Edition:
United Kingdom

Chijioke Ohuocha

Starved of dollars, Nigerian businesses struggle for survival

30 Jul 2020

LAGOS/ABUJA As women in hairnets and anti-coronavirus masks sort through folded nappies coming off a conveyor belt, the head of the Nigerian firm they work for wonders how much longer he can afford to keep them in employment.

Nigerian banks to limit debit card spending abroad to ease FX risk

19 Jul 2020

ABUJA Nigerian banks plan to reduce the amount customers can spend abroad using debit cards on Monday, two lenders said, as banks try to limit foreign currency settlement risk.

UPDATE 1-Nigeria's naira eases 5.5% as central bank moves to unify FX rates

07 Jul 2020

ABUJA, July 7 Nigeria's naira eased 5.5% on the official market on Tuesday, after the central bank sold dollars to lenders at a lower rate, bowing to pressure from international lenders to unify its multiple exchange rates.

UPDATE 1-Nigeria levied $338 mln from banks before weakening retail FX rate

06 Jul 2020

ABUJA, July 6 Nigeria's central bank collected 122 billion naira ($338 million) from banks with excess cash before weakening the currency at a retail auction on Friday, in a move to unify its multiple exchange rates, bankers told Reuters on Monday.

Actis-backed African education group acquires Nigerian university - CEO

01 Jul 2020

ABUJA, July 1 A pan-African education group backed by global investment firm Actis has acquired its first university in Nigeria as it seeks to make inroads into Africa's largest economy, its chief executive told Reuters.

Nigeria needs to deepen reforms to boost growth, revenues - World Bank

26 Jun 2020

ABUJA, June 26 Nigeria needs to deepen economic reforms and boost government revenues in order to have a sustained recovery after a coronavirus-induced oil price shock that slashed income and weakened its currency, the World Bank's country director told Reuters on Friday.

Nigerian banks to restructure over a third of loans -MPC member

25 Jun 2020

ABUJA, June 25 Nigerian banks plan to restructure over a third of loans after running into repayment problems due to the coronavirus pandemic, a member of the central bank monetary policy committee said.

UPDATE 1-Nigeria talking to World Bank and others to raise $6.5 bln

24 Jun 2020

ABUJA, June 24 Nigeria is in discussions with the World Bank and other multilateral lenders to raise $6.5 billion, the finance ministry said in a document seen by Reuters on Wednesday.

UPDATE 2-Nigeria central bank to work to unify FX rates across markets

24 Jun 2020

ABUJA, June 24 The Nigerian central bank will work towards the gradual unification of exchange rates across all forex windows, the bank said in a document seen by Reuters on Wednesday.

UPDATE 3-Nigeria levies $598 mln from banks via cash ratio debit ahead of FX auction

19 Jun 2020

ABUJA, June 19 Nigeria's central bank has collected 216 billion naira ($598 mln) from banks with excess cash holdings as part of measures to support the naira currency, leading to a spike in money market rates, bankers said on Friday.

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