The naira slipped against the US dollar at the Nigerian Foreign Exchange Market (NFEM) on Friday as corporate demand for foreign currency picked up, interrupting a four-day rally at the official window. Data from the market showed that the FX spot rate fell by 0.24 per cent to N1,423.17 per dollar, after touching […]
The naira strengthened at the official foreign exchange market on Monday, touching an intraday low of N1,424 per dollar, as demand pressures eased at the start of the New Year and trading opened without visible central bank intervention. Data from the Central Bank of Nigeria (CBN) showed that the naira closed at N1,429.31 […]
Aliko Dangote, chairman of the Dangote Group, says the company’s refinery will pay dividends in dollars once it is listed on the stock exchange. Speaking on Thursday at the unveiling of Dangote Group’s $100bn Vision 2030: Accelerating Africa’s Industrialization, the billionaire said the firm is already working with the Nigerian Exchange (NGX) and the Securities […]
The Federal Government says it has made a recovery of one billion dollars ($1,000,000,000) since the inception of the President Muhammadu Buhari administration in May 2015 till date. The Attorney General of the Federation and Minister of Justice, Abubakar Malami disclosed this on Wednesday after the Federal Executive Council (FEC) meeting presided over by Buhari […]
Ladesope Ladelokun Facebook Inc. users suing over the social networks worst-ever privacy scandal gained leverage to pry into its internal records to back up their claims that it failed to safeguard their personal data, exposing the company to potentially billions of dollars in damages. A federal judge in San Francisco rejected Facebook’s request to throw […]
Motolani Oseni At the end of the first four months in 2019, Nigeria has recorded a total sum of $6.5 billion in total direct remittances, against $2.42 billion reported during the corresponding period in 2018, the latest data from the Central Bank of Nigeria (CBN) has revealed. The Apex bank international payment data, however, showed […]
The Central Bank of Nigeria is set to pump more United States dollars into the foreign exchange market this weekend, in continuation of its strategy to further strengthen the value of the naira. Very reliable source within the apex bank hinted that the CBN was set to release an additional $350m into the forex market, […]
In order to clear the backlog of dollar obligations that businesses owe, the Central Bank of Nigeria (CBN) has asked Deposit Money Banks (DMBs) to bid in a special currency auction, forex traders disclosed. In view of this development, commercial banks are expected to submit backlog of dollar demand from fuel importers, airlines, raw-materials producers, […]
Contrary to some financial analysts’ prediction that the Naira would hit 500 per dollar before the New Year, the currency has remained steady at N490 against the dollar. The naira has maintained the N490 per dollar rate it traded on the last day of 2016 and has held steady for the first two days […]
A Federal High Court in Lagos on Monday heard how about N4.9 billion was converted into United States dollars by a former Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA) Dr. Patrick Akopobolokemi, and others charged for money laundering. Akopobolokemi is standing trial alongside a former Commander of the Military Joint Task Force, […]