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Nigeria naira at six-month high on black market

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The Nigerian naira gained 1.1 percent to a six-month high of 430 per dollar on the black market on Wednesday, traders said. The central bank has been intervening on the official market to try to narrow the currency spread with the black market rate, which was 520 to the dollar a month ago. The naira was quoted at 307.50 on ...

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Nigeria: Oil Firm, Oranto Invests $500 Million in South Sudan Oil Block

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Nigerian independent, Oranto Petroleum, said it is investing $500 million to develop South Sudan’s Block B3, launching a comprehensive exploration campaign starting immediately. The Ministry of Petroleum and Oranto Petroleum Company, South Sudan signed the exploration and production sharing agreement, EPSA, for the block last week in the capital city of Juba. The B3 area covers 25,150 square kilometres. Some ...

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Nigeria: Govt Commends Dangote Cement for Self-Sufficiency Feat

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The Federal Government has officially confirmed that Nigeria has attained self-sufficiency in the production of cement and is now an exporter of the commodity, ascribing the feat to Dangote Cement which spearheaded the “backward integration policy” introduced by the government. The Minister for Solid Minerals Development, Kayode Fayemi, who led a government team to the Dangote Cement plants in Ibese, ...

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Nigerian central bank head urges cooperation on monetary & fiscal policy

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Nigeria’s monetary and fiscal authorities must cooperate on their policies to help Africa’s largest economy to develop, the central bank governor said, according to his spokesman. Central Bank Governor Godwin Emefiele made the comments at a two-day retreat for members of the bank’s Monetary Policy Committee and the ministers for finance, budget, and investment. The closed-door meeting, which takes place ...

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Nigeria:Goldfields CEO predicts drop in Q1 output at South Deep mine

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Nigeria’s telecoms regulator and central bank governor intervened on Thursday to try and help Etisalat Nigeria resolve debt restructuring talks with its lenders after the company missed a payment on a $1.2 billion loan. A banking source told Reuters on Wednesday that the Nigerian affiliate of Abu Dhabi-listed telecoms company Etisalat had given notice to its Nigerian lenders that it ...

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Nigeria central bank governor defends policy of limiting imports

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Hard currency curbs imposed by Nigeria’s central bank have helped boost local food production, central bank governor Godwin Emefiele was quoted as saying by two newspapers on Sunday. Entrepreneurs have criticized a halt to hard currency allocations by the central bank for the import of almost 700 goods to prop up the naira hammered by a fall in oil revenues ...

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Nigeria stocks at 1-month high after Buhari return from UK medical leave

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Nigerian equities hit a one-month high shortly after the stock market opened for trade on Friday following President Muhammadu Buhari’s return home from an extended medical leave in Britain. Stocks rose 1.29 percent at 0936 GMT to levels last seen in February, according to Thomson Reuters data. Stocks, which are down 6.3 percent on the year to date, had climbed ...

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Nigeria’s rice boom raises output but old problems persist

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Nigerian Abdulhakim Mohammed has just graduated in architecture but, like many people ranging from unemployed locals to foreign investors and Africa’s richest man, he has decided the future lies in rice farming. The reason is that domestic rice prices have more than doubled in the last two years due to an import ban and a dive in the Nigerian currency. ...

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Nigeria:Shell shuts Bonga oil field for at least a month

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Shell Nigeria Exploration and Production Company (SNEPCo) halted production at Nigeria’s Bonga oil field on March 4 for maintenance that will last at least a month. SNEPCo said in a statement that Bonga, which has the capacity to produce 225,000 barrels per day (bpd) of oil and 150 million standard cubic feet (scf) of gas, is expected to resume production ...

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Nigeria: NNPC, Marketers Under Fire Over N10 Trillion Subsidy Fraud

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The Senate has invited officials of the Nigerian National Petroleum Corporation (NNPC), independent marketers, license inspection agency and the Nigeria Ports Authority (NPA) over the alleged N10trillion fuel subsidy fraud. Chairman of the Senate Committee on Petroleum (Downstream) Senator Kabiru Marafa who stated this in press statement said out of the N10trillion, NNPC is to account for N5.2trillion it collected ...

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