Foreign airlines flying to Nigeria have started to refuel abroad to bypass pricey, and increasingly scarce, jet fuel as the oil producer battles a hard currency shortage that has made fuel available only at a 25
Abuja (AFP) – The Central Bank of Nigeria (CBN) on Tuesday raised its benchmark interest rate to 14 percent from 12 percent in move to stabilise the country’s currency, the naira, and tame soaring inflation. 25
The Nigerian naira just dipped past 300 per dollar for the first time ever. The currency weakened by 2.3% to 300.25 per dollar around 8:41 a.m. ET, according to data from Bloomberg. The naira is 25
Business Insider/ Nigeria is finally going to do the painful thing everyone said it has to do. The central bank announced on Wednesday that the naira peg will be abandoned on Monday, June 20, and 25
Bloomberg News May 16, 2016 Strategists are criticizing Nigeria’s latest plan to rescue its currency — this time by relying on Chinese cash. On a visit to Beijing last month, President Muhammadu Buhari signed a 25
Elena Holodny | Business Insider/ The flow of foreign capital into Nigeria is drying up — and it’s a huge blow to its economy. Foreign investments into Africa’s biggest oil producer came in at $711 25
Paul Wallace | Bloomberg/PZ Cussons Plc said it is paying as much as 70 percent more than the official rate for dollars in Nigeria as central-bank trading restrictions reduce availability of foreign currency in Africa’s 25
Section 20 of the CBN Act of 2007 clearly states that the Naira “shall be legal tender in Nigeria at their face value for the payment of any amount.” Yet this law has meant nothing 25
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