Following a decline in the value of the local currency relative to the US dollar, Nigeria’s central bank placed restrictions on the amount of foreign
Category: Africa
The Nigerian naira fluctuated widely to hit a record low of N1,421 per US dollar on the official market. – FMDQ
As the currency fluctuated significantly to overshoot the unofficial parallel market rate, Nigeria’s naira fell to a new low against the dollar on Friday on
China to pay 1.2% royalties and spend $7b on infrastructure in exchange for ownership of Congo mines.
Chinese construction companies said on Saturday that they have reached a deal over their Sicomines copper and cobalt joint venture in the Democratic Republic of
The $1.3b Chinese-funded Zungeru power plant comes on stream with Nigerian managers.
Almost a year after securing the concession, Nigeria’s Mainstream Energy, which now manages two of the largest hydroelectric plants in the nation, has started to
Tullow Oil will get $600 million in free cash flow from Jubilee Oil wells in the next 2 years.
On Wednesday, Tullow Oil announced that the commencement of the Jubilee South East operation off the coast of Ghana had boosted production and exceeded forecasts
Mota-Engil, Portugal’s largest builder, wins $1b contracts in Angola and Mexico.
The largest builder in Portugal, Mota-Engil, has signed four contracts in Angola and Mexico worth a combined total of 975 million euros ($1.06 billion). This
Nigeria’s central bank, in a bid to boost investors’ confidence, clears 14 banks’ FX backlog and takes on airlines.
An official said on Wednesday that settlements with international airlines have now started after Nigeria’s central bank cleared 14 banks’ whole foreign exchange forwards liabilities.
Shell will sell Nigeria’s onshore oil business for $2.4 billion after nearly 100 years of operations.
Following nearly a century of operations, British energy giant Shell has decided to sell its Nigerian onshore oil and gas division to a group of
Nigeria’s inflation hits 28.92% in December, the highest in 27 years.
Food prices spiked in December, making inflation in Nigeria the worst it has been in over 27 years. This exacerbated the country’s cost-of-living crisis and
Nigeria’s central bank pays $2b of a $7b matured forward contract amid the FX crunch.
To clear a backlog of dollars, Nigeria’s central bank has paid roughly $2 billion in unpaid foreign exchange forwards in the previous three months, according
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