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Nov 30 (Reuters) – The world’s largest oil exporters agreed on Wednesday to cut output for the first time in eight years to erode a global supply overhang that has persisted for two years and halved the value of a barrel of crude. The Organization of the Petroleum Exporting Countries said it would agree to […]

The Naira on Wednesday appreciated marginally against the dollar at the interbank market, gaining 25k to exchange at N305, the News Agency of Nigeria (NAN) reports. The Nigerian currency closed at N305.25 on Tuesday. Trading on the floor of the Bureau De Change (BDC) saw the Naira sold at N399 to a dollar, CBN controlled […]

  • OPEC

MOSCOW Nov 30 (Reuters) – Russia is ready to “gradually” cut its oil production by up to 300,000 barrels per day in the first half of 2017 as a part of its agreement with OPEC, Russian Energy Minister Alexander Novak said on Wednesday. Speaking to reporters, Novak said that Russia welcomes the OPEC decision and […]

  • dollar to naira

By Jemima Kelly | LONDON The dollar edged up on Wednesday as U.S. Treasury yields resumed their rise after three down days, with the greenback on track for its strongest performance against the yen in seven years. The dollar hit its highest level against a basket of major currencies for almost 14 years last week, […]

  • CBN

By Onyinye Nwachukwu, Abuja As local market boot government borrowing request The Central Bank of Nigeria (CBN) has again warned  that the country’s import bill presently at $976 billion is not sustainable especially with depleting reserves and low foreign exchange earnings. Moses Tule, CBN Director of Monetary Policy raised the concerns on Tuesday. He said that the […]

  • Kachikwu

By Okechukwu Nnodim, Abuja Nigeria has saved $15.4bn as a result of the elimination of subsidy on petroleum products since May this year, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said.  Kachikwu disclosed this while hosting members of the House of Representatives Committee on Petroleum (Downstream) at the ministry’s headquarters in […]

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Chief Strategy Officer, Dangote Group, Dr. Abdul Muktar has disclosed the group’s intention to embark on $3 billion project for a 540-kilometre pipeline from Niger Delta to the Lekki free trade zone in Lagos. Muktar, who disclosed this at the annual roundtable session of the Lagos Chamber of Commerce and Industry’s (LCCI) Power Sector Group […]

* Saudi Falih says OPEC close to reaching a deal * Says Iran OK to freeze output at pre-sanction levels  * OPEC to study proposal to cut output by 1.2 mln bpd * Brent futures up more than 5 percent, above $49/barrel (Adds Saudi comment, updates oil price) By Ahmad Ghaddar, Alex Lawler and Rania […]

  • dollar to naira

Nigeria’s forex exchange reserve recorded a geometric increase in the last four weeks as it rose by $658million within November alone, a dependable source at the Central Bank of Nigeria (CBN) confirmed yesterday. According to the source, who asked not to be named because he was not authorised to speak on the matter, the reserve […]

As the scarcity of foreign exchange gets stronger at the parallel market, the value of the naira dipped further selling at N480 to the dollar yesterday while the value remained stable at the interbank market. At the interbank end of the foreign exchange market, the naira sold at N305.25 the same rate it was quoted […]