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Club girl steals lover’s ATM card, withdraws N300,000

Club girl steals lover’s ATM card, withdraws N300,000

A 24-year-old woman, Bamigboye Imoleayo, has been arrested by the police in Lagos State for allegedly stealing the Automated Teller Machine card of a clubber, identified only as Alli, and withdrawing N300,000 from the victim’s bank account. PUNCH Metro learnt that Alli had penultimate Friday attended a club in the Surulere area of the state, […]

OPEC – Nigeria Enjoys Exemption From Production Cut

OPEC – Nigeria Enjoys Exemption From Production Cut

After about a reported 48 hours of consultation amongst its members in Algiers, capital of Algeria, the Organisation of Petroleum Exporting Countries (OPEC) last Wednesday agreed to effectively cut their oil production volumes to 32.5 million barrels per day (mbpd) from around 33.24mbpd, thus shaving off about 0.74mbpd. News of the production cut by the […]

Slow Procurement Process Delays N770bn Capital Release Utilisation

The utilisation of the N770bn released by the Ministry of Finance to Federal Government’s Ministries, Departments and Agencies for the implementation of the capital component of the 2016 budget is being slowed down by the bureaucracy in the public procurement process. The N6.06tn budget for this year has a capital vote of N1.58tn, which is […]

Locally Produced Rice Sells Increasingly – Nigerian Farmer

Raymos Guanah, a large scale rice farmer in Asaba, on Sunday observed that demand for locally-produced rice was on the increase. Mr. Guanah, the Chief Executive Officer of Raymond Guanah Farms, Illah, near Asaba, told the News Agency of Nigeria in Asaba that such a positive development was heart-warming. He said that local rice was […]

CBN – Foreign Reserve lost $5.5bn in 2016 Q2

CBN – Foreign Reserve lost $5.5bn in 2016 Q2

The external reserve which mirrors a nation’s financial health in respect of foreign trade, opened this year at USD30 billion but closed last weekend at about USD24.5 billion, barely enough to cover three months import bill, the international reserve adequacy border line. Latest figures from the Central Bank of Nigeria, CBN, shows that the country’s […]

Speculators push U.S. dollar bets to six-week high

Sept 30 Speculators boosted net longs on the U.S. dollar to their highest in six weeks, Reuters calculations and data from the Commodity Futures Trading Commission showed on Friday, in a volatile week that saw the greenback rack up gains as a safe haven due to the troubles at Deutsche Bank. The value of the […]

Nigeria Claims Major Oil Dealers Illegally Exported Crude

Nigeria Claims Major Oil Dealers Illegally Exported Crude

Nigeria’s cash-strapped government is suing some of the world’s biggest oil companies on claims they were involved in illegally exporting $12.7 billion of the country’s crude to the U.S. between 2011 and 2014. The allegations relate to shipments by companies including Chevron Corp., Royal Dutch Shell PLC and Italian oil firm Eni SpA. Chevron said […]

Major Oil Marketers Seek Forex To Import Fuel Before Xmas

Major Oil Marketers Seek Forex To Import Fuel Before Xmas

Major oil marketers operating under the aegis of Major Oil Marketers Association of Nigeria (MOMAN), have called on the relevant authorities to make foreign exchange accessible to its members to enable them import petroleum products into the country in preparation for the end of the year festivities, which usually attract heavy vehicular traffic across the […]

The ‘FX racket’: Nigeria’s Currency Policy Fuels Corruption

The ‘FX racket’: Nigeria’s Currency Policy Fuels Corruption

The Nigerian central bank raised concern when it unveiled new unorthodox currency policies to bank executives at a meeting last week, instead of formally announcing the measures. Nigerian bankers, business people and foreign investors have warned that the government’s management of its currency system is fueling corruption, in another blow to market confidence in Africa’s […]

Nigerian Foreign Exchange Market Takes A Negative Turn

Nigerian Foreign Exchange Market Takes A Negative Turn

In the last couple of weeks, the Nigerian FX market has experienced a dearth of credible price formation and the levels of transparency that would serve to encourage the flow of foreign currency into the market, as gathered from potential foreign and Nigerian portfolio investors. Already, the remarkable achievement seen in the last few months […]

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