Bussiness 

Nigeria To Reschedule $3bn Debt With More Foreign Borrowing

At last Nigeria has resolved to refinance its $3 billion worth of naira-denominated short-term treasury bills with dollar-loan borrowing as from 2017 to 2020. In addition to the fact that it costs less to service dollar- denominated treasury bill, the new policy thrust is part of the government programme to fasten the means to economic recovery for a three-year duration. Finance Minister Kemi Adeosun, disclosing this on Wednesday said her ministry was aiming at borrowing less local currency, the naira, but more in foreign currency. She said the government could…

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Bussiness 

NSE LIVE! Nestle Nigeria Hits N1,200 Per Share As Equities Sustain Rally

Nigeria’s highest-priced stock, Nestle Nigeria hit a new high at N1, 200 per share on Wednesday after leading a rally that saw Nigerian equities’ benchmark index crossing the 38, 0000 points. Nestle Nigeria had traded at a low of N570 per share in the past 12 months. This indicates a gain of 110.5 per cent between the food and beverage giant’s lowest and current highest price. Nestle Nigeria recorded the highest gain of N49.07 to close at N1, 200. The gains by Nestle Nigeria and other fast moving consumer goods…

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Bussiness 

Court Strikes Out FG’s $793m TSA Suit, Awards N1.2m To Banks

application for discontinuance filed by the Attorney General of the Federation and Minister of Justice, Abubakar Malami. Granting the AGF’s application for discontinuance of the suit, Justice Obiozor held, “I have considered the stage at which the notice of discontinuance was filed in this suit; the suit has yet to proceed to trial. “I have also considered the reason given for withdrawal of the suit, which as it were, was of public interests. The proper order to make in this matter is to strike out and not to dismiss. I…

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Bussiness 

Buoyed By Sustained Forex Earnings, Nigeria’s External Reserves Hit 2-Yr High At $31.2bn

Nigeria’s external reserve has risen to a two-year high of $31.2 billion even as the naira appreciated to N367.5 kobo at the Investors & Exporters (I&E) window. Data from the Financial Market Dealers Quote (FMDQ) showed that the indicative exchange rate for the window, also known as, Nigeria Autonomous Foreign Exchange, NAFEX, dropped from N368.17 per dollar on Tuesday to N367.5 per dollar yesterday, translating to 67 kobo appreciation for the naira. This is in contrast to the N1.73 depreciation suffered by the naira in the market in the first…

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