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Enugu State Governor Rewards Woman For Returning N13.9 Million She Received In Error

Enugu State Governor Rewards Woman For Returning N13.9 Million She Received In Error

In appreciation of the outstanding and exemplary honesty, she displayed in returning the sum of 13.94 million mistakenly paid into her account, Governor Ifeanyi Ugwuanyi of Enugu State, on Tuesday, rewarded Josephine Chukwujama-Eze, with a cash of N 1 million. The cash reward was announced by the State Commissioner for Gender Affairs and Social Development, […]

Nigeria Sells $2.5 Billion Eurobonds to Replace Naira Debt

Nigeria Sells $2.5 Billion Eurobonds to Replace Naira Debt

Nigeria sold $2.5 billion of Eurobonds on Thursday as it sought to lower funding costs by using the notes to refinance higher-yielding naira debt. Africa’s biggest economy sold $1.25 billion of 12-year securities at 7.143 percent and a separate 20-year tranche, also $1.25 billion, at 7.696 percent, the Finance Ministry said on its Twitter account. […]

Britain To Add Nigeria’s Naira To List Of Accepted Trade Currencies

Britain To Add Nigeria’s Naira To List Of Accepted Trade Currencies

Britain’s export finance agency will add the naira to its list of “pre-approved currencies”, allowing it to provide financing for transactions with Nigerian businesses denominated in the local currency. The naira will become one of three West African currencies that UK Export Finance has pre-approved for its programme of funding transactions that promote trade with […]

Nigeria’s Half-Measures on Currency Are Only Half-Working

Nigeria’s Half-Measures on Currency Are Only Half-Working

A year after Nigeria scrapped a currency peg that sent foreign investors fleeing, it’s still battling to entice them back. But trying to placate investors by introducing multiple exchange rates isn’t going to work, bond funds and Wall Street lenders including Citigroup Inc. say. To end the dollar shortage that has hamstrung West Africa’s biggest economy and […]

Nigeria Bank Divide Widens as Cash Shortage Chokes Small Lenders

Nigeria Bank Divide Widens as Cash Shortage Chokes Small Lenders

  The divide between the haves and the have-nots among Nigerian banks is widening. The country’s biggest lender is so flush with cash it plans to repay $400 million of bonds when they become due in November 2018 rather than raising additional debt, while the next two largest banks sold international bonds for the first […]

Scarred Investors Want Proof Naira to Really Float on Window

Scarred Investors Want Proof Naira to Really Float on Window

Nigeria’s latest attempt to ease the dollar shortage choking its economy is dependent on traders trusting the central bank. The monetary authority opened a foreign-exchange window for investors and exporters Monday where the naira trades between the interbank rate and the black-market rate, which many Nigerians use to access dollars. In the weeks before the […]

Nigeria Has Floated Naira “Within a Range”-Emefiele

Nigeria Has Floated Naira “Within a Range”-Emefiele

Nigeria has floated the naira “within a range” against the dollar, central bank governor Godwin Emefiele said on Tuesday. The naira, held around 305 per dollar for almost a year, was recently effectively devalued for certain categories of the population, though the central bank continues to tightly manage the rate. He didn’t say what the […]

Risk of Nigeria Devaluing Naira Rising, But It Won’t Float Freely

Risk of Nigeria Devaluing Naira Rising, But It Won’t Float Freely

Nigeria’s authorities may soon devalue the naira but won’t fully relinquish control over it, instead taking steps to narrow the gap between the official and black market rates to boost confidence in the economy, a Reuters poll showed on Friday.     A shortage of dollars in Nigeria – for big and small needs including […]

Nigeria Tests Waters For Possible Broad Naira Devaluation

Nigeria Tests Waters For Possible Broad Naira Devaluation

  Nigeria effectively devalued the naira for private individuals on Monday, paving the way for a possible broader move despite stiff resistance from President Muhammadu Buhari. With Buhari abroad for medical treatment and the country’s currency exchange system in chaos, the central bank said Nigerians wanting dollars for travel or to pay foreign school fees […]

Nigeria To Boost FX Sales To Retail Users To Help Narrow Black Market Rates

Nigeria To Boost FX Sales To Retail Users To Help Narrow Black Market Rates

Nigeria’s central bank plans to boost dollar sales for school fee payment and travel abroad so as to reduce the premium paid on the black market and support the naira, a senior banker said on Saturday. The naira is quoted on the black market at a discount of around 40 percent to the official interbank […]

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