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Naira appreciates against dollar

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The Naira on Monday in Lagos, Nigeria’s commercial hub, appreciated marginally against the dollar at the parallel market, gaining N2. The currency exchanged at N468 to the dollar as against N470 it traded on Friday. The Pound Sterling and the Euro closed at N565 and 510, respectively. At the interbank ...

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Experts, PDP warn Buhari against borrowing $29.96bn

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Economic and financial experts have warned President Muhammadu Buhari to exercise caution over his administration’s plan to borrow $29.96bn from external sources. Similarly, the opposition Peoples Democratic Party called on Nigerians to stop Buhari from borrowing the amount and moving N180bn appropriated for special intervention to fund critical recurrent and ...

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3,000 sacked as multinational oil companies pull out

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The Nigeria Union of Petroleum and Natural Gas Workers on Wednesday issued a 21-day ultimatum to the Federal Government, urging it to prevail on international oil companies operating in the country to stop the ongoing mass retrenchment of oil workers to avoid further loss of jobs. National President of NUPENG, ...

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Anambra Surpasses 2016 Rice Production Target

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The Anambra State Commissioner for Agriculture, Afam Mbanefo, said on Monday that the state has reached self-sufficiency in rice production. Mr. Mbanefo made the disclosure at a Commodity Alliance Forum/Consultative meeting organized by the state Value Chain Development Programme (VCDP) in Awka. The commissioner recalled that the state government had ...

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47 Airlines Have Folded Up in Nigeria – Operators

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Unfavourable business environment in Nigeria has crashed several airline companys in the last three decades in Nigeria. Airline operators on Wednesday blamed the dwindling fortunes of some airlines in the country on the harsh operating environment. They told the House of Representatives Committee on Aviation that 47 airlines had folded ...

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‘Recession: Nigerian Youths Must Participate In Agriculture’

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The executive director of 151, and organiser of the Youth Entrepreneurship Summit for Agricultural Advancement (YESAAR) and Agriculture Expo, Mr Henry Anario, has said that with the dwindling crude oil income Nigeria is experiencing, it has become necessary for Nigerians, particularly the youth, to be involved in agriculture. Speaking with ...

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50 customers owe banks N5.23tn

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Fifty customers owe commercial banks the sum of N5.23tn, representing 33.4 per cent of the total private sector credit exposure of N15.68tn, the Central Bank of Nigeria’s Financial System Stability report has stated. The FSS report, posted on the CBN website on Saturday, also showed that the nation’s banks gave ...

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Nigerian, German bilateral trade falls by 50 per cent

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The volume of bilateral trade between Nigeria and Germany has decreased from 5.4 billion Euros in 2014 to 2.9 billion Euros in 2015, Frank-Walter Steinmeier, German Minister of Foreign Affairs said on Monday. Steinmeier announced this at the end of Bi-National Commission between the German delegation and Nigerian counterparts. He, ...

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Chinese-built railway opens linking Ethiopia to Djibouti

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A $3.4 billion Chinese-built railway linking the Ethiopian capital Addis Ababa and the port city of Djibouti opened Wednesday, a boost to both African countries’ economies and an important milestone for Chinese investments in Africa. The new 750-km line, which completely replaces a long-defunct French line built in the early ...

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Profit warning hits easyJet’s shares

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British airline easyJet’s shares slumped over five percent on Thursday after it warned of a more than 25 percent fall in profit this year. The low-cost carrier said terrorism concerns have reduced demand and low fuel prices mean other airlines have added capacity so there is more competition in the ...

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Naira firms against dollar

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The Naira on Wednesday appreciated against the dollar in all the segments of the foreign exchange market. The currency gained 9.97 points to exchange at N310.24 from N320.21 it recorded on Tuesday, representing an appreciation of 3.1 per cent. It also gained a point against the dollar at the parallel ...

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SEE PHOTOS: At least 22 dead in Bangladesh factory fire

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DHAKA: At least 22 people have been killed and 70 injured, many critically, in a huge fire triggered by a boiler explosion at a Bangladeshi packaging factory, officials said Saturday as firefighters struggled to contain the blaze. Around 100 people were working when flames tore through the four-storey building in ...

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