Nigeria’s stock exchange, Africa’s second-largest, is looking to attract investors spooked by a weak currency and oil price by offering more products ahead of a possible listing.
Nigeria raised 90 billion naira in local currency denominated bonds maturing in 2020 and 2026 at an auction on Wednesday, paying lower yields than at the auction held in January, the Debt Management Office (DMO) said on Thursday.
Nigeria’s naira hit a record low of 321 to the dollar on the parallel market on Thursday, traders said, as importers desperate to meet their obligations scrambled for dollars.
The central bank left its official rate unchanged at 197 naira to the dollar on its official interbank window.
Tumbling global oil prices have battered Nigeria, with foreign exchange reserves down to an 11-year low at $27.89 billion by Feb. 9.
Nigeria’s government is concerned that further depreciation will hurt poor Nigerians, but the bank’s refusal to revise the pegged exchange rate has widened a chasm between official rates and the parallel market.
“We see the naira falling further in coming days if the central bank fails to lift the dollar restriction,” Aminu Gwadabe, head of Nigeria association of Bureau de change said.
Last month, Nigeria’s central bank halted dollar sales to non-bank foreign exchange operators and allowed commercial banks to accept dollar deposits, in a failed effort to shore up dwindling foreign reserves.
Around 90 percent of Nigeria’s foreign exchange earnings comes from crude oil exports.
Security operatives attached to the Presidential Villa, Abuja are currently grumbling over their unpaid allowances.
Kemi Adeosun, minister of finance, and Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), are to visit China for a $2 billion loan, Reuters is reporting.
The Supreme Court has upheld the outcome of the April 11, 2015, governorship election that produced Governor Darius Ishaku of the People Democratic Party, PDP.
The Yola Division of Federal Court of Appeal on Thursday declared the impeachment of former Gov. Murtala Nyako of Adamawa as unconstitutional, null and void.
The United Nation’s Special Envoy to Libya, Mr. Martin Kobler, has warned of the growing strength of the so-called Islamic State of Iraq and Syria (ISIS) militant group in the North African country, adding that the fragmentation and power vacuum in Libya is allowing the Jihadist group to spread to the south and could team up with Boko Haram.
Nigeria’s refineries are expected to restart before the end of the month after attacks on their feedstock pipelines forced their closure in January, the head of refining at the state oil company said yesterday.
Nigeria is aiming to hand over the $4.5 billion Ajaokuta steel complex to private operators this year as part of a plan to kick start its industrial and mining industries, Minister of Solid Minerals Development Dr Kayode Fayemi has said.
Former Minister of Finance, Dr Ngozi Okonjo-Iweala has dismissed allegations making the rounds that EFCC is investigating her as misleading and untrue.
The Economic and Financial Crimes Commission on Tuesday arraigned a former Special Adviser to the Kwara State Governor on Millennium Development Goals, Ope Saraki, who is also a cousin to Senate President Bukola Saraki for an alleged N371m scam.
A detective with the Economic and Financial Crimes Commission, Junaid Sa’id, told a Federal High Court in Abuja on Tuesday that the $2m allegedly laundered by the spokesperson for the Peoples Democratic Party, Olisa Metuh, was part of the N10bn which the immediate past National Security Adviser, Col. Sambo Dasuki (retd.), released for the party’s presidential convention in 2014.
The Economic and Financial Crimes Commission has arrested a serving senior officer of the Nigerian Air Force in connection with the $2.1bn arms purchase scandal.
The All Progressives Congress (APC) candidate in the 2015 governorship election in Rivers State, Dr. Dakuku Adol Peterside, yesterday raised doubts about the fairness of the Supreme Court judgment that affirmed the election of Governor Nyesom Wike.