Nigeria’s central bank said it had injected $210 million into the interbank foreign exchange market on Tuesday, as it strives to maintain liquidity and ease dollar shortages in a complicated sector-by-sector approach. The bank said in a statement it had released $100 million earmarked for the wholesale market, $55 million for small businesses and individuals, […]
Nigeria and Switzerland on Monday signed a memorandum of understanding on to pave the way for the return of illegally acquired assets, the west African country said. Switzerland said in December that it would return to Nigeria around $321 million in assets seized from the family of former military ruler Sani Abacha via a deal […]
Cocoa prices have surged by a third this year, but that’s still unlikely to translate into big gains for farmers in top producer Ivory Coast. The West African nation uses forward sales to determine the minimum farmer price, so recent gains may have come too late for the smaller of two annual harvests that starts […]
Milost Global Inc. ended talks to provide $1 billion to Nigeria’s Unity Bank Plc, saying it received threats that it will be run out of the country if the deal continues. The New York-based private-equity firm had agreed to provide debt and equity on the understanding that Unity would delist in Nigeria to have its […]
Several Nigerian cargoes from the May programme traded, but market activity was limited overall. * Sonangol sold one of the four Dalia cargoes it was offering to a western buyer, a trade source said. It had been offering Dalia at dated Brent minus 75 cents, though details on the sale price were not immediately available. […]
By Foster Obi South Africa’s Foreign Economic Representative (FER) in Nigeria, Mr Calvin Phume said it was important to expose the South African business delegation to the likes of Lekki Free Trade Zone in order to showcase the vast opportunities available across the Nigerian economic sectors where they can look into setting up public-private partnerships […]
Benchmark crude oil futures surged last week almost 6%, achieving in the meanwhile, the strongest weekly rise since last July and wiping out losses since late January. The basic argument for this surge is that oil market fundamentals are getting tighter, due to the fact that global inventories are already not lying far from the […]
Gold prices surged to a one-month high on Friday as the threat of a global trade war sent investors scrambling for safe assets. US President Donald Trump signed a memorandum of understand that could impose tariffs on up to $60 billion worth of imports from China. The tariffs have a 30-day consultation period, leaving room for […]
The African Export-Import Bank (Afreximbank) has opened credit lines amounting to $800 million in 55 banks across Africa to facilitate the confirmation of letters of credit to support intra-African trade. Mr Obi Emekekwue, the bank’s Director and Global Head, Communications and Events Management Department, said that under the strategy launched in 2016, about $25 billion […]