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Farooq

April

Nigeria spends N165 billion annually to import fruit juice, the president of the Manufacturers’ Association of Nigeria (MAN), Frank Jacobs, has said. In a paper presented at a workshop organised by the Raw Materials Research and Development Council (RMRDC) in Owerri on Friday, Mr. Jacobs noted that in spite of the high rate of fruit […]

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The credit ratings of Nigeria and Angola, Africa’s two biggest oil producers, were among four countries downgraded by Moody’s Investors Service, citing the negative impact depressed oil prices have had on these governments’ balance sheets, liquidity and creditworthiness. Nigeria and Gabon were cut to B1 from Ba3 as “the prospect of lower-for-longer oil prices” raises […]

President Muhammadu Buhari on Friday said his administration was determined to recover money stolen by former public officers to create jobs for the nation’s teeming unemployed youths. The President said this at the NYSC Permanent Orientation Camp, Gbakuta, Iseyin, Oyo State, during the swearing-in of Batch `A’ corps members posted to the state. Buhari, whose […]

  • CBN

LAGOS, April 29 (Reuters) – Nigeria’s overnight interbank rate eased to an average of 3 percent on Friday from 5 percent last week after banking system liquidity rose thanks to the March distribution of oil revenues to government agencies and the maturation of treasury bills. Africa’s biggest economy, Nigeria distributes revenue from its crude exports […]

By Alex Lawler LONDON, April 29 (Reuters) – OPEC’s oil output rose in April to close to the highest level in recent history, a Reuters survey found on Friday, as production increases led by Iran and Iraq more than offset a strike in Kuwait and other outages. Top exporter Saudi Arabia, however, made no major […]

  • dollar to naira

Nigeria’s foreign exchange reserve account fell by 2.68 percent to $27.14 billion as of April 27 from a March, when they were 27.87 billion, Central Bank data exposed on Friday. The reserves account also declined by 5.55 percent from $29.51 billion a year ago. Lower oil prices and increasing demand for imported goods has depleted […]

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Brent crude reached fresh 2016 highs on Friday and was poised for its biggest monthly gain in seven years as a weak dollar and falling U.S. production tempered concerns about a lingering excess of physical oil. A looming rise in Middle East output capped gains, but investor sentiment held the optimism that has helped lift […]

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By Olalekan Adetayo, Abuja The 36 state governors have told President Muhammadu Buhari to approve the sharing of funds in the Excess Crude Account among the three tiers of government in order to improve the liquidity position of the states. Currently, the ECA, which was set up when crude oil price was above $100 per […]

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NAIRA (N) USD ($) EURO (€) GBP (£) BUY/SELL BUY/SELL BUY/SELL 29/4/2016 318/321 358/363 450/455 28/4/2016 318/321 359/363 449/454 27/4/2016 319/322 359/363 448/453 26/4/2016 319/322 358/363 448/453 25/4/2016 319/322 358/363 448/453  

Chinedu Eze Airlines that operate international destinations from Nigeria made over N302 billion ($15 billion) from ticket sales in 2015. The airlines included European mega carriers, US carriers, African and indigenous operators. Among the major carriers emirates earned the highest money of N50 billion, followed by British Airways with ticket sales of N48 billion during […]