Foreign Reserves Depreciated By $790m       Nigeria’s foreign exchange reserves have depreciated by $790 million despite the rise in crude oil prices. The foreign reserves stood at $34.43 billion as at May 17 data from the Central Bank of Nigeria (CBN) website showed. Managing Director, Financial Derivatives Company...

Banks Slash Dollar-cash Deposits to $5,000 Monthly       Nigerian banks have reduced the amount of United States dollars customers can pay into their domiciliary accounts from the previous $10,000 to $5,000 monthly. A top bank official who craved anonymity confirmed the new policy yesterday. However, the new policy...

Agric Innovation: BUK, Dantata Foods Promote Carbon Trading     The Bayero University Kano Centre for Dryland Agriculture (CDA) and the African food giant, Dantata Foods and Allied Products Company Limited have agreed to promote the generation of carbon among small holder farmers in Nigeria through a...

Reps Summon NNPC, CBN, FIRS, EFCC, Probe Illicit Financial Flows       The House of Representatives has resolved to invite various departments and agencies of the Federal Government over illicit financial flows in Nigeria. At the plenary on Thursday, the House specifically mandated its committees on Finance; Anti-Corruption;...

Fear Of Federation Account Depletion Raises As Crude Nears $70       The international oil benchmark, Brent Crude, was less than 30 cents from hitting $70 amid market optimism on the United States and Europe reopening. The benchmark had gained $0.83, to trade at $69.71 as of 2:44...

Buhari Orders Review Of FG’s Payrolls To Cut Costs     The federal government has initiated a raft of measures to cut the cost of governance in the face of dwindling revenue occasioned by the headwinds of the COVID-19 pandemic and the attendant global economic tailspin. Minister of...