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Naira plummets to all-time low of 472/dollar

Naira - Dollar

The naira slumped to a new all-time low of 470 to the dollar on the parallel market on Wednesday, posting its biggest daily decline since the Central Bank of Nigeria adopted a flexible foreign exchange regime. The local currency stood at 452 to the dollar at the close of trading on Tuesday, down from 445 against the greenback on Monday. ...

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Naira crashes further, now 445 against the dollar


The naira on Monday suffered a severe defeat against the dollar in all the major segments of the market. At the interbank segment of the market, the naira lost 53 kobo to close at N308.32, from N307.79 posted on Friday. Trading at the Bureau De Change (BDC) showed that the naira lost 5 points to exchange at N445 against the ...

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Sell off NLNG, invest proceed and we’ll be out of recession, Dangote tells Buhari


Nigeria and African richest business mogul, Aliko Dangote has urged the federal government to sell off the Nigerian Liquified Natural Gas company, NLNG as well as other dormant but huge capital-generating sectors and invest the proceeds back into the economy to bring Nigeria out of its current recession before the end of fourth quarter. In an interview with CNBC Africa, ...

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Again, NCC warns telecoms operators against unsolicited messages

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The Nigerian Communications Commission on Sunday warned telecommunications operators against defying its directive on sending subscribers unsolicited text messages. In a statement issued in Abuja, the Director of Public Affairs at the regulatory agency, Mr. Tony Ojobo, expressed readiness to protect subscribers from the nuisance and irritation of unsolicited text messages and calls from mobile network operators. Ojobo noted that ...

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Ex-NNPC GMDs fault N145 petrol price cap

fuel pump

THE NNPC GMDs Forum, a body comprising former Group Managing Directors of the Nigerian- National Petroleum Corporation and the incumbent Chief Executive of the organization, Dr. Maikanti Kacalla Baru, has expressed reservation over the sealing placed on the price at which the Pipelines and Products Marketing Company, a subsidiary of NNPC, sells premium motor spirit to marketers. Rising from its ...

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Nigeria’s Economy now in recession


Inflation up, GDP down Prices of sugar, rice skyrocket Nigeria’s economy has sunk into recession as the nation’s Gross Domestic Product (GDP) dropped to a record low of 2.06 per cent in the second quarter of 2016. The recession is attributed to the persistently low oil price and disruptions in crude production as a result of attacks on oil facilities ...

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Naira falls further to 414/dollar


The naira fell to a new low of 414 against the United States dollar on Sunday amid the continued scarcity of foreign exchange in the country, with economic experts predicting further pressure in the forex market this week. The development came five days after the Central Bank of Nigeria had banned nine commercial banks from the forex market for failing ...

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Economic Revival: Sanusi asks Buhari to beware of China, suggests 7 steps FG must take


Muhammad Sanusi II, emir of Kano and former governor of the Central Bank of Nigeria (CBN), has recommended steps President Muhammadu Buhari must take to revive the Nigerian economy. In a document presented at the meetings of the Joint Planning Board (JPB) and National Council on Development Planning (NCDP), Sanusi highlighted the problems with economy, proffering solutions for the Buhari-led ...

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CBN lifts Forex ban on UBA, other banks remain suspended

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The Central Bank of Nigeria (CBN) has deleted the United Bank for Africa (UBA) from the list of nine deposit money banks (DMBs) banned from the foreign exchange market, for hiding over $2 billion belonging to Nigerian National Petroleum Corporation (NNPC) from the Treasury Single Account (TSA). ‘Tokunbo Martins, director, banking supervision of CBN, made the announcement on Wednesday night, saying: ...

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First cargo plane lands at Enugu Airport


By Tony Edike The first cargo plane landed at the Akanu Ibiam International Airport in Enugu on Tuesday. The landing of the Ethiopian Airline Boeing 757 cargo plane was witnessed by an enthusiastic crowd and other dignitaries including Governor Ifeanyi Ugwuanyi. Addressing the large crowd of people on the occasion, Governor Ugwanyi described the incident as a historic occasion that ...

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