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CBN sells forex worth $258.5m

Sep 3, 2013

The Central Bank of Nigeria on Monday sold $258.5m (N40.06bn) worth of foreign exchange at its bi-weekly Wholesale Dutch Auction System. The News Agency of Nigeria reported that the CBN sold $263.67m at the previous WDAS on August 28. Some dealers attributed the decrease in forex sales to the drop in oil price at the…

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Telcos, oil companies require more incentives to list on NSE

Sep 3, 2013

Boniface Okezie:  I think beyond calling on companies to be listed on the exchange, both the Nigerian Stock Exchange (NSE) and the Security and Exchange Commission (SEC) should be able to create an enabling environment for oil companies to list. It is not only about mere pronouncement for them to come and list, and not…

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Obasanjo advises RMAFC on revenue allocation formula review

Sep 3, 2013

A former President Olusegun Obasanjo on Monday in Abeokuta said the sharing of the nation’s revenue among the three tiers of government must be proportionate to the responsibilities they discharge. Obasanjo said it had become imperative that   the responsibilities of each of the tiers of government were quantified in order to ensure a fair and…

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OPEC daily basket price stood at $111.55/b on Friday 30th of August, 2013

Sep 2, 2013

The price of OPEC basket of twelve crudes stood at 111.55 dollars a barrel on Friday, compared with $112.80 the previous day, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), Basra…

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Lagos decries FG’s negligence over pipeline vandalism

Sep 2, 2013

Lagos State Government has blamed the Federal Government for its inaction and negligence over incessant cases of oil pipelines vandalism and degradation in the state. The Lagos state government equally condemned alleged ongoing arrest of innocent residents around Idimu/Ejigbo Local Council Development Areas, LCDA, by Nigeria Civil Defence Corps NCDC, without proper investigation over suspicion…

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Stanbic IBTC appointed as local sovereign wealth custodian

Sep 2, 2013

The Nigeria Sovereign Investment Authority (NSIA) has appointed Stanbic IBTC as its local custodian. A statement signed by the Vice President, Infrastructure, Markets & Investments and Special Advisor to the Managing Director NSIA  Obinna Ihedioha, said Stanbic IBTC’s custody team will work alongside JP Morgan and others as the NSIA’s global custodian. The statement said…

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CBN compels banks to buy dollars to halt naira depreciation

Sep 2, 2013

The Central Bank of Nigeria (CBN) on Friday compelled banks to buy dollars at N160.5 per dollar, in a bid to halt the four day depreciation of the naira at the interbank foreign exchange market. The unusual intervention forced the interbank exchange rate to N162.05 per dollar on Friday from N163.7 per dollar on Thursday,…

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Oil pollution: Bayelsa govt seeks help from Italy

Sep 2, 2013

The government of Bayelsa State has appealed to Italy to assist in remedying the state from environment degradation caused by oil pollution. The Chief of Staff, Bayelsa House, Abuja, Chief Diekivie  Ikiogha, made the appeal, when he paid a courtesy call on the Italian Ambassador to Nigeria, Ambassador Roberto Colamine. Chief Ikiogha in a statement…

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OPEC daily basket price stood at $112.80/b on Thursday, 29th August 2013

Aug 31, 2013

The price of OPEC basket of twelve crudes stood at 112.80 dollars a barrel on Thursday, compared with $112.25 the previous day, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes, ORB, is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq),…

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Brent slips after week of gains

Aug 31, 2013

Brent crude oil slipped to $115 a barrel on Friday as fears over supply disruptions in the Middle East eased after Britain said it will not join any military action against Syria. Oil prices were still on track for the biggest monthly gain in a year, with Brent up more than 6% in August after…

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