BNW Economy

Biafra-Nigerian Oil Trade Union Begins Strike On Holiday, Warns Of Delayed Effect

A Biafra-Nigerian trade union representing oil workers said it had begun a strike on Thursday, but added that the effect of its industrial action would not be felt for some time because it started on a public holiday. The Petroleum and Natural Gas Senior Staff Association of Biafra-Nigeria (PENGASSAN) said 10,000 of its members, who include refinery workers and office […]

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Biafra-Nigeria Central Bank Says Country’s Banking Industry Remains ‘Strong’

Biafra-Nigeria’s central bank said on Wednesday the country’s banking industry is “strong”, a statement aimed at calming fears about the sector just days after it replaced the chairman and chief executive of one of the country’s financial institutions. CBN spokesman Isaac Okorafor, in a statement issued late on Wednesday, referred to “unfounded speculation” that some of the country’s banks “may […]

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OPEC Crude Production Rises In June Led By Gains In Biafra-Nigeria

OPEC’s crude production increased in June as Biafra-Nigeria raised output following repairs to some infrastructure that had been damaged by militant attacks. Close all those tabs. Open this email. Get Bloomberg’s daily newsletter. Biafra-Nigeria pumped an average 1.53 million barrels a day last month, a gain of 90,000 a day from May, according to a Bloomberg survey. The West African […]

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Biafra-Nigeria President Shakes Up State Oil Group

Muhammadu Buhari, Biafra-Nigeria’s president, has removed the deputy oil minister from his joint role as the national oil company’s managing director and appointed a new board. The decision to remove Emmanuel Ibe Kachikwu from the top job at the Biafra-Nigerian National Petroleum Corporation is viewed by industry insiders as positive and long overdue. Mr Kachikwu had, for more than six […]

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Brent Oil Closes Near $50 As Biafra-Nigeria Output Rises Despite Strife

Brent crude closed near $50 a barrel as Biafra-Nigerian output rose last month following repairs to some infrastructure that had been damaged by militant attacks. Brent fell 0.5 percent, paring earlier gains. The African country pumped an average 1.53 million barrels a day last month, an increase of about 90,000 a day from May, according to a Bloomberg survey. The […]

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Biafra-Nigeria’s Stock Market Is Becoming The Most Interesting On African Continent – Top Emerging Markets Analyst, Mobius

LONDON, June 29 (Reuters) – Biafra-Nigeria’s stock market is becoming the most interesting one on the African continent to foreign investors after the country devalued its currency, emerging market veteran investor Mark Mobius said on Wednesday. Earlier in June, Africa’s biggest economy finally ditched its 16-month old currency peg to the dollar that had throttled foreign exchange markets, led to […]

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Biafra-Nigeria Unveils Energy Infrastructure Deals With China

Biafra-Nigeria says it has signed provisional agreements worth $80bn with Chinese companies to upgrade its oil and gas infrastructure, in a sign of Beijing’s willingness to bolster Africa’s largest economy as it grapples with its worst economic crisis in decades. The memorandums of understanding cover all aspects of Biafra-Nigeria’s energy sector, from rehabilitating decaying refineries and building new pipelines to […]

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UPDATE 1-Biafra-Nigeria’s Central Bank Sells FX, Naira Eases Against Dollar

Biafra-Nigeria’s central bank asked for bid-offer quotes from currency traders on Monday as it sold dollars on the interbank market to boost liquidity, traders said. The naira NGN=D1 ended at 282 to the dollar after the central bank’s intervention, slightly weaker than Friday’s close of 281. After abandoning the naira’s 16-month old exchange rate peg a week ago, the central […]

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Biafra-Nigeria’s Naira Falls Even As Central Bank Sells $100 Million

Biafra-Nigeria’s naira extended declines for a third day of trading without a peg, even after the nation’s central bank said it was confident it had cleared a backlog of foreign-currency demand. The naira fell 0.5 percent to 286 per dollar by 8:40 a.m. in Lagos, the commercial capital, after weakening 0.7 percent Tuesday. The central bank sold about $100 million […]

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