Russia and Saudi Arabia struck a private deal in September to raise oil output to cool rising prices and informed the United States before a meeting in Algiers with other producers, four sources familiar with the plan said. U.S. President Donald Trump has blamed the Organization of the Petroleum Exporting Countries (OPEC) for high crude…
Brent crude rose nearly 2 percent after hitting a four-year high on Wednesday as the market focused on upcoming U.S. sanctions on Iran while shrugging off the year’s largest weekly build in U.S. crude stockpiles and reports of higher Saudi Arabian and Russian production. Brent crude LCOc1 rose $1.49, or 1.8 percent, to settle at…
The Central Bank of Nigeria has given reasons why the nation’s external reserves, which currently stand at $44bn, have been on a downward trend lately. Speaking during the CBN Day at the ongoing Abuja International Trade Fair in Abuja on Wednesday, the Director, Corporate Communications at the apex bank, Mr Isaac Okorafor, explained that the…
The Central Bank of Nigeria (CBN) has again injected the sum of $210 million into the interbank foreign exchange market. Figures obtained from the CBN indicated that authorised dealers in the wholesale segment of the market were offered the sum of $100million, while the Small and Medium Enterprises (SMEs) segment received the sum of $55…
BANKS will tighten lending criteria in the fourth quarter (Q4’18) following increased lending activities in the third quarter (Q3’18) driven by pursuit of market share objectives and improved economic conditions. The Central Bank of Nigeria, CBN, disclosed this in its Credit Conditions survey for the Q3’18 released on Friday. Among other things the report revealed…
The euro climbed against other currencies Wednesday on reports Italy may yield ground over a budget stalemate with the European Union. The common currency EURUSD, +0.2078% EURUSD, +0.2078% rose to $1.1584 from $1.1549, making headway during the Asian trading session after a report in Italian daily newspaper Corriere della Sera that the government’s budget deficit…
The Nigerian Deposit Insurers Corporation says it has recovered N28.84bn from debtors of failed banks. The Managing Director, NDIC, Umaru Ibrahim, said this at the corporation’s Special Day at the ongoing Abuja International Trade Fair on Tuesday. Giving further analysis of the recovered debts, Ibrahim said N21.85bn was realised from the sale of physical assets…
The nation’s foreign exchange reserves fell by $1.457bn in September, the latest data from the Central Bank of Nigeria showed on Monday. The external reserves, which stood at $45.838bn at the end of August, declined to $44.380bn on September 27, 2018. Figures from the CBN had earlier revealed that the reserves, which had continued to…
The Federal Reserve hiked its benchmark interest rate a quarter point Wednesday, upped its anticipation for economic growth this year and next, and provided a road map of what lies ahead through 2021. As widely anticipated, the policymaking Federal Open Market Committee increased the fed funds rate 25 basis points. That now takes the rate…
The Economic and Financial Crimes Commission has commenced investigation of the directors of the defunct Skye Bank for prosecution. Under the watch of the Dr. Olatunde Ayeni led board of directors, the defunct Skye Bank went from N1.4 trillion asset in 2014 to negative asset base of N786 trillion as at the time its license…
