Oil price is rapidly declining, this time, it has fallen to a three-month low. West Texas Intermediate is trading below $50, while Brent crude, the global benchmark for oil is hovering around $52 per barrel, its lowest price levels since December 2016. Since the Organisation of Petroleum Exporting Countries (OPEC) decided to cut its production […]
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The Federal Government has released the Economic Recovery and Growth Plan (ERGP) which unveils a road map for Nigeria’s economic recovery growth and sustainable development. James Akpnadem, Media Adviser to Senator Udoma Udo Udoma, the Minister of Budget and National Planning, , announced this in a statement on Tuesday in Abuja. According to the adviser, the […]
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The Central Bank of Nigeria (CBN) on Tuesday injected another sum of 100 million dollars into the interbank foreign exchange market, its acting Director, Corporate Communications, Isaac Okorafor has said. Okorafor said the measure became necessary as part of the initiatives to make Forex easily accessible, thereby crashing demand at the black market. The director […]
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Shell Nigeria Exploration and Production Company Limited (SNEPCo) has announced the shutdown of its Bonga oil field, for necessary maintenance. This singular action by Shell has cut Nigeria’s daily oil production levels from 2.1 million barrels to 1.875 million barrels. Bamidele Odugbesan, Shell’s spokesperson in Nigeria, said the shut down was for turnaround maintenance of […]
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Worried by the degenerating Quality of Service (QoS) provided by Mobile Network Operators (MNOs) and other service providers, the Nigerian Communications Commission (NCC) has declared a state of emergency on the Quality of Service. As part of measures to cushion the situation and ameliorate the recurrent inaccessibility to foreign exchange (forex) by operators, the Executive […]
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The dollar on Monday crashed against the Naira, as the Nigerian currency gained 5 points at the parallel market against the greenback. The Naira traded at N460 to a dollar, after speculators had forced it 3 points down amid liquidity boost on Friday. However, the Naira weakened against the Pound Sterling but maintained its Euro […]
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The Central Bank of Nigeria (CBN) has directed commercial banks to henceforth process and meet the demand for dollars and other foreign currencies within 48 hours. In a circular made available to journalists, on Sunday in Abuja, the Director, Financial Markets Department,CBN, Dr Alvan Ikoku said the order would further make foreign currencies readily available […]
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The Naira on Friday depreciated against the dollar at the parallel market after posting days of appreciation. The nation’s currency lost N7 to exchange at N465 to a dollar after closing at N458 on Thursday, while the Pound Sterling and the Euro traded at N542 and N480. At the Bureau De Change (BDC) window, the […]
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The Central Bank of Nigeria (CBN) said the recent appreciation of the Naira against other currencies was the result of its market monitoring and intervention. The acting Director, Corporate Communications of the CBN, Mr Isaac Okorafor on Thursday in Sokoto refuted the claim that the allegations by Mr Babatunde Gbadamosi on the illegal sales of […]
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The temporary closure of the Nnamdi Azikiwe International Airport, Abuja, has been approved by the Federal Government. The closure which will take effect from the midnight of Tuesday March 7, is to enable the Federal Airports Authority of Nigeria (FAAN) to carry out a major rehabilitation of the runway at the airport. The Managing Director […]
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