Chijioke Ohuocha

Nigeria sets capital rules for mobile money licences

31 Aug 2020

ABUJA Nigeria's central bank said it will grant more licences for payment service banks but set a minimum capital base of $13 million, which could deter telecoms firms and some other potential new entrants to the digital financial services sector.

Nigeria targets non-oil exporters to boost FX as recession looms

27 Aug 2020

ABUJA, Aug 27 Nigeria's central bank is trying to force non-oil exporters to process dollar proceeds through domestic lenders to increase dollar liquidity and support the ailing currency, a circular seen by Reuters showed on Thursday.

Nigeria cocoa output to fall in 2020/21 on virus, dry weather -cocoa association

26 Aug 2020

ABUJA, Aug 26 Nigerian cocoa output is likely to drop by at least 20% this season as measures aimed at curbing the spread of the novel coronavirus and drier weather increase the chances of a poor harvest, the president of the cocoa association said.

Nigeria naira eases to new low on black market on plans to reopen airports

19 Aug 2020

ABUJA Nigeria's naira fell 1.04% on Tuesday to a low of 480 on the black market after the government said it would reopen airports for international travel in two weeks' time, a move that could increase dollar demand, traders said.

Exclusive: Nigeria's $1.5 billion World Bank loan delayed over reforms - sources

17 Aug 2020

ABUJA/LAGOS The World Bank is unlikely to approve a much-needed $1.5 billion for Nigeria in August as planned due to concerns over desired reforms, three sources familiar with the talks told Reuters.

UPDATE 2-Nigerian inflation rises for 11th month in July as import disruption weigh

17 Aug 2020

Aug 17 Annual inflation in Nigeria rose for the 11th straight month in July, the statistics office said on Monday, as the novel coronavirus pandemic took its toll on imports and logistics.

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 squeezed as central bank shores up naira

28 Jul 2020

ABUJA/LONDON, July 28 Nigeria's banks are expected to take a big hit to revenues and face rising borrowing costs this year as central bank measures to support the naira currency squeeze lenders already hit by fallout from coronavirus and the oil price shock, analysts say.

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.

World News