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Nigerian Banks Barred From Holding Funds In Dollars

AFRICANGLOBE - The Central Bank of Nigeria today barred banks from holding their own funds in dollars in a bid to to end the speculative pressure on the naira that has seen it fall over 12 percent against the dollar this year.

Africa the Next Economic Frontier – Moghalu

AFRICANGLOBE - Moghalu said that Africa should emulate Asia by making itself matter as a growth pole in its own right, adding that with 3% of world trade and 5% of total global Foreign Direct Investment, the continent still plays a negligible role in the global economy.

Nigeria Offers Hand Up to Entrepreneurs

AFRICANGLOBE - The fund was officially launched in Abuja Thursday. The MFBs are in turn expected make the funds available for on-lending to young entrepreneurs, particularly businesses managed by women at reasonable rates.

Nigeria’s Central Bank Gov Backs Single Currency For Africa

AFRICANGLOBE - Central Bank of Nigeria (CBN) Governor, Sanusi Lamido Sanusi has thrown his weight behind the proposed Africa Monetary Union which will see the continent have one central bank and a single currency.

Nigeria Loses U.S.$2.7 Billion to Oil Production Decline

AFRICANGLOBE - Nigeria is estimated to have lost about $2.7 billion or N426 billion from decline in crude oil production in the last quarter of 2012 - October to December, even as it earned $16.075 billion or N2.54 trillion from crude oil export in the same period.

Nigeria Records U.S.$35.44 Billion Forex Inflow

AFRICANGLOBE - The Central Bank of Nigeria (CBN) has disclosed that a total forex inflow of $35.44 billion was realised by the country as...

Nigeria’s Billionaire Debtors and the Economy

AFRICANGLOBE - Access to credit, or a lack thereof, by consumers and businesses in capitalist and mixed financial systems usually serves as a major...

Nigeria: Foreign Reserve Hits U.S.$42 Billion

Nigeria's foreign external reserves last week hit $42 billion as international rating agency, Fitch put the country's Long-term foreign and local currency Issuer Default...

Nigeria: Oil Production Falls Below Govt’s Projection

The Central Bank of Nigeria (CBN) said Monday that the country pumped 2.12 million barrels per day (bpd) of crude oil in the second...

Does Nigeria’s Lamido Sanusi Favors Developmental-Statism

AFRICANGLOBE - Could the governor of the Central Bank of Nigeria, Sanusi Lamido Sanusi, feel at home among the proponents of muscular 'developmental-statism' in Africa?

Nigeria’s Foreign Reserves Fall

Nigeria's foreign reserves continued its downswing as it reduced further by $220 million in four days, to close at $37.242 billion, data from the...

A Plot to Kill Nigeria’s Economy

The National Assembly may be crossing the Rubicon by amending the Central Bank of Nigeria Act 2007. But if the views of other stakeholders...

Nigeria the Least Indebted Developing Nation – PDP

The Peoples Democratic Party (PDP) has said that Nigeria, against what it termed the misinformation by the Action Congress of Nigeria, ACN, is still...

Nigerian Economy Third Fastest Growing in the World

Despite security challenge posed by the Boko Haram sect and other issues, Nigeria's economy recorded an unprecedented growth as it is said to be...

Nigeria Economic Growth Remains Strong – IMF

The International Monetary Fund (IMF) says Nigeria's economic growth remains strong. It said this in a statement posted on its website after the Executive Board...

Show Some Fiscal Discipline, Sanusi Tells Nigerian Government

AFRICANGLOBE - The Governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, Monday night reiterated the need for Nigeria's Federal Government to imbibe sound fiscal discipline in order to ensure stable exchange and low interest rates in the country. Sanusi, who said this after receiving Forbes African Person of the Year at a dinner in Lagos, said Nigeria could not achieve stable exchange and low interest rates with her current spending pattern.