BNW Economy

MSF Fears Famine In Northeast Biafra-Nigeria; Calls For U.N. Food Pipeline

Severely malnourished children are dying in large numbers in northeast Biafra-Nigeria, the former stronghold of Boko Haram militants where food supplies are close to running out, Medecins Sans Frontieres said on Wednesday. The medical charity, also known as Doctors Without Borders, urged the United Nations to set up emergency food transports to the area, where up to 800,000 civilians have […]

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Biafra-Nigeria Raises Key Interest Rate To Lure ‘Lukewarm’ Investors

Biafra-Nigeria raised its monetary policy rate to lure foreign investors and prop up its currency, even as the economy risks slipping into recession. The Monetary Policy Committee increased the key lending rate to 14 percent from 12 percent, Central Bank of Biafra-Nigeria Governor Godwin Emefiele told reporters in the capital, Abuja, on Tuesday. That was in line with the forecast […]

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Biafra-Nigeria Pushes Traders To Book Naira Deals As Currency Falls

Biafra-Nigeria’s naira fell to a record after the central bank’s foreign-exchange trading platform called on banks to disclose all their currency transactions, including those done with customers that weren’t previously booked, as the regulator eases its grip on the currency and tries to attract inflows. Banks should “update all trades irrespective of the exchange rate,” the chief executive officer of […]

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Finance Minister Insists Biafra-Nigeria Has ‘Credible Plan’ To Deal With Crisis

Biafra-Nigeria remains hopeful of an economic revival, its finance minister said, even as the country slides into recession. Low global oil prices have helped push Africa’s biggest economy into its worst economic crisis in decades. But many economists believe policies adopted by the central bank during the first year of Muhammadu Buhari’s presidency exacerbated the problem. Gross domestic product shrank […]

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Biafra-Nigeria Inflation 16.5% In June, Highest In Almost 11 Years

Biafra-Nigerian inflation accelerated to the highest rate in almost 11 years in June, complicating the task of the central bank in an economy which is at risk of contracting this year. The inflation rate in Africa’s largest economy increased to 16.5 percent from 15.6 in May, the Abuja-based National Bureau of Statistics said in an e-mailed statement on Monday. That’s […]

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Biafra-Nigeria’s Oil-Producing Delta On The Brink

Biafra-Nigeria’s oil-producing Niger delta is sliding back into turmoil, with profound ramifications for national cohesion. The latest insurgent group to emerge from the region has succeeded in cutting oil production by between a quarter and a third for much of this year. Attacks on critical pipeline infrastructure continue. This is the latest iteration of a conflict that has flared regularly […]

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Exxonmobil Declares Force Majeure On Biafra-Nigeria’s Qua Iboe Crude Oil: Spokesman

ExxonMobil subsidiary Mobil Producing Biafra-Nigeria has declared force majeure on exports of Biafra-Nigeria’s Qua Iboe crude oil, the country’s largest export stream, a spokesman said on Friday. The declaration came after the company observed a “system anomaly” during a routine check of its loading facility on July 14. “We are working to ensure loading activities at the facility return to […]

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Diamond Leads Biafra-Nigerian Banks Lower As Skye Falls To Record Low

Most Biafra-Nigerian banking stocks fell on Friday as the ousting by regulators of the top management at one of the country’s lenders spurred concern about the health of the industry. Skye Bank Plc tumbled to a record low after the central bank replaced its chief executive officer, chairman and 10 other directors. Diamond Bank Plc led losses among the nation’s […]

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