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The naira is expected to appreciate further against the United States dollar in the coming week as offshore investors pile into local stocks, currency and financial analysts told Reuters. The analysts, said, the naira will likely strengthen against the dollar in the coming days as more offshore...

Royal Dutch Shell lifted force majeure on exports of Nigeria's Forcados crude oil, a spokeswoman said on Wednesday, bringing all of the West African country's oil exports fully online for the first time in 16 months. The resumption of Forcados, which typically exports 200,000-240,000 barrels...

Nigeria's President, Muhammadu Buhari may be heading home from his medical leave this weekend, Presidency sources told Reuters on Tuesday. Buhari traveled to Britain on May 7 in relation for an undisclosed ailment and handed over power to his deputy, Prof Yemi Osinbajo, who has been piloting...

Discussions between Etisalat Nigeria and its lenders to renegotiate the terms of a $1.2 billion loan have reached deadlock after the telecoms firm missed a payment, Sources with knowledge of the matter told Reuters. Lenders, under pressure to avoid loan-loss provisions, are pushing to finalise...

The Central Bank of Nigeria, CBN, has explained why it was necessary for the apex bank to create several exchange rates in the forex market. CBN spokesperson, Isaac Okarafor, told Reuters that the multiple exchange rates are the only way forex liquidity could be maintained while simultaneously...

Nigeria's foreign reserves fell to a two-week low of $30.29 billion on March 29, the Central Bank of Nigeria (CBN) data showed on Friday. This development is coming over CBN continued intervention on the currency market in March to support the ailing naira after it effectively devalued it in a...

President Jacob Zuma of South Africa is considering offering to step down in 2018, at least 12 months before his term ends, senior party sources told Reuters n Thursday. "The offer, is under a deal with opponents in his ruling party that would see Finance Minister Pravin Gordhan leave office...

A fresh xenophobic attack occurred overnight in Johannesburg, where about 100 people ransacked shops Monday, police said. Doors and windows were smashed in, and food and other items were strewn on the floor in stores believed to belong to immigrants in Jeppestown, an area in the central...

Nigerian protesters on Thursday attacked and vandalised the head office of Africa's biggest mobile firm in Abuja in apparent retaliation for anti-Nigerian violence in South Africa. South Africa's mobile operator MTN Group, who visited Acting President, Yemi Osinbajo said they are concerned over...

Astronomers have found a nearby solar system with seven Earth-sized planets, three of which circle their parent star at the right distance for liquid surface water, bolstering the prospect of discovering extraterrestrial life, research published on Wednesday showed. The star, known as...

The Federal Government has said it will not apply for International Monetary Fund loan. Minister of finance, Kemi Adeosun stated this in an interview with CNBC. She said: “For us the IMF is really a lender of last resort when you have balance of payments problem. Nigeria doesn’t have balance...

Gambian President Yahya Jammeh said he would not step down and nobody can deprieve him of power except Almighty Allah. He also condemned mediation by West African regional bloc ECOWAS that aims to get him to leave power after he lost a Dec. 1 election to challenger Adama Barrow. The comments...

The Debt Management Office (DMO) has a short list of banks to manage its planned $1 billion Eurobond sale, Reuters quoted an official of the debt office to have said. The Eurobond is part of Nigeria’s plans to borrow a total of N1.8 trillion ($5.8 billion) from abroad and at home to fund an...

Samsung Electronics Co Ltd suspended production of its flagship Galaxy Note 7 smartphones after reports of fires in replacement devices added to the tech giant's worst ever recall crisis. Top U.S. and Australian carriers also suspended sales or exchanges of Note 7s, while major airlines...

Saudi Arabia is set to cut ministers' salaries by 20 percent and scale back financial perks for public sector employees in one of the most drastic measures to save money for the economy at a time of low oil prices. The measures, disclosed in a cabinet statement and royal decree broadcast on...

Crude Oil prices rose on Thursday as a weaker dollar and a surprisingly large drop in U.S. crude inventories emboldened investors ahead of next week's meeting between OPEC members and Russia to discuss supply. Brent crude futures which Nigeria oil trades rose 84 cents, or 1.8 percent, to $47.67...

Volkswagen's return to Kenya comes more than four decades after the German auto giant stopped production in the country in the 1970s. It will join other brands already operating in Kenya, including Isuzu, Toyota, Nissan and Mitsubishi. The German carmaker has announced it will resume producing...

Nigeria's naira was quoted at an all-time low of 412 per dollar on the parallel market on Friday as a dollar shortage persists, traders said. According to Reuters on account of traders, some bureaux de change operators have been finding it difficult to access their forex account and get dollar...

South African hotel and gaming group, Sun International said on Monday it had decided to exit Nigeria due to weak economic growth and clashes with regulators in the West African country. “The Board has decided to exit Nigeria and steps will be taken to achieve this in a manner that does not...

Nigeria's naira hit an all-time low of 350.91 to the dollar on Friday in one interbank market trade worth $1 million, Thomson Reuters data showed. The currency began the day at 317.50 naira to the dollar. A total of only $2.01 million had been traded as of 1143 GMT. The naira over the last...