Nigeria’s forex reserves, a marker of the economy’s ability to fulfil its foreign obligations continue to nose dive, falling by $591.6million dollars in less than three weeks to $27.266billion as at Friday 22 April. According to figures published by the … read more
Nigeria is losing about 1.5 billion dollars a month to piracy, armed robbery at sea, smuggling, and fuel supply fraud, a U.S. official said. Amb. Michele Sison, U.S. Deputy Representative to the UN, made this known on Monday in New … read more
Central bank’s clampdown on currency purchases in bid to tackle currency crisis puts businesses in a bind; KFC switches to rice. Nigeria—A currency crunch in Africa’s top economy is escalating into a French fry shortage. U.S. dollars have become increasingly … read more
It was supposed to be a US-led naval training maneuver off the coast of west Africa when real-life drama intervened, with pirates taking over an oil tanker and turning the exercise into a rescue mission. Navies from the United States, … read more
The Borno Emergency Management Agency said on Sunday that about 450 children have died of malnutrition in 28 Internally Displaced Persons’ camps in the state in 2015. The Executive Director of the Board, Dr Sule Mele, disclosed this in an … read more
President Muhammadu Buhari on Friday left the country for Egypt to attend the Africa Business Forum. Despite the fact that the Minister of Information and Culture, Lai Mohammed, on Wednesday, said the President’s successive outings is to help correct Nigeria’s … read more
Nigerians who travelled overseas for medical treatment and students abroad have called on the Central Bank of Nigeria (CBN) to reverse its latest guidelines barring remittance of foreign exchange through the use of Form A. About 45 patients in India, … read more
A Nigerian court ordered the seizure of fugitive former rebel leader Government “Tompolo” Ekpemupolo’s assets after he failed again on Friday to appear on graft charges. Ekpemupolo, an infamous armed militant in the oil-rich Niger Delta who became a government … read more
The free falling that has characterised the naira- in recent time- continued at the parallel market on Thursday, February 18, with the Nigerian currency nosediving to 391 against the dollar as the foreign exchange scarcity persists. The naira in less … read more
South African retailer Truworths has pulled out of its Nigerian business citing import restrictions, its chief executive said on Thursday, a sign President Muhammadu Buhari’s attempts to boost local industry are hurting foreign investment. As well as being unable to … read more