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LAGOS: Lagos housewife Ifeoma Ibeh was preparing to make a stew when she noticed the pepper, onions and tomatoes were missing. One of her neighbours had sneaked into the shared kitchen and stolen them. She later tracked down the culprit, who confessed and apologised, explaining he took the ingredients as he didn’t have enough money […]

The Nigerian currency shed N10 to close at N345, from N335 it closed on Wednesday, representing a depreciation of 2.9 per cent. The naira also traded at N385 to the Euro at the parallel market. At the Interbank window, the naira closed on a negative note at N281.14 to the dollar.

The only certainty in all this is uncertainty. Uncertainty on the markets and uncertainty over the future of trade relations between the UK and Africa. The most internationally traded African currency, the South African rand, is already having a bumpy ride in the wake of the UK’s decision to leave the European Union. Measures of […]

Nigerian exporters can now upscale their operations towards boosting the current low contribution of non-oil exports, which has remained at about 5 percent over the years, with the N500 billion Export Stimulation Facility (ESF) and the N50 billion enhancements on the Rediscounting and Refinancing Facility (RRF) set up by the Central Bank of Nigeria (CBN). […]

By Eric Platt and Nicole Bullock in New York Global stock markets lost more than $2tn of value on Friday in the largest single day drop since at least 2007, as investors dumped risky assets and rushed into havens after the UK voted to leave the EU.The fall precedes what is expected to be a […]

The Central Bank of Nigeria, CBN, has unveiled the implementation modalities of the five hundred billion naira Non-oil Export Stimulation Facility, and the fifty billion naira Export Rediscounting and Refinancing Facility. The Director, Development Finance Department of CBN, Dr. Mudashiru Olaitan who made this known at a forum in Lagos said the Facility would have […]

By Fumnanya Agbugah On Thursday, the United Kingdom (UK) voted to leave the European Union (EU). This decision sent shocking waves to the global financial market on Friday, with the stock markets experiencing huge losses. Billionaires on the Bloomberg Billionaires index  lost 3.2 percent of their total wealth which is $127bn. The UK’s 15 wealthiest citizens […]Read More

By Oyetunji Abioye The Central Bank of Nigeria says the modalities for the planned flexible exchange rate policy is being worked out and will be released in due course. The Acting Director, Corporate Communications, CBN, Mr. Isaac Okoroafor, said the Monetary Policy Committee’s decision to adopt a flexible forex policy was made in the interest […]

By Sunday Michael Ogwu, Lagos & Francis Arinze Iloani Financial experts have expressed concerns that the Central Bank of Nigeria (CBN) may reverse its decision on THE proposed flexible exchange rate regime.Damina Advisors,  a preeminent Africa-focused independent frontier markets risk research, due diligence and Africa M&A transactions consulting and strategic advisory firm, believed that the […]

…Mixed devt in forex markets as CBN spends $700m to defend Naira  By Emeka Anaeto, Economy Editor LAGOS—Banks’ treasury positions have been placed on high alert, following uncertainties surrounding the proposed flexible foreign exchange regime. As a result, system liquidity recorded a massive upsurge of 51.4 per cent to hit N408 billion last weekend against N277.4 […]Read More

By Henry Boyo In popular Greek mythology, “Pandora’s Box was actually a large jar given to Pandora by the gods, the box contained all the evils of the World, and when Pandora opened the box, all the evils flew out, leaving only hope inside when she closed it again” (paraphrased from Wikipedia). “Poverty will clearly […]Read More

By Babajide Komolafe In spite of the scarcity and restrictions in the nation’s foreign exchange market, seven banks made N78 billion trading in foreign exchange in 2015. Financial Vanguard investigations revealed that the income was 8.3 per cent lower than the N85.5 billion recorded in 2014. The banks are Access, UBA, FBN Holdings, Union Bank, […]