeswoman for the company said in an email. “We have a strong […]
Dana Air says it’s ready for Nigerian government’s audit order
Dana Air on Thursday said it welcomes the decision of the Nigerian government to carry out a complete audit of its operation. The Federal Government on Wednesday ordered a complete audit of the operations of the airline, following recent near-mishaps involving the airline. In an incident in February, one of the exit doors of the […]