Producing nations risk an oil bust if they don’t reach a freeze agreement of some sort when they meet in Doha, Qatar, this weekend. Market expectations are high and rising for a deal, and crude futures have been climbing as a result, but an accord that would halt production growth will be difficult to reach […]

The Nigerian Stock Exchange (NSE) has announced that the dual listing between NSE and London Stock Exchange (LSE) would facilitate seamless cross-border access for the nation’s capital market to ultimately drive deeper markets that enable capital formation for businesses by creating larger liquidity pools and greater competitiveness for Nigerian investors. Addressing participants during the second […]

By Felix Onuah BEIJING, April 12 (Reuters) – China has offered Nigeria a loan worth $6 billion to fund infrastructure projects, the Nigerian foreign minister said on Tuesday. The announcement came as both countries signed a currency swap deal to boost trade. Nigeria has been in talks with China on an infrastructure loan for months. […]

LAGOS, April 12 (Reuters) – Nigeria plans to raise 167.51 billion naira ($843.67 million) in treasury bills with maturities ranging between 3-month and 1-year on April 20, the central bank said on Tuesday.The bank aims to raise 36.78 billion naira in the 3-month paper, 35 billion naira in the 6-month note and 95.73 billion naira […]

BEIJING, April 12 (Reuters) – Industrial and Commercial Bank of China Ltd (ICBC) , the world’s biggest lender, and Nigeria’s central bank on Tuesday signed an agreement on yuan transactions, a Chinese Foreign Ministry official said. “It means that the renminbi (yuan) is free to flow among different banks in Nigeria and the renminbi has […]

LAGOS, April 12 (Reuters) – Nigeria’s annual inflation rose to a near four year high of 12.8 percent in March from 11.4 percent in February, driven by a rise in food prices, the National Bureau of Statistics said. Africa’s biggest economy is facing its worst economic crisis in decades fueled by the collapse in crude […]

By Drew Hinshaw and Joe Parkinson April 11, 2016 7:43 p.m. ET LAGOS, Nigeria—In Africa’s top economy, the oil bust is beginning to hit the streets. With 187 million people, and trillions of dollars in untapped crude oil, Nigeria was meant to power Africa’s rise. Instead, it is becoming—for the moment—a symbol of how fast […]

By Chijioke Ohuocha LAGOS, April 11 (Reuters) – Nigeria expects its non-oil revenues to nearly double this year as Africa’s top oil producer seeks to offset a slump in oil revenues, according to a presentation seen by Reuters on Monday. President Muhammadu Buhari plans a record 6.06 trillion naira ($30.6 billion) budget to stimulate Africa’s […]

Nigeria is considering selling a Chinese panda bond to help finance a budget deficit of about $11bn, its finance minister has said. “The opportunity now, with the renminbi being a reserve currency, we are looking obviously at the lowest cost of funds to fund our budget deficit. Initially we were looking simply at the eurobond […]

NAIRA (N) USD ($) EURO (€) GBP (£) BUY/SELL BUY/SELL BUY/SELL 8/4/2016 319/322 355/359 445/450 7/4/2016 318/322 355/360 445/450 6/4/2016 318/322 355/360 445/450 5/4/2016 318/321 355/358 445/452 4/4/2016 318/320 355/358 445/455   Friday, April 8, 2016 The Naira rebounded slightly against the dollar to close at N322 at the end of the trading day and […]