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Acute Dollar Shortage Forces Naira Down To 490

Acute Dollar Shortage Forces Naira Down To 490

The global crash in the prices of crude oil, Nigeria’s main forex earner, has brought untold hardships to Nigerians. The severe shortage of the dollar has put the naira under persistent pressure at both the official and parallel forex markets. The naira tumbled against the United States dollar to 490 on Monday from 487 on […]

Japan Now Largest Holder Of U.S. Treasuries Over China

Japan Now Largest Holder Of U.S. Treasuries Over China

Japan overtook China as America’s top foreign creditor, as its holdings edged down at a slower pace. China’s holdings of U.S. Treasuries declined to the lowest in more than six years as the world’s second-largest economy uses its currency reserves to support the yuan.  A monthly Treasury Department report showed China held $1.12 trillion in […]

FG, States, LGs Recieve N386bn November 2016 Allocation – FAAC

FG, States, LGs Recieve N386bn November 2016 Allocation  – FAAC

After the meeting of the monthly Federation Account Allocation Committee (FAAC) in Abuja on Thursday, a total sum of N386.879billion was disbursed as Federal Allocation for the month of November 2016 for the Federal Government, State Governments and Local Government Councils of the Federation. According to the figures released by Office of the Accountant General of the […]

Nigeria’s Distributable Revenue Slowed By 7.8% In November

Nigeria’s Distributable Revenue Slowed By 7.8% In November

The economy of Nigeria has been hit hard since the fall in crude oil prices in 2014. Nigeria’s distributable revenues to the government fell in November by 7.8 percent to 387 billion naira ($1.27 billion) as militant attacks shut down Niger Delta oil pipelines and cut earnings, the accountant general has said. Nigeria, which has […]

Nigeria’s $29.9bn Loan From China Threatened Due To Relationship With Taiwan

Nigeria’s $29.9bn Loan From China Threatened Due To Relationship With Taiwan

China is upset by the Federal Government’s diplomatic recognition of Taiwan as a sovereign nation. China may withhold part of the $29.9bn loans on which Nigeria partly pins its hope of financing next year budget should Nigeria continue to recognize Taiwan as a sovereign nation.  The “cold war” over Taiwan may also affect the implementation of the […]

Naira To Dollar Exchange Rate Today – Official/Black Market Rate

Naira To Dollar Exchange Rate Today – Official/Black Market Rate

Naira Exchange Rates – Black Market Lagos/Abuja/Kano Parallel Market.  NGN (Naira)     US DOLLAR     EURO           GBP                 Cameroon CFA Benin CFA         GHS Buying/Selling RATE RATE RATE RATE RATE RATE Today 490 / 497 510 / 517 588 / 595 […]

Sterling Falls To $1.25, Eyes On BoE, sales

Sterling fell almost half a percent in morning trade in Europe on Thursday, suffering along with a raft of other currencies against the dollar after the U.S. Federal Reserve raised its forecasts for interest rates next year. The pound has been threatening to break past resistance around $1.27-$1.28 all week but in early deals in […]

Naira Closes 485 Wednesday Following Dollar Scarcity

Naira Closes 485 Wednesday Following Dollar Scarcity

The naira has been under persistent pressure both at the official and parallel foreign exchange markets owing to the acute shortage of the United States currency The naira closed flat at 485 against the United States dollar at the parallel market on Wednesday, three trading days after the local currency fell against the greenback to […]

2.2 Trillion Naira Unrecorded Debts Found By The Nigerian Government

2.2 Trillion Naira Unrecorded Debts Found By The Nigerian Government

The Nigerian government has found 2.2 trillion naira ($7.22 billion) unrecorded debts, left over from the previous administration, which turned up after an audit aimed at improving transparency, it said in a tweet. “2.2 trillion unrecorded debt owed contractors/private sector found on federal government books, inherited from previous administration,” said the message posted on twitter. […]

2017 Budget Gets Boost As Oil Price Hits $58

As crude oil price hits an 18-month high of $58 per barrel yesterday, Nigeria’s hope of returning to economic recovery brightened. With the proposed 2017 budget based on crude oil price of $42.5 per barrel and 2.2 million barrels daily production, this development translates to additional N500.4 billion revenue inflow outside the budgetary estimates. The federal […]

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