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Naira to appreciate further on stock purchases –Analysts

The naira is expected to strengthen against the United States dollar in the coming week as offshore investors pile into local stocks, currency and financial analysts have said. According to them, the naira will likely strengthen against the dollar in the coming days as more offshore investors buy up local ...

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BDC Operators Want CBN To Review Dollar Buying Rate

The Association of Bureaux De Change Operators of Nigeria (ABCON) has advised the Central Bank of Nigeria (CBN) on steps to sustain the naira’s recovery against dollar. The naira has remained at N362/$1 at the parallel market in the last one week, a major improvement from N520/$1 in February. In ...

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2.1 million Nigerians lost their jobs in 2016 –NBS

The National Bureau of Statistics has said that the number of Nigerians who became unemployed rose by 2.1 million to 11.55 million at the end of 2016 from 9.48 million at the beginning of the year. The NBS stated this in its unemployment report, which was released on Monday night. ...

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Forex Users Dump BDCs As Naira/Dollar Rates Converge

These are not the best of times for Bureaux de change (BDCs) operators. They have been shunned by foreign exchange users following the convergence of naira/dollar rates at the parallel market and BDCs for the first time in two years. The exchange rate at both parallel market and BDCs closed ...

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We Will Continue To Invest In Nigeria Despite Economic Recession Says ZTE

ZTE Nigeria, a Chinese telecommunications company operating in Nigeria, says it will continue to invest in Nigeria,  despite the current economic crisis. Speaking in Lagos at the weekend, Head of Administration, Yawei Yang said the company expressed its commitment to continue to invest in the economy and most importantly in ...

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Dollar Crashes To N368/$1

The dollar yesterday crashed to N368/$ in the parallel market, after over three weeks at N382/$, representing N14 appreciation within the period. The exchange rate, which was confirmed by Aminu Gwadabe, president of the Association of Bureaux De Change Operators of Nigeria (ABCON), followed nearly $5 billion sustained intervention by ...

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OIL& GAS MONOPOLY: How FG’s Fresh Position Will Grow Economy-Oditah

The recent Federal Government’s policy clarification on the ports industry aimed at eliminating monopoly has been described as one that would engender competition in the system with the ultimate goal of growing the nation’s economy. The observation was made in Lagos, Thursday by Professor Fidelis Oditah, a Senior Advocate of ...

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CBN Injects $280m Into FX Market, Increases Sale To BDCs

As part of its efforts to sustain liquidity in the foreignexchnage sgement of the finanacial market , the Central Bank of Nigeria yesterday injected   fresh $280 million into the various sectors of the economy. The CBN, in a statement issued by the Acting Director, Corporate Communications Department, Isaac Okorafor, said ...

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CBN Opens Special FX Window for SMEs, Traders

As the demand for foreign exchange continues unabated in the parallel market segment of the forex market, the Central Bank of Nigeria (CBN) on Monday unfolded yet another policy measure, stating that it has opened a special forex window for small and medium scale enterprises (SMEs). This, according to the ...

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NNPC Gets $100m Reprieve From UK Supreme Court

The Supreme Court of the United Kingdom in a unanimous judgment, granted a reprieve to Nigerian National Petroleum Corporation (NNPC) over a $100 million bank guarantee in a case involving the Corporation and a service company, IPCO (Nigeria) Limited. The reprieve was the latest in the protracted dispute arising from ...

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