Nigeria Says Its Targeted Forex Ban Is Needed for Food Security

Nigeria’s decision to restrict access to foreign exchange for some food imports is aimed at giving the nation long-term control over its food supply as it prepares for potential interruptions due to climate events, water insecurity and global trade tensions, said Garba Shehu, spokesman for President Muhammadu Buhari. Click here for more.

Nigeria becomes Africa’s staging ground for the illegal pangolin trade with Asia

In a rubble-strewn storage lot in the sprawling Nigerian port city of Lagos, customs agents crack open a shipping container crammed with scales from pangolins, a shy mammal prized in Asia for its use in medicines. Click here for more.

Oil Output To Increase By 35,000bpd – NNPC

The Nigerian National Petroleum Corporation says the country’s crude oil production is poised for an increased output of 35,000 barrels per day. This is following the resolution of the dispute among Shell Petroleum Development Company. Click here for more.

Nigerian Oil producing States shared N302 billion in 7-months

Data obtained from the National Bureau of Statistics (NBS) has shown that the nine (9) Oil Producing States in Nigeria shared a total N302.8 billion from the federation account through the 13% derivation formula. Click here for more.

NSEASI Erases Previous Day Loss; Inches Up By 1.00% To Halt Negative Market Sentiment

Equities market closed yesterday on a positive note, as NSEASI appreciated by +1.00% to close at 27,681.61 points as against -0.61% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -11.93%. Click here for more.

CBN raises momentum in cash-less Nigeria project

The race for the national roll-out of cash-less policy in the country has gained additional momentum, as the Central Bank of Nigeria (CBN), yesterday, gave an Approvals-in-Principle (AIP) to three Payment Service Banks (PSBs). Click here for more.

CBN Puts Currency In Circulation At N2.02tn

The Central Bank of Nigeria has said currency in circulation moved to N2.02tn in August from N2tn the apex bank reported in July this year.The apex bank data showed N2.24tn in February was the highest currency in circulation this year, while the figure reported in July was the lowest currency in circulation. Click here for more.

Foreign withdrawals hit N316.19bn in eight month

Investors’ participation in the nation’s stock market has dropped by 29.5 per cent year-on-year, data from the Nigerian Stock Exchange, has shown. The NSE in its monthly market report, said the total transactions executed on the trading floor. Click here for more.

NCC set to probe telcos over N165 billion debt 

The Nigerian Communications Commission (NCC) has set out to investigate the finances of telecom operators in the country. According to reports, NCC is taking this action as a result of the interconnectivity debt that was accumulated by the telecom operators. Click here for more.

Discos move to install six million meters

The 11 power distribution companies operating in Nigeria have commenced moves to install six million meters in the residents of their respective customers between 2019 and 2022. Only 3,793,895, representing 42.9 per cent of the 8,840,801 registered electricity customers. Click here for more.

FG Targets 750,000MT of Sugar by 2023

The Director, Policy Planning, Research and Statistics, National Sugar Development Council (NSDC), Mr. Kolawole Hezekiah, has said Nigeria is expected to generate between 600,000 to 750,000 metric tons of sugar annually by 2023 as the country continuously strives to achieve its Sugar Master Plan. Click here for more.

U.S., Chinese Trade Deputies Face Off In Washington Amid Deep Differences

U.S. and Chinese deputy trade negotiators were set to resume face-to-face talks on Thursday for the first time in nearly two months as the world’s two largest economies try to bridge deep policy differences and find a way out of a bitter and protracted trade war. Click here for more.