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Thursday, August 6, 2020

MTN Group expects slight profit drop afterNigeria’s FX rate shift

ABUJA, July 23 - MTN Nigeria expects its profit margin to dip by almost half a percentage point this year as its leased tower services feel the impact of weaker currency exchange rates, it said on Thursday. The dollar conversion rate used by the...

Nigeria stocks rise to 3-week high, Dangote Cement gains

ABUJA - Nigerian stocks climbed to a three-week high on Thursday lifted by gains in its biggest listed firm Dangote Cement, which announced a share buyback this year. The main share index bucked four straight days of losses to rise 1.4% to 24,512 points...

Nigeria needs restructuring so that institutions can be accountable to citizens. —John Campbell, Ex-US Ambassador

John Campbell, a former US Ambassador to Nigeria, says Nigerians have lost trust and confidence in the government. He berated the attitude of the government and Nigerian politicians, saying the people have never been at the centre of governance in the country. Campbell spoke during an...

Nigeria must improve tax collection to boost macroeconomic sustainability – IMF

Predicts 36.5% Debt-to-GDP Ratio for Nigeria in 2020 Nigeria’s government must improve tax collection because revenue is lower than the minimum amount required for the state to play an enabling role in the economy, an International Monetary Fund official said. “Nigeria has one of the lowest...

Nigeria’s dollar shortage worsens, naira weakens 472 per dollar as banks restricts access

Nigeria’s dollar shortage is worsening, with the local currency weakening in the parallel market and banks restricting the ability of customers to spend greenbacks abroad using naira cards. The naira’s black-market rate declined to 472 per dollar on Monday from 465 naira on June 15,...

Saipem SpA says Aliko Dangote’s $2 Billion Fertilizer Plant Set For February Start

Part of plant ready, but testing hampered by virus disruption Facility is the world’s biggest, with 3 million tons capacity Dangote Group’s fertilizer plant, now under construction in Nigeria’s biggest city of Lagos, will be ready to start production late this year, according to Saipem SpA,...

Consumers lament as prices of common garri, other foodstuffs spike in Enugu state major markets

Maureen Ojinaka Enugu, July 11, 2020 The prices of some food items have continued to soar in Enugu major markets midway to rainy season. A market survey conducted by the News Agency of Nigeria seen by Naija247news.com in some major markets in Enugu on Saturday...

Nigeria allocates N2.951 trillion allocation for debt servicing as Buhari signs revised N10.8 trillion 2020 budget Into law

Nigeria President Muhammadu Buhari has signed into law, the revised N10.8 trillion budget for the year 2020 passed by the National Assembly in June. Before signing the budget he declared that the government will abide strictly with the January – December budget cycle. He said the...

Nigeria’s crude struggles to get attention among European buyers amid sliding grades price

As Chinese quotas extended Lagos, July 9 - Nigerian oil continued to face an uphill battle drawing attention from European buyers amid sliding prices for competing grades. Physical crude differentials were slipping in many regions due to consistently poor refining margins and Nigerian lighter grades faced...

Naira weakens on OTC, black market as CBN scoops N122 bln from commercial banks

Lagos (July 06) - Nigeria’s naira, however, opened weaker at 387 against the dollar on the over-the-counter spot market widely quoted by investors and importers. Meanwhile central bank of Nigeria, (CBN) collects 122 billion naira ($338 million) from banks with excess cash before weakening...
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