The naira plunged to 400 against the dollar at the parallel market on Thursday as shortage of foreign exchange continued to have negative effects on economic activities in the country. The local currency had closed at 390 against the greenback on Wednesday. After closing at around 378 against the dollar for most part of last week, […]
Read More
The Nigeria Naira continued its slide on Wednesday, dropping to 390 against the USD at the parallel market as foreign exchange scarcity persisted. Naira, which dropped to 382 against the United States dollar on Monday down from the 380 on Friday, had been little-changed on Tuesday, hovering between 381 and 382. A bureau de change operator […]
Read More
The nation’s external reserves fell marginally to $26.20bn on July 28, down from $26.32 on July 22, data from the Central Bank of Nigeria’s website showed on Monday. Month-on-month, the reserves fell by 0.4 per cent from the $26.34bn recorded on June 29, the report indicated. The foreign exchange reserves stood at $26.42bn on May […]
Read More
The Minister of Finance, Mrs. Kemi Adeosun, will on Wednesday meet the World Bank to finalise Nigeria’s “policy support document” needed to complete its application for funds to help plug the $11bn budget deficit. “What was delaying (budget support loans) was a lack of flexibility in the exchange rate which we now have that,” the […]
Read More Nigerian equity market for the fifth consecutive day extended down trend with the market capitalisation losing N116 billion due to price loses posted by major blue chips. The market capitalisation on Friday shed N116 billion or 1.21 per cent to close at N9.499 trillion against N9.615 trillion recorded on Thursday. In the same vein, the […]
Read More
The Port Harcourt Electricity Distribution Company has said it loses over seven million kilowatt-hour, an equivalent of over N238bn, to direct electricity theft a month. In a report by Punchng, the Head, Revenue Protection Department, PHED, Mr. Nsika Udi, said on Friday during Consumers’ Forum that the direct tapping of energy, besides meter bypass, illegal […]
Read More Flour Mills of Nigeria Plc on Friday announced a profit of N14.42 billion for the financial year ended March 31, 2016. This was in contrast with N8.47 billion recorded in 2015. The report is contained in the company’s audited result released by the Nigerian Stock Exchange (NSE) in Lagos. The profit represented a growth of N5.95 […]
Read More
Group Managing Director, Nigerian National Petroleum Corporation, Dr. Maikanti Baru, on Thursday declared that the 2016 national budget was grossly impacted by the vandalism of crude oil pipelines in the Niger Delta region, resulting in a loss of N51.3bn, report by Punchng. Baru also appealed to the military to help secure critical oil and gas […]
Read More 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 […]
Read More
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 […]
Read More
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
The Nigerian Stock Exchange market capitalisation has dropped again from the N10tn mark as the prices of 31 stocks plummeted causing the NSE All-Share Index to drop by 1.02 per cent. In a report by Punchng, the market recorded a loss of N104bn in its market capitalisation as Skye Bank Plc, Honeywell Flour Mill Plc, […]
Read More
