Nigeria signs $80bn oil, gas infrastructure deals with China

The Nigerian state oil company, Nigerian National Petroleum Corporation (NNPC) said on Thursday that the country has signed oil and gas infrastructure agreements worth $80 billion with Chinese companies, Reuters reports. Minister of State for Petroleum, Dr. Emmanuel Ibe Kachikwu, who also heads the NNPC, has been in China since Sunday for a roadshow aimed Read more

Nigeria’s forex reserves fall slightly to $26.34 bln by June 28

Nigeria’s forex reserves fell marginally to $26.34 billion by June 28, down 0.30 percent from a month ago, central bank data showed on Thursday. Dollar reserves of Africa’s biggest economy stood at $26.42 billion last month, down 9.2 percent from a year ago. The central bank lifted 16=month-old currency controls last week and auctioned $4 Read more

London’s future as a global financial center is now in doubt

Financial services make up 8% of Britain’s GDP. With its associated law, consulting, and accounting firms, it employs as many as 2 million, or 1 in 7 UK jobs. The nation is the biggest exporter of financial services globally. By some rankings, London is the world’s No. 1 financial sector capital, ahead of New York, Read more

Naira Falls to N281.85/$ as CBN Clears $4.02 Backlog

As the Central Bank of Nigeria lifted the peg on the naira, the local currency depreciated to N281.85 to the dollar on the Nigeria Interbank Foreign Exchange (NIFEX) market on Monday, with the central bank conducting Special Secondary Market Intervention Sales (SMIS) to clear the backlog of  $4.02 billion pent-up demand for FX. According to Read more

Nigerian naira quoted at 253/$ as interbank market opens

Nigeria’s naira was quoted at 253 against the U.S. dollar as a new interbank market opened on Monday but no trades were yet to be agreed, dealers said. Nigeria’s central bank said last week it would scrap its fixed exchange system which has seen the currency pegged at 197 to the U.S. dollar for the Read more

FG Mean Well for Nigerians – Osinbajo

Vice President Yemi Osinbajo, on Thursday, clarified that the current economic hardship in the country is not meant to punish Nigerians, but the government is trying to lay solid foundation for good governance. Osinbajo, who was speaking at a Public Lecture/Presentation of Award tagged; “Service Above Self” organised by the Muslim Lawyers’ Association of Nigeria Read more

Nigerian Bank Stocks Tumble as Investors Await Clarity on Naira

Nigerian banking stocks headed for the biggest drop in 3 1/2 years as investors showed their displeasure at the lack of clarity from policymakers since they flagged a change in foreign-exchange policy more than a week ago. The Nigerian Stock Exchange Banking 10 Index fell 7.6 percent as of 1:31 p.m. in Lagos, the biggest Read more

Labour will only accept a minimum wage govt can pay – NLC factional leader

The Nigeria Labour Congress (NLC) would not sign any agreement with government on a new minimum wage that would not be implementable, its factional leader, Joe Ajaero, said on Wednesday. Mr. Ajaero was talking on the terms his group reached with the Federal Government following the recent withdrawal of fuel subsidy, which pushed up the Read more

Labour gives ultimatum to Fayose over unpaid salaries

The Ekiti State councils of the Nigeria Labour Congress (NLC), Trade Union Congress (TUC) and Joint Negotiation Council (JNC) have issued another 48-hour ultimatum to the ‎State government to pay the December deductions in their salaries or face an industrial action. Labour had last week Tuesday issued a 24-hour ultimatum to the government to pay Read more

Give account for N30trn from 2011 to 2014 – Court orders Okonjo-Iweala

A Federal High Court sitting in Lagos has ordered former Minister of Finance, Dr. Ngozi Okonjo-Iweala and the Federal Government to give account of how N30 trillion that accrued to government during the last four years of the former President Goodluck Jonathan’s administration was managed. Justice Ibrahim Buba ‎said the former minister of finance and Read more