Foreign borrowings escalate as Nigeria goes for $6.2bn Eurobond offer

By Emma Ujah, Abuja Bureau Chief The Federal Government has announced plans for a Eurobond issuance in the International Capital Market, ICM, to raise between $3 billion and $6.2 billion. The Debt Management Office, DMO, said, yesterday, that virtual meetings with investors have been scheduled for today, September 17 and September 20, 2021. It stated: […]

FX market faces fresh test as naira hits all-time high at N543/$

By Geoff Iyatse (Assistant Business Editor) • Hoarding intensifies while BDC operators run out of supply • Banks may resort to rent-seeking • No customer with genuine need has been turned back, CBN insists • ‘Proposed e-naira will stabilise financial system’ The new foreign exchange (FX) sale template faces a major test, as naira took a major […]

Nigeria’s foreign trade rises 23.28% in second quarter

Nigeria’s total foreign trade rose to N12 trillion in the second quarter of 2021 as the country recorded increase in exports, the National Bureau of Statistics has said. The figure represents a 23.28 per cent increase over the value (N9.8 trillion) recorded in the first quarter of 2021 and an 88.71 per cent increase compared to the […]

Obasanjo Decries Nigeria’s Rising Debts, Low FDI

Former President Olusegun Obasanjo has expressed worry over the way states and the Federal Government are accumulating debts as well as over the low foreign direct investment into the country. Obasanjo spoke in Abeokuta, Ogun State, when he hosted some members of the National Working Committee of the People’s Democratic Party, led by its Chairman, […]

CBN Deputy Governor explains depreciation in Naira’s value

cbn By NAN The Deputy Governor, Corporate Services Department of the Central Bank of Nigeria (CBN), Mr Edward Adamu, has attributed the depreciation in the value of the Naira to the effects of the COVID-19 pandemic on the economy. Adamu stated this at an interactive session with the House Committee on Finance on the 2022-2024 Medium-Term […]

No plan to convert dollar account holdings to naira, says CBN

Godwin Emefiele of CBN. Photo: NAIRAMETRICS By Geoff Iyatse ‘We will ensure full compliance with new rules’ The Central Bank of Nigeria (CBN) has assured the public that it will monitor the deposit money banks (DMBs) to ensure they comply with set rules and meet the legitimate foreign exchange needs of Nigerians. This came as the […]

Dollar pulls back on rising optimism

Naira vs Dollar. Photo: NAIRAMETRICS By Geoff Iyatse Data suggest increasing perception about naira The dollar pulled back at the parallel market at the weekend on the strength of rising market optimism and ease of panic over the stoppage of foreign exchange sale to the bureau de change (BDC) operators. The dollar traded between N505/$ and […]

Naira suffers major crash at BDCs, Black market

By Abankula The Nigerian Naira is in a tailspin at the Black Market, a day after the Central Bank stopped weekly sale of dollars to the BDCs. According to the ngnrates.com, the Naira slumped to N522 to the US Dollar. Operators in the market bought it at N515. At BDCs, the rate quoted was N510-N520. […]

Nigeria’s sweet crude bullish at $75 despite oil prices crashing to $69

By Kingsley Jeremiah, Abuja The decision by the Organisation of Oil Exporting Countries (OPEC) to pump 400,000 barrels per day of crude oil into the market on a monthly basis from August, yesterday pushed oil price to a record low of $69 per barrel, but Nigeria’s sweet crude, Bonny Light remains bullish at $75.23. With gradual […]

Naira weakens to lowest in four years

By Dennis Erezi Nigeria’s Naira weakened to a four-year low in the parallel market after the Central Bank of Nigeria (CBN) efforts to persuade banks to sell more dollars to customers failed to bridge the widening gap between the official and street rates. As of Wednesday, black market dealers were offering the naira at 502 per […]

PDP begins sale of nomination forms ahead of National Convention

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