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By Drew Hinshaw and Joe Parkinson April 11, 2016 7:43 p.m. ET LAGOS, Nigeria—In Africa’s top economy, the oil bust is beginning to hit the streets. With 187 million people, and trillions of dollars in untapped crude oil, Nigeria was meant to power Africa’s rise. Instead, it is becoming—for the moment—a symbol of how fast […]

By Chijioke Ohuocha LAGOS, April 11 (Reuters) – Nigeria expects its non-oil revenues to nearly double this year as Africa’s top oil producer seeks to offset a slump in oil revenues, according to a presentation seen by Reuters on Monday. President Muhammadu Buhari plans a record 6.06 trillion naira ($30.6 billion) budget to stimulate Africa’s […]

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    Ugo Nwagwa
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Top 5 Nigerian Ministers on the hot seat Without much ado, let us count down the list of the Nigerian Ministers on the Hot Seat. 5. Minister of Information – Lai Mohammed  As the Minister of Information and Culture, Alhaji Lai Mohammed is the de facto public relations voice of the country and by default, […]

Nigeria is considering selling a Chinese panda bond to help finance a budget deficit of about $11bn, its finance minister has said. “The opportunity now, with the renminbi being a reserve currency, we are looking obviously at the lowest cost of funds to fund our budget deficit. Initially we were looking simply at the eurobond […]

NAIRA (N) USD ($) EURO (€) GBP (£) BUY/SELL BUY/SELL BUY/SELL 8/4/2016 319/322 355/359 445/450 7/4/2016 318/322 355/360 445/450 6/4/2016 318/322 355/360 445/450 5/4/2016 318/321 355/358 445/452 4/4/2016 318/320 355/358 445/455   Friday, April 8, 2016 The Naira rebounded slightly against the dollar to close at N322 at the end of the trading day and […]

NAIRA (N) USD ($) EURO (€) GBP (£) BUY/SELL BUY/SELL BUY/SELL 8/4/2016 320/323.5 355/359 445/450 7/4/2016 318/322 355/360 445/450 6/4/2016 318/322 355/360 445/450 5/4/2016 318/321 355/358 445/452 4/4/2016 318/320 355/358 445/455   Friday, April 8, 2016 The Naira suffered more setback at the parallel market as fuel scarcity continues to linger nationwide. Also adding to […]

NAIRA (N) USD ($) EURO (€) GBP (£) CBN CBN CBN 8/4/2016 199 226 278 7/4/2016 199 227 281 6/4/2016 199 226 281 5/4/2016 199 226 283 4/4/2016 199 226 283  

NAIRA (N) USD ($) EURO (€) GBP (£) BUY/SELL BUY/SELL BUY/SELL 7/4/2016 318/322.5 355/360 445/450 6/4/2016 318/322 355/360 445/450 5/4/2016 318/321 355/358 445/452 4/4/2016 318/320 355/358 445/455 1/4/2016 318/321 355/358 445/455  

By Camillus Eboh ABUJA, April 7 (Reuters) – Nigeria’s President Muhammadu Buhari has received details of the long-awaited 2016 budget bill which he wanted to check before signing into law, his assistant said on Thursday, as lawmakers blamed delays on “sloppy” work by government officials. Buhari withdrew his original budget bill in January because of […]

NAIROBI, April 7 (Reuters) – Kenyan, Ghanaian and Zambian currencies are expected to gainground in the next week to Thursday, while Nigeria’s willweaken, traders said. KENYA Kenya’s shilling is seen firming after weakening onnews that the central bank said it had placed Chase Bank underreceivership for 12 months to protect depositors, creditors andthe public. At […]