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The Federal Government has been advised to urgently address the lingering foreign exchange scarcity problem in the country to forestall massive job losses. While a long-term plan of developing alternative forex sources is required, a short to medium-term plan targeted at tackling the existing dollar shortage is inevitable. The immediate past Anglican Bishop of the […]

By Ifeanyi Onuba, Abuja The massive drop in global oil prices impacted negatively on the performance of the Nigerian oil and gas sector, which recorded a decline of N3.6tn in output in the 2015 fiscal period. A report showing the performance of the sector, which was obtained by our correspondent from the National Bureau of […]

With the 2016 budget now passed by the National Assembly and a N3trillion war chest, the government of President Muhammadu Buhari says it is set to take on the struggling Nigerian economy and is promising it will win. Analysts said last night that the package and the stimulus budget would aid the growth in GDP […]

By Obinna Chima For the second week in a row, Zenith Bank Plc has maintained its lead with the highest allocation of foreign exchange from the Central Bank of Nigeria (CBN), the returns on utilisation of forex published by banks last week have shown. Zenith Bank with an allotment of $23,630,485.39 was closely followed by […]

By Michael Eboh NIGERIA earned N1.94 trillion from the export of crude oil and other petroleum products in the fourth quarter, Q4, of 2015, according to data released by the National Bureau of Statistics, NBS. The NBS, in its Foreign Trade Statistics for the Fourth Quarter of 2015, disclosed that Nigeria’s total exports in the […]

The rates decisions reached at the Monetary Policy Committee (MPC) meetings last week have continued to generate mixed reactions among financial experts and market operators. While some are seeing the decisions as the beginning of another effort towards reversing economic challenges and losses, others are of the opinion that the four-month monetary easing programme should […]

By Emma O’Brien Yellen speech in focus after weak personal spending data Crude oil extends declines as wheat advances with aluminum The dollar maintained losses following its first drop in seven days amid conflicting messages over the outlook for U.S. interest rates. European equity-index futures gained as stocks in Asia dropped and crude oil extended […]

KUALA LUMPUR (March 29): Malaysian palm oil futures slipped from a two-year high on Tuesday as a strengthening ringgit led traders to book profits, amid the recent rally in prices. The ringgit, the currency palm oil is traded in, strenghtened by 0.3% against the dollar to reach 4.0005 around noon. A stronger ringgit makes palm […]

TOKYO | BY AARON SHELDRICK Oil prices fell on Tuesday as concerns mount that a rally since January is fizzling out, while analysts forecast another rise to record levels for U.S. crude stockpiles. U.S. oil CLc1 was down 30 cents at $39.09 a barrel at 0553 GMT, after finishing down 7 cents at $39.39, the […]

[NEW YORK] Oil traded near US$39 a barrel in New York amid speculation that a meeting of crude-producing countries next month won’t ease a global supply glut. Futures fell as much as 1.5 per cent after earlier rising 1.7 per cent. Iran and Libya are the two Opec members that haven’t pledged to attend production-freeze […]Read More

A United Nations panel of human rights activists has urged the United States’ government to pay reparations to the descendants of Africans who were brought to the US as slaves. The committee blamed slavery for the plight of African-Americans today. The UN Working Group of Experts on People of African Descent’s preliminary report follows a […]

A couple who handed out money to people in Kenya from the proceeds of their farmhouse cannabis factory have been jailed for three years. Michael Foster, 62, and Susan Cooper, 63, from Little Sutton, Lincolnshire, pocketed hundreds of thousands of pounds during a six-year period. The couple used some of the money to help people […]