In Celebration of World Youth Day, Former president Goodluck Ebele Jonathan shared a message to Nigerian Youths, via his official…Read More World Youth Day: When Nigeria’s economy became the largest economy, it was because of our youths – GEJ
Minister of Information and Culture, Lai Mohammed, says if any other political party had won the 2015 general election, there…Read More If any other party had won the 2015 election, there would have been no economy to talk about’- Lai Mohammed
Some commercial s*x workers in the commercial city of Lagos are currently bitter about the low patronage their business is…Read More Bad Economy Affecting Our Business – Lagos Prostitutes Lament
Wait oh… Am I the only one that doesn’t understand why Dollar is increasing and how this works? So it’s…Read More Dollar now sells at between 280 and 300 Naira… WOW – CBN Governor
Kano (Nigeria) (AFP) – The raging Boko Haram insurgency in northeast Nigeria has hit the region’s fishing industry, causing shortages and driving up prices, union leaders say.
The major city of Maiduguri has been particularly affected, as the
authorities in neighbouring Niger have detained huge consignments of smoked fish on security grounds.
For over a week, more than 200 vehicles loaded with the fish and destined for the capital of Borno state have been held outside the Nigerien border town of Diffa, pending searches.
The head of the fishermen’s union in Borno, Abubakar Gamandi, said the city and the wider northern region was now facing an “unprecedented shortage” of fish.
“The fish suRead More How Boko Haram violence inflates fish price in NE Nigeria
CBN Governor writes to Mr. President alleging that “between January 2012 and July 2013, NNPC lifted 594,024,107 barrels of crude oil valued at $65,332,350,514.57. Out of this amount NNPC
repatriated only $15,528,410,098.77 representing 24% of the value. This means the NNPC is yet to account for, and repatriate to the Federation Account, an amount in excess of $49.8 billion or 76% of the value of oil lifted in the same period.”
September 26, 2013:
Presidency receives CBN Governor’s letter.
September 27, 2013:
PRead More Missing $20bn Oil Revenue is a true story – NNPC
The naira weakened a second day and Nigerian stocks headed for biggest drop since 2010 as central bank measures to protect the currency of Africa’s largest crude producer from falling oil prices stifled trading.
There were nine trades in the naira between 9 a.m. and 12:30 p.m. in Lagos, compared with 122 in the same period four weeks ago, according to data compiled by Bloomberg from at least 39 local and international banks. The naira weakened 0.8 percent to 185 per dollar, extending losses over the past three months to 11 percent, the most of 24 African currencies tracked by Bloomberg.
The Abuja-based regulator last month told banks to clear foreign exchange positions daily, having previously allowed them net-open positions of 1 percent of shareholder funds. The move has made it difficult for non-Nigerian investors to exit their holdings, according to Samir Gadio, head of African strategy at Standard Chartered Plc.
“For those whoRead More Nigeria’s Naira Drops as Central Bank Controls Choke Trading