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Nigerian foreign-currency dealers halted trading after the central bank changed rules on how many dollars can be held at the end of the day to limit speculating against the plunging naira.
As the price of international benchmark Brent crude, against which Nigeria’s oil is priced, has plummeted below $60 per barrel, experts have highlighted the increasing challenge facing the Nigerian economy. The price of Brent crude oil fell to $58.50 per barrel on Tuesday for the first time since May 2009, from a little above $61... [Read More...]
A former United States ambassador to Nigeria, John Campbell, has raised the alarm that current situations in Nigeria, especially falling oil prices, are making it difficult for the country to avoid disintegration. He stated that apart from the Boko Haram insurgency plaguing the country, the falling oil prices posed a new challenge to the Federal... [Read More...]
Lower-than-expected economic growth data released by China last week may worsen Nigeria’s already battered oil revenue situation in 2015, findings by our correspondent have shown. This came just as Nigeria is reportedly already facing the negative prospects of approximately N1.3tn cut in government spending next year following drastic fall in global oil prices. But Brent... [Read More...]
Beijing 2008 Olympic Bronze medallist, Chika Chukwumerije, has said Nigeria is on the track to a medals haul at the 2015 All Africa Games and the Rio 2016 Olympics if the current tempo is sustained. Nigeria recently achieved a record medal haul of 10 medals in an international tournament at the 2014 Commonwealth Taekwondo Championships... [Read More...]
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