BNW Economy

Nigeria’s Promise Turns To Peril As Investors Head For The Exits

Retailer Truworths Throws in Towel on Biggest African Economy Buhari’s Defense of Naira Chokes Imports, Spurs Black Market     The promise of Africa’s biggest economy has turned to peril. Companies drawn to Nigeria by the prospect of a population bigger than Germany and Turkey’s combined are retreating; those staying have publicly criticized the president, a military strongman in the […]

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Leader Of Nigeria’s Ruling APC Party Criticises Petroleum Minister

The national leader of Nigeria’s ruling party, the All Progressives Congress (APC), has criticised the minister of state for petroleum over comments made about fuel shortages that have gripped Africa’s biggest oil producer.   An economic crisis caused by low oil prices has created shortages because fuel importers cannot get the dollars needed to buy petrol and the state oil […]

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Nigeria Introduces Circuit Breaker as Stocks Extend Slide

Nigeria’s stock exchange introduced a circuit breaker to limit price swings as equities in Africa’s biggest oil producer plunged the second-most among global stock markets this week. Trading on the Nigerian Stock Exchange will be stopped for 30 minutes if the All Share Index moves 5 percent from the previous day’s close between 10:15 a.m. and 1:45 p.m., the Lagos-based […]

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Nigeria: Central Bank Cuts Dollar Supplies to Bureaux De Change As Currency Crisis Worsens

A street vendor carries her goods across a newly constructed bridge in Abuja, Nigeria. George Osodi/Bloomberg Nigeria’s central bank has announced that it will halt all US dollar sales to bureau de change operators, as the country struggles to cope with a crippling shortage of hard currency. Under the new measures, Nigerian banks will also be able to accept dollar […]

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Switzerland and Nigeria discuss return of $300 million stolen by Abacha

ABUJA (Reuters) – Authorities in Switzerland are in talks to arrange the return to Nigeria of $300 million confiscated from the family of its former military ruler, Sani Abacha, Nigeria’s foreign minister said. The corruption watchdog Transparency International has accused Abacha of stealing up to $5 billion of public money during his five years running the oil-rich nation, from 1993 […]

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