Naira tumbles to 371 as dollar scarcity persists

The continuing pressure on the naira rose sharply on Wednesday with the local currency tumbling to a new low of 371 against the United States dollar at the parallel market. It had closed at 361 per dollar on Tuesday.

Ecobank Nigeria fires 1,040 workers as Business goes bad in Nigeria

The gale of job losses being witnessed in the country due to the current economic hardship has caught up with Ecobank Nigeria, which has sacked over 1,040 of its employees.

Stocks tumble on panic selling: Investors lose N425.6bn

The gains recorded in the Nigerian stock market were reversed, yesterday as investors lost N425 .6 billion as a result of panic selling.

Naira Loses More Value Against Dollar At Parallel Market

The Nigerian currency, Naira, has on Wednesday depreciated further at the parallel market, exchanging for N322 to the Dollar.

FOREX crisis: Food, beverage sector to sack 3m workers

ORGANISED Labour, yesterday, raised alarm that the food, beverage and tobacco sector of the nation’s economy was on the verge of shutting down and that over three million jobs were at risk due to the inability of companies to source foreign exchange to import raw material for operations.

Our growth, a result of Jonathan’s economic policies – Dangote

President and Chief Executive of Dangote Group, Aliko Dangote said President Goodluck Jonathan’s administration has helped the company greatly.

According to him, the group will not be where it is without help from the President.

Customs re-imposes ban on rice importation

The Nigeria Customs Service has re-introduced the restriction order on importation of rice through land borders across the country.

Only APC members are enjoying Buhari – Chris Ngige

The former Anambra  State Governor said people  complaining  of hardship  are PDP loyalists

AS a seasoned politician and professional medical doctor, Dr Chris Ngige, the Minister of Labour and Employment has established himself as a household name.

Nigeria too small for our products, by Aba shoe makers

In this second report on made-in-Aba shoes, part of our continuing focus on Aba cluster industries, STEVE OKO writes that with appropriate government support and encouragement, Aba shoes makers can conquer not only Nigerian market but also African market as a whole.

2m youths to lose jobs over closure of sachet water firms in Kano

Kano – No fewer than two million youths may lose their jobs due to the closure of some Sachet water producing factories in Kano Alhaji Muktar Tata, the Secretary-General of the state chapter of Association of Sachet Water Producers of Nigeria, made the disclosure while speaking with newsmen in Kano on Wednesday.

Inflation rate hits double digit, worst in 3yrs

By Emeka Anaeto, Babajide Komolafe, Abdulsalam Muhammad, Luka Binniyat, Anayo Okoli & Francis Igata

LAGOS — Inflationary pressure in Nigeria’s economy has hit a double digit, upstaging major monetary policies of the Central Bank of Nigeria, CBN. National Bureau of Statistics, NBS, February report released yesterday indicated that Consumer Price Index, CPI, which measures inflation recorded a significant uptick with the headline index increasing by 11.4 per cent year-on-year, roughly 1.76 percentage points higher from 9.6 per cent recorded in January.

London market closing due to ‘low patronage’ from Nigerians

A shop manager said business is dwindling in the area due to a significant in the number of Nigerian customers.

London’s world famous Sunday market, better known as Liverpool Street Market, in East London is facing hard times as some of its businesses are folding up while many others are struggling to stay afloat due to the low patronage of Nigerians, a Daily Trust findings have shown.
The 400-year-old market, which sells mainly clothes for women, men and children; designer goods, as well as bric-a-brac and household goods, is patronised mainly by Nigerians and other customers from around the world.

Nigeria’s GDP growth falls to lowest since 1999

The gross domestic product (GDP) growth rate of Africa’s largest economy, Nigeria, has fallen to a 16-year low of 2.815 percent – the lowest since the return of democracy in 1999.

According to the World Bank, Nigeria’s GDP growth rate for 1999 stood at 0.47 percent and peaked in 2004 at 33.7 percent, growing at an average of six percent from 2005 to 2013.

South Africa Owns 120 Companies In Nigeria – Zuma

The South African President, Jacob Zuma, yesterday, while addressing a joint session of the National Assembly in Abuja, disclosed that the country has over one hundred and twenty companies in Nigeria.

You can’t ban forex for citizens’ kids abroad while your kids benefit, Bruce tells Buhari

Ben Bruce, senator representing Bayelsa east, says it is unfair for President Muhammadu Buhari to ban forex for Nigerian students schooling abroad, while his own children are benefiting from it

. During an interview with Al Jazeera last week, the president said Nigeria could no longer afford giving forex to Nigerians schooling abroad due to falling foreign exchange reserves.

Nokia CEO ended his speech saying this “we didn’t do anything wrong, but somehow, we lost”. By: Ziyad Jawabra

During the press conference to announce NOKIA being acquired by Microsoft, Nokia CEO ended his speech saying this “we didn’t do anything wrong, but somehow, we lost”. Upon saying that, all his management team, himself included, teared sadly.

Arbitrary charges: Customers boycott banks today

Thousands of bank customers across the country are expected to boycott banking services on Tuesday (today) to express their grievances against alleged “arbitrary, illegal and excessive charges” by the Deposit Money Banks.

Nigeria fines Globacom, MTN N34 million

The Nigerian Communications Commission, NCC, has fined MTN Nigeria and Globacom Ltd a total of N34 million for breach of the Mobile Number Portability business rules and regulations.
The regulatory body made this known in its “2015 Q4 Compliance Monitoring and Enforcement Reports’’ obtained by the News Agency of Nigeria on Sunday in Lagos.

Nigerians Will Soon Queue To Buy Salt – Economy Expert Pat Utomi

Pat Utomi, professor of political economy and management expert, says Nigerians may begin queuing to buy salt if the government fails to handle the fundamentals of the economy.
Speaking on Sunrise Daily, a breakfast programme on Channels Television, on Thursday, Pat Utomi said the government needs to deal with the fundamentals of a producing economy.

Nigerians pay highest electricity tariffs in Africa – Group

A consumer rights group, Consumer Rights Advancement Organisation, CRADO, has lamented that prior to the recent increment in electricity tariff; Nigerians had been paying the highest tariff per kilowatt in Africa and wondered what justification the Nigerian Electricity Regulatory Company, NERC, has for effecting the hike.