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In a series of tweets over the weekend, Nigeria’s Vice President, Dr. Yemi Osinbajo highlighted some of the administrations priorities using info-graphics. His tweets addressed capital expenditures, social programs, defense spending, education and health. Dr. Osinbajo also address the administrations plans to jump start the economy as well as grow the nation’s economic project towards […]

  • dollar to naira

Foreign exchange (FX) dealers and analysts in the financial services sector have renewed their call for currency adjustment or a new forex policy from the Central Bank of Nigeria (CBN) following fresh pressure on the naira. The FX parallel market bowed to demand pressure last week, ending weeks of stability in the currency market as […]

By Dmitry Zhdannikov LONDON, May 16 (Reuters) – Oil prices jumped over 2 percent on Monday to their highest since November 2015 on growing Nigerian oil output disruptions and after long-time bear Goldman Sachs said the market had ended almost two years of oversupply and flipped to a deficit. Brent crude futures were trading at […]

LAGOS May 16 (Reuters) – Annual inflation in Nigeria rose to a near six-year high of 13.7 percent in April, in part due to rising petrol and electricity prices, the National Bureau of Statistics (NBS) said on Monday. Africa’s biggest economy is facing its worst crisis in decades, driven by a sharp drop in crude […]

Naira Exchange Rates Black Market – May 16, 2016. These are the prevalent rates for the City of Lagos. Actual rates may vary slightly based on vendor.   NAIRA (N) USD ($) EURO (€) GBP (£) BUY/SELL BUY/SELL BUY/SELL 16/5/2016 355/363 370/380 470/475 13/5/2016 355/360 365/370 465/470 12/5/2016 335/340 370/375 465/470 11/5/2016 320/323 360/364 457/463 […]

By Ugo Nwagwu The Nigerian National Petroleum Corporation (NNPC) has put the national daily consumption of petrol at 40 million liters per day. The ‘barrel of crude’ equivalent is 478,068. That is to say that 478,068 barrels of crude should be able to supply the demand of petrol every day in Nigeria. Nigeria’s peak production […]

By Libby George and Chijioke Ohuocha LONDON/LAGOS, May 15 (Reuters) – The growing fleet of tankers stuck off Nigeria unable to unload their cargoes of diesel and petrol is an even-present reminder for President Muhammadu Buhari that another fuel crisis is looming on the horizon. At least 75 ships with two and a half million […]

ABUJA, May 14 (Reuters) – Nigeria’s two main labour unions have called for a general strike from Wednesday unless the government reverses a plan to increase petrol prices by up to 67 percent, a joint statement said on Saturday. Last week, the government announced it was scrapping a costly fuel subsidy scheme and raising the […]

  • Shell

ABUJA May 15 (Reuters) – Royal Dutch Shell does not know when its Nigerian Forcados oil terminal will reopen as the repairs to an underwater pipeline damaged by a blast are not straightforward, its country head was quoted as saying on Sunday. Shell shut the 250,000 barrel a day terminal in February after an attack […]

By Felix Onuah and David Lawder ABUJA/WASHINGTON (Reuters) – Nigeria’s central bank denied a report that it planned to devalue the naira, while the International Monetary Fund (IMF) reiterated that Nigeria would benefit from a more flexible exchange rate but said no request for funds had been made. Talk of a devaluation has been rife […]