Entries by admin

Adeosun: FG, states N13.1b richer in December – NAN

By Racheal Ishaya/Abuja The Minister of Finance, Mrs Kemi Adeosun said the Federation Account Allocation Committee (FAAC)  shared N400 billion which is N13.1 billion more than what the three tiers of government shared as revenue in December. She said the N400 billion was distributed under four distributable sub-heads. They are statutory allocation where the sum […]

No petrol scarcity, no debt to marketers: PPPRA – NAN

PPPRA Thursday denied reports speculating an imminent petrol scarcity over Federal Government’s inability to pay fuel marketers’  N660 billion debt‎. ‎ In a statement released in Abuja by the PPPRA spokesman, Mr Lanre Oladele, the agency said the report was misleading and “a gross misrepresentation of facts”. ‎ ‎ ‎”There were reports that fuel queues may soon […]

We’ve no choice but to borrow $30bn – Adeosun – Punch

Ifeanyi Onuba, Abuja The Minister of Finance, Mrs. Kemi Adeosun, on Thursday said that the inability of the Federal Government to generate enough revenue to meet its obligations had left it with no other choice than to turn to international financial institutions for loans to finance critical infrastructure projects. She said that with a huge […]

Tomato paste manufacturers tackle CBN over FX policy – Vanguard

By Nkiruka Nnorom THE Union of Tomato Paste Manufacturers in Nigeria has raised alarm over the danger of the foreign exchange policy on the industry. They said that the once vibrant industry might cease to exist next year if the Central Bank of Nigeria (CBN) did not amend its policy on forex to exclude triple […]

Hope rises for recovery from economic recession in 2017 – Guardian

By Kingsley Jeremiah But companies operating in the country are worried that struggling economy, corruption, volatility and political risks as well as violence may jeopardise business development. BMI’s latest report revealed that negative investor sentiment and delays on government-supported infrastructure would keep real Gross Domestic Product (GDP) growth far from pre-2014 levels. However, experts at […]

Emefiele: CBN’s Policies in Best Interest of Nigerians At This Time – Thisday

The Governor of Central Bank of Nigeria, Mr Godwin Emefiele, yesterday offered insights into the prevailing economic crisis in the country, explaining that it was caused by the nation’s failure to diversify the base of its economy. The CBN chief, who spoke in Abuja at the Annual Media Trust Dialogue, with the theme, “Beyond Recession: […]

Naira trades at 498/$ as foreign reserves hit 10-month high – The Cable

Despite the continuous rise in Nigeria’s foreign reserves, the naira is currently trading at 498 to the dollar, defying the movement in reserves. The foreign reserves hit a 10-month high on Thursday, surging to $27.378 billion, which is also its highest point in 2017. For 2017 alone, the foreign exchange has added over $1 billion, climbing out […]

Nigeria’s crude oil output increases by 403,900bpd – Guardian

Nigeria’s crude oil output increased by about 403,900 barrels per day (bpd) to 1.940 million bpd in December 2016, above November levels of 1.536 million bpd, according to the current figures released by Organisation of the Petroleum Exporting Countries (OPEC). Compared to third quarter 2016, 1.2 million bpd output, the boost in production is attributed […]

,

Dollar to Naira Rate Black Market January 20 2017

Dollar to Naira Rate Black Market January 20 2017. 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 […]

Naira depreciates further against dollar – NAN

The Naira on Thursday remained indifferent to the sale of over $250m to licensed Bureau De Change operators nationwide as it suffered another loss against the dollar. The Naira inched against the dollar at the early hours of Thursday morning by 2 points but could not sustain the gain as it shed 3 points to […]