Foreign fuel suppliers stop shipments to Nigeria over $985m debt

An acute shortage of foreign currencies across the country may have forced some overseas suppliers of Premium Motor Spirit (PMS) popularly called petrol to suspend further supply of the commodity to Nigeria, over a $985 million debt overhang, Daily Sun reports. Their decision to cut supplies to Nigerian customers may not be unconnected with the […]

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Australia-Africa trade value hits $5.7bn

Australia says its trade relations with Africa have improved tremendously over the years with the value estimated at 5.7 billion dollars in 2015. The Australian High Commissioner to Nigeria, Amb. Paul Lehmann confirmed this in a statement made available in Abuja on Thursday. He stated that 1.6 billion dollars of the total trade was in […]

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NPA insists on dollarisation of port transactions

Nigerian Ports Authority (NPA) and its management on Friday insisted on dollarisation of transactions and urged terminal operators to pay up to date. The Managing Director of NPA, Ms Hadiza Usman, stated this at a Stakeholders meeting in Lagos to round off her two-day tour of the Western ports in Lagos. She said that the […]

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Dangote loses $5.4bn – Report

Bloomberg in its latest Billionaire Index reports that Africa’s richest man, Aliko Dangote has lost $ 5.4 billion in his fortune this year. The loss was occasioned by the massive fall of the Nigerian currency, the Naira as the Central Bank of Nigeria rations the dollar, to stem huge capital outflow in the wake of […]

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Federal, states and local govt share N443.66bn for July – FAAC

The Federal Government has assured states that they can still tap into the fiscal sustainability funds to meet its obligations. Permanent Secretary to the Ministry of Finance Mahmoud Isa Dutse disclosed this at the close of the monthly federation accounts allocation committee meeting where 443.66 billion naira was distributed between the three tiers of government […]

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Nigeria lost $30b oil revenue in two years – Awolowo

Nigeria is said to have lost an estimated $30 billion in oil revenue between 2014 and 2015, the Executive Director, Nigerian Export Promotion Council (NEPC), Olusegun Awolowo, has said. He spoke in Abuja on Friday at the batch three graduation ceremony of 38 Zero to Export Capacity Building Programme beneficiaries. He said: “The essence of […]

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Naira dips to N412 record low to dollar, as stocks fall continue under FX ban weight

Nigeria’s currency, the Naira dipped to all-time low of N412 per dollar on the parallel market on Friday as a dollar shortage persists, traders said. Traders attributed the development to the difficulty being experienced by some bureaux de change operators to access their forex account to get dollar supply after the central bank suspended nine […]

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CBN settles $152m of Naira futures contract, enters new 12-month contract

The central bank of Nigeria (CBN) has settled $152.48 million of naira futures contracts it sold in June at an exchange rate of 279 naira per dollar, market regulator FMDQ OTC Securities Exchange said. The bank also entered a fresh 12-month contract at 241 per dollar due on Aug. 16, 2017. In June, the central […]

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Naira dips to record low of N409 to Dollar on black market

Nigeria’s currency, the Naira fell to an all-time low of N409 per dollar on the parallel market on Thursday, compared with N402 per dollar it closed the previous day as dollar shortage bite harder in Africa’s top crude producer. Traders said the local currency fell due to increase demand for the dollar which they are […]

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Naira traded at 402 against USD at parallel market

The naira crossed the 400-per-dollar mark on Wednesday to trade at 402 to the foreign currency at the parallel market. The naira, which traded around 396/$1 on Tuesday, depreciated rapidly on Wednesday after the ban of nine banks from all foreign exchange markets in the country. The interbank market closed at N305 to the dollar […]

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AfDB approves $350m loans to Nigerian banks

The African Development Bank (AfDB) has approved $300 million and $50 million trade finance loans to First Bank of Nigeria and FSDH Merchant Bank Nigeria to support local enterprises involved in import-export activity. The AfDB disclosed this in its monthly newsletter signed by the Nigeria Country Field Office, on Wednesday in Abuja. The publication stated […]

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Chinese firm to set up $8m Corn Mill in Cross River

A Chinese conglomerate has expressed its determination to establish a feed mill and maize farm in Cross River state, worth eight million Dollars. The move by the investor is expected to boost Governor Ben Ayade efforts to diversify the economy of the state. The Chairman of Wuhan Longfecund Agriculture Development Company Ltd, Wuhan in China, Yongsheng […]

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