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Farooq

News

  • CBN

ABUJA, April 25 (Reuters) – The Nigerian government will allow cash-strapped states to defer deductions for loans in March so that they will have sufficient funds to pay salaries, the finance ministry said on Monday. The government will instead make loan repayments to bondholders on the states’ behalf, the ministry said. Deductions of 10.9 billion […]

By Sunday Michael Ogwu Lagos — Foreign Exchange (FOREX) challenges may affect the country’s Foreign Direct Investment (FDI’s) inflow this year if the trend continues. Mr Ifeanyi Uddin of the Strategy and Corporate Development Department of FirstBank, made the disclosure during a presentation to select entrepreneurs at the Enterprise Development Center ( EDC)/ FirstBank SME […]

Tobi Aworinde President Muhammadu Buhari’s insistence not to devalue the naira has caused a heated debate among Nigerians online. Buhari, speaking at a meeting of the Council of Retired Federal Permanent Secretaries at the Presidential Villa on Friday, had reiterated his stance, arguing that those canvassing for the naira devaluation had yet to convince him […]

By Emma Ujah, Abuja Bureau Chief ABUJA — The current scarcity of foreign exchange confronting the country is being turned into an advantage through the local production of goods for which hard currencies were hitherto wasted. Governor of the Central Bank of Nigeria, CBN, Mr. Godwin Emefiele, said this during an assessment tour of the […]

ABUJA, April 25 (Reuters) – Nigeria will tap its strategic grain reserves to rein in food prices, President Muhammadu Buhari said, as Africa’s biggest economy faces its worst economic crisis in decades fueled by a collapse in crude oil prices. Annual inflation in the continent’s top oil exporter rose to a near four-year high of […]

NAIRA (N) USD ($) EURO (€) GBP (£) BUY/SELL BUY/SELL BUY/SELL 25/4/2016 319/322 358/363 448/453 22/4/2016 318/321 359/363 449/453 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  

  • Kachikwu

Ibe Kachikwu, minister of state for petroleum, on Saturday said $700 million, which the federal government “does not have”, is required to upgrade refineries to the state where they can produce at maximum capacity. Kachikwu, who is also the group managing director of NNPC, disclosed this while speaking with newsmen during the re-inauguration of the […]

Vice-President Yemi Osinbajo says privately-run refineries perform better than state-owned refineries, adding that it is a problem to have only public refineries. Speaking at a town hall meeting in Lagos on Saturday, the professor of law said the pains Nigerians are currently facing are just birth pains. “President Muhammadu Buhari and I are completely committed […]

  • dollar to naira

Banks are diverting dollar sales previously allocated to licensed Bureaux De Change (BDC) operators to unlicensed BDCs or currency hawkers, an investigation by The Nation has revealed. An estimated $10 billion may have been sold by the lenders to the currency hawkers in the last four months under the dubious arrangement. During investigation at bank […]

The naira weakened slightly against the dollar at the parallel market on Friday as it exchanged at N321 to the dollar. The News Agency of Nigeria (NAN) reports that the Nigerian currency lost N1 to the dollar from N320 rate on Wednesday. The naira also fell against the pound sterling and the Euro on Friday […]