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LAGOS, May 10 (Reuters) – Nigeria’s central bank (CBN) and law enforcement agencies have launched an investigation into various banking deals after allegations of illegal transactions, it said on Tuesday, and authorities are questioning top executives at several banks. President Muhammadu Buhari took office a year ago after campaigning on an anti-corruption ticket, and a […]

LAGOS May 10 (Reuters) – Nigeria’s Economic and Financial Crimes Commission visited local lender Access Bank and questioned its managing director Herbert Wigwe over a transaction, the bank said on Tuesday. Wigwe complied with a request to follow officers for “further interrogation,” the bank said in a statement, referring a visit by EFCC agents on […]

Nigeria appears to be the least prepared among OPEC countries to take advantage of a higher oil price regime, should prospects for the global market continue to improve as has been the case in the last three weeks, analysts say. Blighted by consistent policy failure on the part of government, and the resultant drying up […]

By Wole Oyebade Nigerians planning to travel overseas yesterday morning woke up to the news that their preferred foreign airlines have further raised fares one notch. Notwithstanding the new hike, the tickets, particularly those of United and Delta Airlines are still not available to intending passengers that are wiling to pay in naira. The Guardian […]

  • CBN

Oyetunji Abioye and Ifeanyi Onuba The Central Bank of Nigeria said on Monday that it was carrying out special investigations into the roles played by banks in certain financial transactions, especially the N23bn reportedly shared to officials of the Independent National Electoral Commission by officials of the former President Goodluck Jonathan administration to influence the […]

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By CHELSEY DULANEY The dollar rose broadly Monday as investors moved to cover bearish bets on the buck and oil-linked currencies fell. The WSJ Dollar Index, which measures the buck against a basket of 16 currencies, rose 0.6% to 86.57. The dollar rose 1.1% to ¥108.33. Japan’s finance minister said Monday that he is “prepared to […]

NAIRA (N) USD ($) EURO (€) GBP (£) BUY/SELL BUY/SELL BUY/SELL 10/5/2016 319/322 360/363 460/465 9/5/2016 319/322 360/363 460/465 6/5/2016 320/323 360/363 460/465 5/5/2016 318/322 360/363 458/463 4/5/2016 318/322 360/363 455/460  

LONDON May 9 (Reuters) – A series of attacks on Nigeria’s oil infrastructure has pushed its output of crude close to a 22-year low, Reuters data shows, putting intense pressure on the country’s finances. Shell workers at Nigeria’s Bonga oilfield in the southern Niger Delta were evacuated following a militant threat, a senior labour union […]

  • dollar to naira

By Babajide Komolafe The Naira weakened in the foreign exchange forwards market due to declining confidence triggered by persistent decline in the nation’s external reserve. The forwards market is for foreign exchange transactions to be delivered at agreed dates in the future. Last week the external reserves dropped by $104 million from $27.12 billion on […]

  • CBN

Oyetunji Abioye The nation’s overnight interbank rate has risen marginally to an average of 3.5 per cent from three per cent week-on-week, data from the FMDQ website have shown. The development followed the decline in banking system liquidity after the Central Bank of Nigeria debited banks in line with the Cash Reserves Ratio, Reuters reported […]