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Nigeria Extractive Industries Transparency Initiative (NEITI) says the Nigeria National Petroleum Corporation is withholding from the federal government, a sum of $15.8 billion belonging to the Nigeria Liquefied Natural Gas. In an audit report for 2014, NEITI said NLNG paid $1.42 billion to NNPC as dividends, loan and interest repayments for 2014 but the amount […]

  • dollar to naira

LAGOS Dec 30 (Reuters) – Nigeria’s foreign exchange reserves fell 11.7 percent to $25.72 billion by Dec. 28, from $29.13 billion a year earlier, central bank data showed on Friday. However, the reserves showed a 4.2 percent increase month-on-month, up from $24.69 billion on Nov.28 – due to a slight recovery in global oil prices […]

Okechukwu Nnodim, Abuja The Nigerian National Petroleum Corporation on Thursday said the hardship in the aviation sector was not due to the scarcity of Jet-A1, but was partly because of the inability of the airlines to pay for the product. The Group Managing Director, NNPC, Dr. Maikanti Baru, stated that the alleged scarcity of Aviation […]

The difficulties suffered by both air passengers and airline operators in 2016 notwithstanding, industry watchers are of the view that the huge potential of the sector should not be lost, writes WOLE OYEBADE. Year 2016 will go down as one of the most difficult for air passengers and operators in the industry. Except for the […]

  • CBN

The Central Bank of Nigeria (CBN) has not printed the small naira denominations for about a year, causing the scarcity of the notes in the economy, NAN is reporting. NAN quoted sources at the CBN as saying that for a year now, the apex bank did not award contract for the printing of the notes […]

A report by Bloomberg LP has rated Nigeria’s naira as one of the world’s four worst performing currencies in 2016. The naira is said to have lost 36.68% of its spot returns for the year. The Egyptian pound dropped 58.84%, Suriname dollar lost 46.68% and Venezuela’s bolivar went down 37% in the period. The Russian […]

NAIROBI, Dec 30 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday. – – – – – EVENTS: *NIGERIA – The central bank to release its latest figures on the state of its foreign exchange reserves. *UGANDA – The statistics office […]

Dollar to Naira Rate Black Market December 30 2016. Today’s Naira Black Market Exchange Rates. Dollar to Naira. Pounds to Naira. Euros to Naira. These are the prevalent rates for Lagos. Actual rates may vary slightly based on vendor. Rates are updated during the day as they change. NAIRA (N) USD ($) EURO (€) GBP (£) […]

The Central Bank of Nigeria’s (CBN’s) decision to adopt the flexible foreign exchange (forex) policy on June 20, which devalued the naira by 40 per cent against the dollar, has come with dire consequences on the economy. With 10 different exchange rates in operation, businesses declaring huge losses, dwindling consumer purchasing power, rising inflation and […]

  • dollar to naira

By Oludare Mayowa LAGOS Dec 29 (Reuters) – Nigeria’s central bank sold about $1 billion on the forward market last week to clear a backlog of dollar obligations in selected sectors, traders said on Thursday, its largest special auction since a currency peg was removed in June. Outstanding dollar demand was about $4 billion before […]