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Oil prices rose in Asian trade on Friday, setting crude futures on course for solid weekly gains, as market sentiment becomes more upbeat despite ongoing oversupply. International benchmark Brent crude futures LCOc1 were trading at $44.98 per barrel at 0418 GMT, up 45 cents or 1 percent from their last settlement. U.S. West Texas Intermediate […]

Nigeria’s energy companies that bought oilfields from majors when oil was selling for more than $100 a barrel have been hammered by the crash in prices. Now their troubles are taking a toll on the banking sector in Africa’s largest economy. In the two years before crude oil prices began falling in mid-2014, Nigerian banks […]

Abuja, April 21, 2016 (FxMallam) – The Federal Government of Nigeria saw its revenues fall in March to N299 Billion from N345 billion in February due in large part to low oil prices. The Minister of Finance, Kemi Adeosun told reporters that, “The federation accounts receipts are among the lowest in recent memories. We are […]

The Accountant-Generalof the Federation (AGF), Mr Ahmed Idris has reveal that the Federal Government of Nigeria and collated over N2.7 Trillion in its Treasury Single Account (TSA). This comes after President Muhammadu Buhari in a bid to increase accountability and reduce corruption, ordered the merger of all state accounts into one account at the Central […]

History is repeating itself in Nigeria, where the more President Muhammadu Buhari is urged to devalue the naira, the more he digs in his heels. Investors are beginning to surmise that politics — rather than economics — will determine the currency’s immediate future. Even as growth slows, inflation rises and foreign investors flee Africa’s biggest […]

Nigeria will hold talks with Saudi Arabia, Iran and other oil producers by May, hoping to reach a deal on an output freeze at the next OPEC meeting in June, the West African country’s oil minister told Reuters. A deal to stabilise oil output by OPEC and non-OPEC producers fell apart on Sunday after Saudi […]

NAIRA (N) USD ($) EURO (€) GBP (£) BUY/SELL BUY/SELL BUY/SELL 21/4/2016 319/322 360/365 445/450 20/4/2016 319/322 355/360 445/450 19/4/2016 319/322 355/360 445/450 18/4/2016 317/320 360/365 445/450 15/4/2016 320/323 360/365 445/450  

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Oil traded near the highest level in almost five months after U.S. production dropped to the lowest since October 2014 and Iraq said producers plan a new push to agree on an output freeze in talks as early as next month. Brent in London added 0.5 percent after rising 6.7 percent over the previous two […]

Nigeria’s President Muhammadu Buhari needs more time to check the 2016 budget bill before signing it, a government minister said on Wednesday, signaling further delays before the legislation takes effect. The budget for Africa’s top oil producer has been held up for months as Buhari had to withdraw his original bill, which set spending at […]

LONDON, April 20 (Reuters) – * Oil prices rebounded to a 2016 high Wednesday as U.S. stocks of crude posted a smaller-than-expected build and there was a drawdown in gasoline and distillate stocks. * Russia said on Wednesday it was prepared to push oil production to new historic highs, just days after a global deal […]