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* OPEC supply falls by 120,000 bpd to 32.52 million bpd * Nigerian output plunges, Libyan drops further * Iranian supply climbs further after sanctions lifted * UAE, Kuwait raise output after maintenance, strike * For a table of OPEC output, see By Alex Lawler VIENNA, May 31 (Reuters) – OPEC’s oil output fell in […]

By Chijioke Ohuocha LAGOS May 31 (Reuters) – Nigeria’s trade account turned negative in the first quarter after exports fell by almost half, the national bureau of statistics said on Monday, as lower prices for crude oil slashed government revenues and caused the economy to contract. Nigeria, Africa’s biggest economy, faces its worst economic crisis […]

  • CBN

LAGOS May 31 (Reuters) – Nigeria’s forex reserves fell to $26.50 billion by May 23, down 2.8 percent from a month ago, central bank data showed. Its dollars reserves stood at $27.26 billion a month ago. They have dropped 10.9 percent from last year when they were at $29.73 billion. A plunge in oil prices […]

By Ugo Nwagwu Yesterday, we celebrated commemorated Democracy Day. It also marked the one year anniversary of APC and President Muhammadu Buhari’s rule. Several weeks ago, we ranked the Top 5 Ministers on the hot seat. As you can imagine, these things are fluid. Yesterday’s prisoner can be tomorrow cup bearer. You’d understand if you […]

By Paul Wallace President hasn’t delivered on promises to stimulate growth Economy on verge of recession as militant attacks increase Muhammadu Buhari took office as Nigeria’s president a year ago on a wave of optimism that the ex-military ruler could revive a nation battered by falling oil prices and decades of corruption. Now Africa’s biggest economy […]

  • dollar to naira

The Nigerian naira at interbank market has crashed to N285 to the dollar ahead of the release of modalities for the implementation of the adopted flexible exchange rate policy as announced by the Central Bank of Nigeria (CBN). This was sequel to increased perception that CBN has withdrawn from the weekly foreign exchange (forex) intervention, […]

By David Malingha Doya Nigeria’s President Muhammadu Buhari has given the nation’s central bank the go-ahead to introduce flexibility in the naira exchange rate, his spokesman said on Monday. “The president is opposed to devaluing the naira, he has said so repeatedly,” Buhari’s spokesman, Garba Shehu, said in an interview on state-controlled NTA Television. “He […]

Ejiofor Alike The two wells in Aje oil field located in Oil Mining Lease (OML) 113, offshore Lagos, have tested in excess of 10,000 barrels of oil equivalent per day, Panoro Energy, an independent oil and gas company based in the United Kingdom, has announced. After spending over two decades exploring for hydrocarbon resources off […]

By Felix Onuah and Anamesere Igboeroteonwu ABUJA/ONITSHA, Nigeria May 30 (Reuters) – Nigeria’s President Muhammadu Buhari will on Thursday visit the Niger Delta region, rocked by attacks on oil and gas facilities, for the first time since taking office a year ago, an official said on Monday. The visit was announced as the Niger Delta […]

Naira Exchange Rates Black Market – May 31, 2016. These are the prevalent rates for the City of Lagos. Actual rates may vary slightly based on vendor. Rates are updated during the day as they change. NAIRA (N) USD ($) EURO (€) GBP (£) BUY/SELL BUY/SELL BUY/SELL 31/5/2016 344/350 385/390 495/500 27/5/2016 343/350 385/395 495/500 […]