Thursday, April 18, 2019
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    Zainab Ahmed: States put pressure on us to spend all the money instead of saving in ECA

Zainab Ahmed: States put pressure on us to spend all the money instead of saving in ECA

Zainab Ahmed, the minister of finance, says representatives of states often put pressure on the federal government to spend all the income realised when some could be set aside in the excess crude account.The minister made this known on Friday while speaking to journalists on the sidelines of the ongoing spring meetings of the International Monetary Fund (IMF) and World [...]

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    Bala Usman elected vice chair of UN maritime agency committee

Bala Usman elected vice chair of UN maritime agency committee

Hadiza Bala Usman, managing director of the Nigerian Ports Authority (NPA), has been elected vice chairperson of the the facilitation committee (FAL) of the International Maritime Organisation (IMO).The IMO is the United Nations (UN) agency responsible for the safety and security of shipping and the prevention of pollution by ships.According to a statement, Bala Usman was formally elected and [...]

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    Jumia becomes first African tech company to list shares on NYSE

Jumia becomes first African tech company to list shares on NYSE

Jumia Technologies, a pan-African technology company, has listed on the New York Stock Exchange (NYSE), becoming the first-ever technology company from Africa to list on the world’s largest stock exchange.The largest e-commerce operator in Africa started its first day of trading with an opening price of $14.50 but the stock traded at the close of the day at $25.46 per [...]

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    UBA moves against Sahara Energy over N15bn loan

UBA moves against Sahara Energy over N15bn loan

UBA Plc has filed a winding up petition against Sahara Energy Resource Limited (Sahara Energy) at a federal high court in Lagos.The petition was based on a N15 billion loan owed by KEPCO Energy Resources Limited (KEPCO).Sahara Energy had stood as a guarantor to KEPCO.A winding up petition is a legal action taken by a creditor or creditors against an insolvent [...]

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    We considered ECA data, says IMF on sovereign wealth fund ranking

We considered ECA data, says IMF on sovereign wealth fund ranking

The International Monetary Fund (IMF) says data about the excess crude account was used in its ranking on sovereign wealth funds across the world.Abebe Selassie, head of the African department made this known on Friday while speaking to journalists on the sidelines of the spring meetings of the International Monetary Fund and World Bank Group.The Bretton Wood institution had ranked [...]

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    ‘We have over 1bn litres of petrol’– NNPC debunks rumour of impending fuel scarcity

‘We have over 1bn litres of petrol’– NNPC debunks rumour of impending fuel scarcity

The Nigerian National Petroleum Corporation (NNPC) has urged Nigerians to disregard rumours of an impending scarcity of petrol in the country.  [...]

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    We will implement subsidy removal gradually, says Zainab Ahmed

We will implement subsidy removal gradually, says Zainab Ahmed

Zainab Ahmed, the minister of finance, says the federal government will implement fuel subsidy removal gradually.Addressing the press on the sidelines of the ongoing spring meetings of the International Monetary Fund and World Bank Group, Ahmed said fuel subsidy cannot be removed at once.In her address on Thursday, Christine Lagarde had advised Nigeria and other countries to remove fuel subsidy [...]

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    Absa Group: Expansion plan in Nigeria to kick off H2 2019  

Absa Group: Expansion plan in Nigeria to kick off H2 2019  

Absa Group Limited, a South African financial services provider, says its planned expansion into Nigeria will kick off in the second half (H2) of 2019.Absa will focus on its corporate and investment bank (CIB) division, Charles Russon, chief executive of the division, told Reuters.Russon said he is positive that a strategy plan shared with the bank’s board will be [...]

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    Lagarde: Why Nigeria should remove fuel subsidy

Lagarde: Why Nigeria should remove fuel subsidy

Christine Lagarde, managing director of the International Monetary Fund, says Nigeria and other countries across have spent $5.2 trillion on fuel subsidy since 2015.Addressing the press on Thursday at the ongoing spring meetings of the International Monetary Fund and World Bank Group, Lagarde said such money could have been spent on health and education.Advising that fuel subsidies should be removed, [...]

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    Udoma: Nigeria’s N24.39trn debt sustainable — despite revenue challenges

Udoma: Nigeria’s N24.39trn debt sustainable — despite revenue challenges

Udoma Udoma, minister of budget and national planning, says despite the challenges to revenue generation, Nigeria’s rising debt stock is sustainable.The Debt Management Office (DMO) had released a report showing that Nigeria’s total public debt had risen to N24.39 trillion as of December 31, 2018.Patience Oniha, DMO director- general said the new figure represented a year-on-year growth rate of [...]

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Exchange Rates

April 17, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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