The Central Bank of Nigeria, CBN, on Wednesday formally unveiled the much-awaited flexible foreign exchange policy that would allow the foreign exchange interbank trading window to be driven purely by market forces. The new policy effectively removes controls on the … read more
Nigeria will float its embattled naira currency, the Central Bank governor announced on Wednesday after months of pressure to control a spiraling crisis in Africa’s biggest economy. Governor of the Central Bank of Nigeria, Godwin Emefiele told reporters the naira … read more
A major crisis is looming in the nation’s maritime industry, as exporters of containerized goods will not be able to ship their consignments out of the country from July 1 when the International Maritime Organisation, IMO, commences implementation of compulsory … read more
Naira forward contracts surged to a record as traders anticipated Nigeria’s central bank will devalue the currency as part of a new foreign-exchange policy. Governor Godwin Emefiele will announce the new policy on Wednesday afternoon in Abuja, the capital, according … read more
A surprising force has helped lift oil prices back to the $50 threshold: militants blowing up oil facilities in Nigeria. The recent wave of sabotage on Nigeria’s oil infrastructure has knocked nearly 1 million barrels of daily production off line, … read more
The owners of mega filling station across the country have threatened to shut operations over alleged plans by the management of Nigeria National Petroleum Company (NNPC) to impose lower pump price of fuel price on them. According to Vanguard, the … read more
Deutsche Lufthansa AG is closely monitoring its flights to Nigeria as the aviation industry awaits payment of about $600 million in outstanding air fares in the country, which is struggling to cope with depleted U.S. currency reserves. The German carrier … read more
The Central Bank of Nigeria may introduce a dual exchange-rate system and weaken the naira when it unveils a new policy as soon as this week, according to a person who attended a meeting between governor Godwin Emefiele and bankers. … read more
The Niger Delta Avengers has issued what it called “last warning’ to seven state governors to free pro-Biafran activists being held in police and military custodies in their states. This is contained in a statement signed by the group’s spokesperson, … read more
The noticeable crack in the camp of the militant groups bombing oil installations in the Niger Delta degenerated, yesterday, as one of them, Reformed Egbesu Boys of Niger Delta, unilaterally declared cessation of hostilities. Meanwhile, Movement for the Emancipation of … read more