NNPC claims Nigeria no longer pays petrol subsidy. That’s unlikely
The Nigeria National Petroleum Corporation Ltd. on Monday denied the government paid petrol subsidy despite the price control in place and the rising oil...
NNPC is again Nigeria’s sole petrol importer months after reforms
NNPC Ltd has resumed its role as the exclusive importer of petrol into Nigeria due to challenges faced by licensed local private firms in...
Naira sinks to long-feared black market rate of 1,000 to dollar
The naira fell to a new record low of 1,000 to a dollar on the parallel market on Tuesday, traders said, driven by speculation...
Emefiele and four deputies resigned, CBN says
Former governor of the Central Bank of Nigeria, Godwin Emefiele, has resigned, the bank confirmed Friday.
The bank's four deputy governors that served in the...
Minister blames naira fall on $6.8bn forex payment backlog
Finance minister Olawale Edun says Nigeria has to clear a $6.8 billion backlog of foreign exchange forward payments before the naira stabilizes.
Forward contracts allow...