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Nigeria records $24.7bn forex inflow in three months


The Nigerian economy recorded a total foreign exchange inflow of $24.71bn, figures obtained from the Central Bank of Nigeria have revealed. The apex bank said the inflow was recorded as a result of the continued stability in the foreign exchange market promoted by improved dollar liquidity at the Investors’ and Exporters’ window of the market. This, according to findings, has been driving the exchange rates ... Read More »

CBN Injects $210m Into Forex Market


The Central Bank of Nigeria (CBN) yesterday further intervened in the forex market by supplying the inter-bank foreign exchange market with the sum of $210 million. The bank offered the sum of $100m to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment received the sum of $55m Also, the sum of $55m was apportioned to invisibles ... Read More »

Nigeria Won’t Force African Peers To Adjust Afcfta – Osinbajo


Vice-President Yemi Osinbajo has said the Federal Government will not force other African countries that have signed the African Continental Free Trade Area agreement to make adjustments to the framework. Osinbajo stated this on Thursday in Lagos at the Financial Times Nigeria Summit in Lagos during a keynote interview with the Africa Editor, FT, Mr. David Pilling. He said President Muhammadu Buhari did not sign ... Read More »

We’ll Lessen Budget Delay’s Impact On Economy – Adeosun


The Minister of Finance, Mrs. Kemi Adeosun, has said the Federal Government will mitigate the negative impact of the delay in the implementation of the 2018 budget on the economy. She said this while responding to questions from journalists. The transcript of her response was sent to our correspondent by her Media Adviser, Oluyinka Akintunde, on Tuesday. In recent times, there have been disagreements between ... Read More »

Naira Comes Under Pressure, Reserves Drop To $47.75bn


The naira has come under pressure against the United States’ dollar in recent days, falling to 366 to the greenback on the parallel market. The pressure followed the decline in the nation’s foreign exchange reserves for the first time in eight months. IT was reported on May 17 that the external reserves slipped to $47.793bn on May 14 from $47.865bn on Thursday, May 10, according to ... Read More »

Oil Price Falls To $74, Nigeria’s Exports Suffer


The international oil benchmark, Brent crude, on Tuesday continued its biggest losing streak since February, falling below $75 per barrel. The downturn in oil prices came on the heels of worries that Saudi Arabia and Russia could pump more crude to compensate for a potential supply shortfall, with hedge funds reducing bullish positions in crude. Brent, against which Nigeria’s crude oil is priced, dropped to ... Read More »

CBN Funds 704,928 Electricity Meters, 500 Transformers


The Central Bank of Nigeria has provided funds to power distribution companies for the purchase of 704,928 meters and for the acquisition and installation of over 500 transformers. In a bid to avert the collapse of the country’s power sector, the bank has also paid more than N24bn to gas suppliers and rehabilitated over 2,000 kilometres of 11kV lines and 130km of 0.45kV lines. The ... Read More »

Naira Appreciates To N363.5/$


THE naira yesterday appreciated to N363.5 per dollar in the parallel market in response to measures introduced by the CBN over the weekend to boost dollar supply. Meanwhile, Governor of the CBN, Mr. Godwin Emefiele, yesterday commenced on-the-spot monitoring of Over-the-Counter (OTC) sales of foreign exchange (forex) by banks to customers in a bid to ensure compliance with the CBN directive that banks sell dollars ... Read More »

Power Sector Records N187bn Loss In 6 Months


THE electricity sector has recorded losses amounting to N187 billion as a result of inadequate gas, poor distribution and transmission as well as water reserves constraints. Minister of Power, Works and Housing, Mr Babatunde Fashola The losses recorded between December, 2017 and May, 2018 has affected the generation, transmission and distribution of adequate and stable electricity to consumers in Nigeria. A report obtained by Vanguard ... Read More »

NCC: We Are Guarding against Consumer Exploitation


The Executive Vice Chairman (EVC) of the Nigerian Communications Commission (NCC) has re-emphasised the commission’s desire to protect the consumers against exploration by telecoms service providers. He said this at the 38th edition of the Consumer Town Hall Meeting (CTM) held in Zaria, saying that the consumer remains the King in the palace of market. Speaking through Mr. Ismail Adedigba, Deputy Director, Consumer Affairs Bureau ... Read More »

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