Money

Fed Govt spends N446bn to service debt in 4 months

The Federal Government spent a total of N446.44bn to service the nation’s domestic and external debts between January and April this year, figures obtained from the Federal Ministry of Finance have revealed. In a report by Punchng, the figures are contained in the Consolidated Income and Disbursement Account of the Federal Government for the first […]

Read More

Reach for the Skye: Skye Bank creates 36 promo millionaires

Skye Bank Plc’s ‘Reach for the Skye’ Millionaire promo season one has produced 36 millionaires nationwide. In celebration of this landmark achievement, the bank yesterday hosted a cross-section of the promo-made millionaires in Lagos. The event was part of the activities to mark the successful conclusion of the first phase of the promo. The millionaires […]

Read More
Nigeria Senate Assembly

Aviation: Senate query CBN on the release of N120bn intervention fund

The Senate on Monday took a swipe at the Central Bank of Nigeria and beneficiaries of the N120bn released to the aviation sector out of the N500bn intervention fund for the power and the Small and Medium-scale Enterprises sectors in 2011. According to Punchng, The Senate Committee on Aviation and Anti-Corruption, at a public hearing, […]

Read More

Naira down at 288 against Dollar at the official market

The Nigeria naira plunged by 31 per cent to 288.85 against the United States dollar on Monday at the close of trading at the newly established interbank market, reports by Punchng. The local currency also depreciated at the parallel market where it closed at 346 to the greenback, down from around 330 and 335 on […]

Read More

NNPC withheld $12.9bn in 8 years – NEITI report

The Executive Secretary of the Nigeria Extractive Industries Transparency Initiative, Mr. Waziri Adio, said the Nigerian National Petroleum Corporation withheld $12.9bn revenue between 2005 and 2013. He added that the 2013 Oil and Gas Audit Report revealed that some government agencies like the NNPC and its subsidiaries also withheld $3.8bn and N358bn. Adio said the […]

Read More

Naira, stocks soar further on new forex policy

The naira firmed at the parallel market on Friday, while stocks posted their biggest weekly rally in 14 months as domestic funds snapped up shares following the Central Bank of Nigeria’s currency reforms designed to attract foreign investors, traders said. The CBN according to Punchng, has said it will let the market set the exchange […]

Read More

Banks committee want N10,000 withdrawal limit

A proposal to limit the over the counter cash withdrawal by bank customers to N10,000 has been tabled before the Central Bank of Nigeria (CBN). Sub-committee on Payments Systems and Infrastructure of the Bankers Committee last week sent the proposal to the CBN. According to The Nation, The proposal was presented at the committee’s meeting but […]

Read More

Naira fell further to 371 as dollar scarcity continues

The continuing pressure on the Nigeria naira rose sharply on Wednesday with the local currency tumbling to a new low of 371 against the United States dollar at the parallel market. It had closed at 361 per dollar on Tuesday. The delay by the Central Bank of Nigeria in explaining how the proposed flexible exchange […]

Read More

Nigeria Petroleum Corporation lost N19.43bn in April – Report

The Nigerian National Petroleum Corporation lost N19.43bn in the month of April, as the country’s crude oil production dropped from 59.27 million barrels recorded in February to 57.43 million barrels in March. In its latest financial and operations report released on Wednesday, the NNPC also revealed that over 1,500 megawatts of electricity were lost as […]

Read More

Naira falls to 361 as dollar demand rises

The Nigeria Naira, which has come under pressure in recent days, fell to 361 against the United States dollar at the parallel market on Tuesday, as traders and investors continued to await details of the proposed flexible foreign exchange policy from the Central Bank of Nigeria. The value of the local currency dipped further as […]

Read More
world news, trump, u.s., business news, stock market, entertainment news, business news, company news, market, commodities, commodity, Africa news

Oil closes high above $50 on Nigeria supply disruptions

The global oil benchmark, Brent crude, extended its gains on Tuesday, trading above the $50 per barrel mark for the first time since October last year. In a report by Punchng, The further rise in Brent comes as expectations the United States’ crude draws underpinned a market already worried about potential supply shortages from attacks […]

Read More

Adeosun to meets bond investors in London

Indications have emerged that Nigeria may issue another Eurobond any time soon as a Federal Government delegation led by the Minister of Finance, Mrs. Kemi Adeosun, meets bond investors in London on Tuesday, Punchng report. The Federal Government has hinted of plans to borrow from multilateral agencies and the international capital market to fund its […]

Read More