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 […]
Read More
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 […]
Read More
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
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
Oando Plc yesterday secured a N94.6 billion facility from nine local banks to enable it restructure its debt positions and improve earnings, The Nation report. The financing, coordinated by the mandated Lead Arranger, Access Bank Plc, is a five-year Medium Term Note (MTN) given at the Nigeria Interbank Offered Rate (NIBOR) plus 200 basis points, […]
Read More The Nigeria Naira dropped against the United States dollar at the parallel market from 355 on Friday to 357 on Monday, according to foreign exchange traders, reported by Punchng. Analysts and traders linked the drop to the mounting fears among traders and investors over the flexible exchange rate policy proposed by the Central Bank of […]
Read More
The Lagos State Government has issued retirement benefit bond certificates to the tune of N1.002bn to a set of 275 retirees from the Mainstream, Local Government, Lagos State Universal Basic Education Board, Teachers Establishment and Pension Office and parastatals of government, under the Contributory Pension Scheme for the month of May. A statement from the […]
Read More The Nigeria Naira is expected to trade around 350 per dollar in the coming days as uncertainty over the implementation of the Central Bank of Nigeria’s planned new flexible exchange rate policy persists. The local currency retreated to 350 to the dollar on the parallel market on Thursday from 360 a dollar last week, Punchng report. […]
Read More
