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Browse Nigerian economy news, research and analysis from Local and international analysts. Follow Nigeria’s financial and monetary policies from Central Bank of Nigeria and other business And economic indicators

CBN injects fresh $100 million into forex market as naira stands at N305.80

The Central Bank of Nigeria, CBN, on Thursday intervened in the inter-bank foreign exchange market for the fifth time in three weeks by offering $100 million for wholesale requests. Out of the total offering, CBN spokesperson, Isaac Okorafor, said about $70 million was sold to...

Nigeria to offer $41.6 million mining contract to eight firms

ABUJA, July 4 - Nigeria will offer a 12.7 billion naira ($41.6 million) mining contract to eight companies in exploration and consultancy, its junior mining minister said on Wednesday, adding both foreign and local firms were encouraged to participate. Nigeria’s economy, one of Africa’s...

NNPC: $5bn JV Debt Repayment Restoring Investors’ Confidence in Nigeria’s Oil Industry

Chineme Okafor in Abuja The Nigerian National Petroleum Corporation (NNPC) has said its repayment of the about $5 billion negotiated joint venture cash call debts owed to International Oil Companies (IOCs) over the years was now stirring the confidence of investors in Nigeria’s upstream oil...

Nigeria Plans Tougher Bank Capital Rules as Bad Debts Weigh

Bank regulator to introduce Basel III in second quarter Measure comes after banks took a shave with accounting changes Nigeria’s central bank plans to introduce fresh capital rules in the second quarter, threatening to heap pressure on lenders...

Nigeria’s aviation outlook 2020: National carrier, Infrastructure, Litigation top agenda

As the new year begins, experts and stakeholders in the industry are optimistic that the year will offer a vista of opportunities for great improvement targeted at positoning the sector for greater heights. Government’s initiative to deliver a new national carrier and...

NIBSS, banks, to implement Point of Sales reversals next month

THE Nigerian Interbank Settlement System, NIBSS, and banks have agreed to implement real time reversals by Point of Sale, PoS, terminals effective from next month. This is one of the highlights of a meeting NIBSS held with banks and other stakeholders last week aimed...

Reps tackle presidency over N18b diversion, okays N152.897b budget for FIRS

The House of Representatives yesterday opposed the presidency plans to move N18 billion Northeast Intervention Fund meant for utilization by the Presidential Committee on North East Initiative(PCNI) to fund a pilot project, known as Bama initiative. In a motion, Muhammad Sani Abdu (APC, Bauchi), said...

CBN sells $1 bln on forward market to clear dollar sale backlog

Nigeria's central bank sold about $1 billion on the forward market last week to clear a backlog of dollar obligations in selected sectors, traders said on Thursday, its largest special auction since a currency peg was removed in June. Outstanding dollar demand was about $4...

Ford invests $15m vehicle assembly plant in Nigeria’s Coscharis Motors

Rasheed Bisiriyu Coscharis Motors, a subsidiary of Coscharis Group and distributors of Ford automobiles, has unveiled a vehicle assembly plant in Lagos worth over $15m (about N5bn) for the production of the brand. The President of the Coscharis Group, Mr. Cosmas Maduka, said at a press...

Nigeria needs to look inwards to revive Ajaokuta Steel Company, Expert says

From Grace Obike, Abuja Experts in in the metal and mining sector have called for inclusion in the revival of the Ajaokuta Steel Company. The experts who are members of the Nigerian Institution of Metallurgical, Mining and Materials Engineers (NIMMME) said some of its members have...
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