Nigeria’s Senate plans to start screening new members of the central bank’s interest rate committee after it held up some of President Muhammadu Buhari’s nominees in a political row. Rafiu Ibrahim, the head of the Senate’s banking committee, brought a motion on Tuesday urging parliament to consider Buhari’s nominations. The Senate disagreed with the president […]
Nigeria plans to raise 70 billion naira ($222 million) via a sovereign bond sale next week, the Debt Management Office (DMO) said on Tuesday, less than it has sold at previous auctions. The DMO said it would issue a five-year bond to raise 10 billion naira, and sell 10-year paper to fetch 30 billion naira, […]
If nations’ central banks jump on the bitcoin bandwagon, the devastating outcome could be ‘digital runs’ on the banks at speeds never before witnessed. Whether crypto currencies such as bitcoin are a fad or here to stay, the launch of digital currencies by central banks around the world could threaten worldwide financial stability, the Bank […]
With his swift rejection of Broadcom Ltd.’s hostile takeover of Qualcomm Inc., President Donald Trump sent a clear signal to overseas investors: Any deal that could give China an edge in critical technology will be swatted down in the name of national security. Although Broadcom is based in Singapore, China loomed large over the U.S. […]
By Foster Obi Nigeria’s national oil firm, NNPC is in the final stages of talks with two consortium including top traders, energy majors, and oil services companies to refurbish its dilapidated refineries. NNPC is negotiating with such companies on timeline of upgrading several old refineries and expected to start a procurement process later this year, […]
A Catfish Company, based in Itta Bena, Mississippi, U.S.A has announced a recall of almost 70,000 pounds of catfish products due to possible contamination by leucomalachite green. The products were produced on Feb. 16, 2018, and bear establishment number “EST. 45777” inside the USDA mark of inspection. They were shipped to retail locations in Alabama, […]
Trading was stifled by the pending IOC tender and the May loading programmes, which are expected later this week. NIGERIA * Differentials for nearly all of Nigeria’s April-loading cargoes were under downward pressure due to an excess, traders said. * One company offered Forcados at a $2.15 a barrel premium to dated Brent, compared with […]
The external reserves of Nigeria have grown, hitting a record high of $46 billion, the Central Bank of Nigeria (CBN), said on Sunday. The Acting Director, Corporate Communication, CBN, Mr Isaac Okoroafor, said that the reserves grew by about $3.2 billion between February and March 2018. He said that the reserves at the beginning of […]
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, […]
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 […]