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By Ahmed A Namatalla Two weeks after Nigeria, Africa’s biggest economy, allowed the naira to weaken, Egypt’s central bank Governor Tarek Amer is talking up the merits of a cheaper pound. His devaluation of the exchange rate in March by the most in 13 years has had little effect, as a deepening current-account deficit and dwindling […]Read More

Sterling rises after Osborne floats corporate tax cut to 15% Yen pauses after best first half since 1995 on haven demand The pound rose, rallying from its biggest two-week drop in more than seven years after U.K. authorities flagged measures to mitigate the impact on the economy of the vote to leave the European Union. Sterling […]

By Stephen Bierman Dina Khrennikova Exports rose 4.9% in six months to 5.55 million barrels a day Iran also boosts supplied to region after sanctions lifted Russian crude exports are on track to set a record this year, which is intensifying competition in Europe as Iran boosts shipments to the region. Exports rose 4.9 percent […]

Financial analysts react to the decreasing value of the naira The Central Bank of Nigeria should be blamed. But you cannot blame the servant without also blaming the master. The Central Bank Act gives the CBN much autonomy. But the autonomy is not supposed to destroy but build. You cannot apportion blame to the CBN […]

Niger Delta Avengers claim five attacks in blow to cease-fire U.S. drillers bring back rigs as oil market seen stabilizing Brent crude traded near $50 a barrel as Nigerian militants carried out attacks on oil production sites, threatening to deepen the country’s biggest output losses in decades. September futures rose as much as 0.8 percent […]

An increase in the headline reading of the Purchasing Managers Index (PMI) by 4.14 percent to 50.2 in June from 48.2 in May, signals that the manufacturing sector of Africa’s largest economy may have crawled out of the troubled waters it got into since April. PMI is an indicator of the economic health of the […]Read More

Foreign exchange scarcity and legacy debts are unsettling the downstream sector with the possibility of fuel scarcity recurring in no distant time, BusinessDay investigations show. Specifically, the legacy debts of oil marketers are occasioned by the new exchange rate of between N282-284/$ from the previous N199/$ which have ballooned to about N266 billion. This is […]

Consortium says investment reflects confidence in Nigeria https://next.ft.com/content/07ba4bd8-41e6-11e6-b22f-79eb4891c97d

(Adds detail, quote, share price) By Chijioke Ohuocha Nigeria’s central bank has sacked top executives of Skye Bank over capital adequacy issues, a source with knowledge of the matter told Reuters on Monday. Chief Executive Timothy Oguntayo, who led Skye Bank to acquire nationalised lender Mainstreet Bank in 2014, resigned before a central bank announcement […]

To rioting Venezuelans and militant Nigerians, the oil market can add another group of malcontents: Brexiteers. The first thing to say about how Britain’s decision to leave the EU will impact oil prices, beyond what you can see on your screen right now, is that nobody has a clue. We’re in “here be dragons” territory. […]Read More

By Stephen Bierman Canada, Nigeria output resumption would compound threat Possible ‘domino effect’ in EU exacerbating uncertainty: Novak Russia warned that crude oil prices may plunge further if the shock of Britain’s vote to exit the European Union is combined with a boost in output. Returning production in Canada and Nigeria, which has been disrupted […]

By Layi Adeloye A former President of the Association of National Accountants of Nigeria, Dr. Samuel Nzekwe, has advised the Central Bank of Nigeria to properly manage the new flexible foreign exchange regime. Nzekwe gave the advice in an interview with the News Agency of Nigeria in Lagos on Wednesday. According to him, if not […]