The imports of Nigerian crude oil and other West African grades to the United States look set to plunge to nearly zero amid growing shale oil production in the North American country, our correspondent has learnt. The US Atlantic Coast imports of West African crude oil are expected to decline due to harsh arbitrage conditions…
The US stocks climbed on Thursday as traders awaited the latest twists on global trade and digested Treasury yields approaching their highest level this year. The dollar remained under pressure. The Stoxx Europe 600 Index gained along with U.S. futures and most equities in Asia as China was said to be planning to cut the…
The Nigerian Stock Exchange All-Share Index dropped by 0.02 per cent at the close of trading on Wednesday after 13 stocks closed in the red compared to 24 that appreciated. Profit-taking in large-cap stocks ― International Breweries Plc, FBN Holdings Plc and United Bank for Africa ― was said to have caused the ASI to…
The Debt Management Office has said that neither it nor the Central Bank of Nigeria predetermines the interest rates at which the government sells the Nigerian Treasury Bills at the monthly auction market. DMO said different bidders attend the market with different rates, taking a cue from the rates obtainable at the secondary market. The…
British inflation jumped unexpectedly to a six-month high in August, pushed up by bigger-than-usual seasonal increases in sea and air fares and higher theatre admission prices, official data showed on Wednesday. Consumer price inflation rose at an annual rate of 2.7 percent in August, compared with 2.5 percent in July, the Office for National Statistics…
The Board of Directors of LASACO Assurance Plc is seeking the approval of shareholders to raise additional capital by issuing of 40 billion ordinary shares of 50 kobo each by way of public offering, private placement or prefer shares. Although the offer price was not stated, the directors want to get the approval at an…
The African Development Bank, along with some partners across the globe, has announced the securing of $1bn to enable investment in infrastructure development across the African continent, including Nigeria.The announcement, which was made in Ottawa, Canada, according to a statement made available to our correspondent by the AfDB, listed the partners in the multi-level securitisation…
The Federal Government has transferred its 21 per cent shares in the Nigerian Security Printing and Minting Company to the Central Bank of Nigeria. Vice-President Yemi Osinbajo, who is the Chairman of the National Council on Privatisation, on Tuesday witnessed the signing of the transfer instrument, which was co-signed by the CBN Governor, Godwin Emefiele,…
The Central Bank of Nigeria (CBN) on Tuesday intervened in the interbank foreign exchange market to the tune of $210 million. According to the figures obtained from the CBN, it offered $100million to authorised dealers in the wholesale segment of the market, while the small and medium scale enterprises (SMEs) segment received the sum of…
