A court will rule on a request by Royal Dutch Shell and Italy’s Enion, March 13, to lift the temporary seizing of a long-disputed oilfield. The court last month ordered the temporary seizing of assets and the transfer of operations of the OPL 245 field owned by Shell and Eni, among others, to the FG at the request of the EFCC. The case is the latest of several inquiries, following those by Dutch and Italian authorities, into the 2011 purchase of the OPL
Last week saw a rare sell-off in the FX parallel market. After recording all time lows the previous week, the naira strengthened to between ₦440 and ₦460 per US dollar following the release of new foreign exchange policy guidelines by the Central Bank of Nigeria, and subsequent market intervention.
The question at this point is which market reflects the true value of the naira. Is it an under-supplied interbank market into which CBN intervenes to repeatedly to cushion
The FG has reviewed the visa process for foreigners who wish to visit Nigeria for business and tourism purposes, with a view to removing bureaucratic bottlenecks and encouraging business travellers and tourists, thus providing a boost to the economy. A statement issued on Sunday by the Information and Culture minister, Lai Mohammed, said the measures were part of the action plan for the ease of doing business as well as efforts to boost tourism, within the overall
The naira recorded further gains against the United States dollar on the parallel market on Wednesday, reversing losses it made earlier in the week. Specifically, the naira rose to ₦505/dollar on February 22, up from ₦512/dollar on Tuesday, as the Central Bank of Nigeria started increasing dollar supply on the official market. The regulator had on February 20 introduced a new forex policy action aimed at boost forex supply to enable commercial lenders to meet the
The CBN has announced that charges on deposits will be re-introduced. In a circular released on its website, the apex bank said the decision was made at the 493rd Bankers Committee meeting that held on February 8. The regulator also announced an expansion of its cashless policy to the remaining 30 states. For individuals, deposits ranging from ₦500,000 to ₦1 million will attract a 1.5% charge, while withdrawals within the range would attract 2% charge. Deposits
Nigeria’s acting president has written to parliament to seek approval for a new $500 million Eurobond sale, a statement said on Wednesday, to help make up for a shortfall in the government’s budget. The new issue would follow the government’s sale of $1 billion worth of 15-year bonds earlier this month. “Following the high oversubscription of the recent $1 billion Eurobond issuance, we wish to take advantage of favourable market conditions
Nigeria’s distributable government revenues rose in January by 16 percent to ₦465.19 billion ($1.5 billion) as it brought in more oil royalties, the accountant general’s office said in a statement on Tuesday. Distributable revenue is government income that is shared at various levels of government including the federal government, state governments and local government councils. Average oil prices rose from $47.30 to $49.57 per barrel during January
There is a situation in the South-West and North-West regions of Cameroon. These, the only English-speaking regions in the country, account for about 19 percent of the population.
In November 2016, lawyers and teachers took to the streets to protest against perceived marginalisation and the use of French in courts and schools in the English-speaking regions of the country.
The government responded by sending soldiers and military police to suppress the protests. The
The naira hit a fresh low of ₦520/$ on the black market on Monday, as retail currency traders tried to digest a new CBN decision to sell dollars to retail users through commercial lenders, one retail trader told Reuters. The regulator plans to sell $1 million weekly to each of the country’s 21 commercial lenders at a rate of ₦375 to clear a backlog of demand for retail users and try to narrow the premium between the official and black market rates
Nigeria has dropped to the fourth position as China’s trade partner in Africa from second, according to the Chinese Ambassador to Nigeria, Zhou Pingjian. Zhou noted that the relationship between both countries had a lot of potential, which could be leveraged to the advantage of the two countries. Speaking during the visit of the House of Representatives Committee on Nigeria-China Relations to the CGCOC headquarters on Friday in Abuja, the envoy stated