Economy

Deposit Money Banks in the country are now allowing customers to transfer foreign currency cash deposits made into their domiciliary accounts. The announcement from the banks started coming in four days after the Central Bank […]

Banks have recorded near zero foreign currency deposit inflow from high net-worth individuals indicating that their domiciliary account customers are staying cautious on the reversal of foreign currency deposit ban by Central Bank of Nigeria, CBN, […]

Nigeria’s Senate summoned central bank Governor Godwin Emefiele to explain the fall of the naira on the unofficial market. Emefiele must appear before lawmakers in Abuja, the capital, at 11 a.m. on Jan. 19, Senate […]

The Department of Petroleum Resources, DPR, has said that any oil marketer found manipulating the pump price of fuel would be fined N1million and the station closed for three months. The director of Petroleum Resources […]

In a bid to further enlighten investors on the recently launched e-Dividend Platform, the Securities and Exchange Commission (SEC) has embarked on a four day robust enlightenment programme. Speaking during the Road Show, Head, Market […]

LAGOS (Reuters) – Nigeria’s share index tumbled 3.4 percent on Thursday and hit its lowest point in almost 3-1/2 years, spooked by the weak outlook for the currency, traders said. The share index, which has […]

 Nigeria plans to make its first initial public offering of assets owned by its national oil company in 2018, Petroleum Resources Minister of State Emmanuel kachikwu said. “It’s inevitable,” Kachikwu, who also heads the Nigerian […]

The Naira extended its decline against the United States dollar on Wednesday, falling to 302 at the parallel market, down from 300 on Tuesday. The currency had sunk to a record low of 300 per […]

DEVALUATION means official lowering of the value of a country’s currency relative to other foreign currencies. Currency depreciation refers to falling exchange value of a currency for other foreign currencies as a result of the forces of demand and supply which […]

After waiting in line for more than four hours to buy gasoline in Nigeria’s capital, Abuja, taxi driver Adebayo Olawole considered himself fortunate he got a half-filled tank. The day before he got to the front of the line and was told there was none left. “I’ve not made any money in two days,” Olawole, 38, […]

The Federal Executive Council (FEC) yesterday approved a $200 million World Bank loan for Lagos State. It is the second tranche of a $600 million loan which the state will spend on roads and other […]

LAGOS—The financial sector appears to have entered a heightened pressure, yesterday, as both the foreign exchange and stock market sustained major negative trends. The Naira depreciated further to a 43-year low at N305 per dollar […]

Citizen Stanley Nwabia is a young Nigerian.With the country’s economy walking the tightrope of a financial crunch, he has consistently inquired of the panel engaging with the public  on pension issues how he could liquidate […]

The IMF is an unimaginative institution that makes the same analysis and prognosis, decade after decade. It is like a fake doctor who diagnose the same ailment for all patients and administers the same expired […]

What is the fate of Budget 2016? Contrary to the promise by the National Assembly that it will make its consideration a priority on resumption from the Christmas/New Year break, it was not discussed yesterday. […]

Nigeria’s oil minister said on Tuesday that a “couple” of members of the Organization of the Petroleum Exporting Countries (OPEC) had requested an emergency meeting, adding that current market conditions support the need to hold […]

ILORIN—The Federal Government says to bring about the needed change in agriculture that there is need to focus energy more on developing and creating enabling environment for the rural areas to grow as the nature […]