The Nigeria Naira weakened against the USD from 294.37 at the interbank market on Wednesday to 310.43 on Thursday, crossing the 300 mark for the first time at the interbank market after the Central Bank of Nigeria floated the naira. The naira fell by 5.4 per cent against the greenback to 309 at 1224 GMT […]
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There was confusion in the market yesterday as the Naira slumped to a new low in both the official and parallel markets, exchanging at N292.90 and N373 to the Dollar respectively. In a report by The Nation, local currency however closed at 292.90 to the dollar on the interbank rate after just one transaction was […]
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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 […]
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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 […]
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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 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 […]
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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 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 […]
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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 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 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 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 […]
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