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Farooq

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By Femi Asu The participation of local firms in the Nigerian oil and gas industry may have fallen significantly as the slump in global crude oil prices has left many of them without contracts. The sharp drop in prices has forced oil companies, including the big ones, to cut capital expenditure budgets, lay off employees […]

  • CBN

LAGOS May 5 (Reuters) – Yields on Nigerian short-dated treasury bills rose marginally at an auction on Wednesday where the central bank sold a total of 150.6 billion naira worth of debt with maturities ranging between three months and one year. The central bank said it sold 45.17 billion naira of 3-month paper at 7.99 […]

NAIRA (N) USD ($) EURO (€) GBP (£) BUY/SELL BUY/SELL BUY/SELL 5/5/2016 318/322 360/363 458/463 4/5/2016 318/322 360/363 455/460 3/5/2016 318/322 360/363 455/460 29/4/2016 318/321 358/363 450/455 28/4/2016 318/321 359/363 449/454  

  • dollar to naira
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The total value of capital imported into Nigeria, Africa’s biggest economy, in the first quarter of 2016 was $710.97 million, its National Bureau of Statistics said on Wednesday. This reflects a decline of 73.79% versus the same period last year. Nigeria, Africa’s top oil exporter is going through its worst economic crisis in years, caused […]

  • CBN

Nigeria’s external reserves diminished by a total of $753 million to close at $27.123 billion as at April 28th, compared with the $27.859 billion it was as at April 1. The current position of the reserves, which are derived mainly from the proceeds of crude oil earnings represented a decline by $1.855 billion or 6.4 […]

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LAGOS May 4 (Reuters) – Nigeria plans to raise 105 billion naira ($527.90 million) in local currency denominated bonds on May 11, the Debt Management Office (DMO) said on Wednesday. The office said it will sell 50 billion naira of a bond maturing in 2036, 40 billion of paper maturing in 2026 and 15 billion […]

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Omololu Ogunmade in Abuja After weeks of wrangling over the 2016 Appropriation Bill, the National Assembly and the presidency finally reached a compromise on the finer details of the budget, which will be submitted this morning to President Muhammadu Buhari so that he can give his assent to the bill today or tomorrow, THISDAY has […]

  • CBN

Obinna Chima Officials of the Central Bank of Nigeria (CBN) wednesday stormed the Kofo Abayomi Street, Victoria Island head office of Fidelity Bank Plc as part of investigations into the alleged $115 million cash lodgements it received from the former Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke. A central bank official, who confirmed this to […]

According to the Accountant General of the Federation (AGF), Alhaji Ahmed Idris, the total inflow into the Treasury Single Account (TSA) was N3 trillion ($15 billion) as at March ending. He added that the number of Ministries, Departments and Agencies on single account has risen to 976. “TSA became fully operational in April 2012 with […]

  • gas opportunities

It is official: Lagos state has finally become an oil-producing state, and will join states who get 13 percent derivation from the federation account. PUNCH reports that Yinka Folawiyo Petroleum Company Limited (YFP), a wholly-owned indigenous firm and operator of the OML 113 offshore Lagos, on Tuesday announced the commencement of production of crude oil from […]