The Organisation of the Petroleum Exporting Countries (OPEC) is inching closer to the conclusion of agreements in favour of its trade strategies which will allow for stability in the crude oil markets. OPED is meeting in Vienna together with non-OPEC oil producers to discuss output policy while easing the opposition of Iran and Saudi Arabia in this regard.
The highest socio-cultural organization in the South-East, Ohaneze Ndigbo has hailed the judgment of the Supreme Court of Nigeria in the case between Innoson Group of Companies and Guaranty Trust Bank, NAN reports. The group in a statement issued on Monday by Chief Emeka Attamah, Media Adviser to its President-General, Chief Nnia Nwodo said that by the judgment, the apex court refused to be used in an ethnic warfare to thwart Innoson of a judicial victory at the Court of Appeal.
According to the monthly subscribers’ operator data posted on its website on Monday, the number of active mobile telephone lines increased by 11 million to stand 160 million. Data made available by the Nigerian Communication Commission (NCC) show that Globacom and 9mobile lost 471,782 internet subscribers between March and April.
The Central Bank of Nigeria (CBN) has rolled plans to issue N1.1 trillion worth of Treasury Bills (NTBs) in the third quarter of 2018. The apex bank disclosed this through its third quarterly NTBs Issuance programme released Tuesday this week. CBN issues TBs twice a month to help the government fund its budget deficit, support commercial lenders in managing liquidity and curb inflation.
Transactions on the floor of the Nigerian Stock Exchange, NSE, on Monday, June 4, saw major relief from the losses which had left the bourse weary for several trading sessions. Consequently, the NSE All Share Index, ASI, appreciated by 0.37 percent to close with movements north on the first trading session of the week largely driven by gains in the Banking and Oil & Gas counters.
The Nigeria Labour Congress (NLC) on Wednesday dragged some state governors to International Labour Organization (ILO) over alleged refusal to pay workers their monthly salaries. The Chairman of NLC, Comrade Ayuba Wabba who led Nigeria's delegation, presented a petition against the governors at ongoing 107th International Labour Conference (ILC) on Wednesday in Geneva, Switzerland, while speaking on issues affecting Nigeria workers.
The Federal Government on Monday offered for subscription two-year savings bond at 10.34 per cent and three-year savings bond at 11.34 per cent, the Debt Management Office (DMO) has said. According to the offer circular obtained from the DMO website, the two-year bond will be due in June 2020, while the three-year bond will be due in June 2021.
Colombian singer Shakira and her Spanish footballer boyfriend Gerard Piqué has suffered a burglary attack after robbers broke in to their mansion in Barcelona and made off with luxury items.
Shakira, 41, was performing in Cologne, Germany, at the time and her partner Pique, 31, who is preparing for the start of football's showpiece tournament in Russia, had travelled to the city to be at the concert.
The Nigerian National Petroleum Corporation, NNPC, on Monday declared that it has no obligation to respond to the Freedom of Information, FoI, request made by human rights lawyer, Mr. Femi Falana(SAN), on fuel importation and sundry matters. The Corporation in a letter by its lawyer, O. B. Omale, addressed to Falana, said the law that established NNPC, precludes it from one of the government’s body under obligations to disclose information under the FoI Act.
Barely eight hours after the Central Bank of Nigeria (CBN) reviewed the exchange rate of the Naira against the Dollar at the parallel market, it lost N50 kobo. The Nigerian currency was sold at N360.5 to the dollar at the parallel market in Lagos on Tuesday,according to reports. While the Naira was exchanged at N360.5, the Pound Sterling and the Euro closed at N490 and N425, respectively.
The appreciation recorded by Nigeria’s currency- naira in the various segments of the foreign exchange market last week is expected to persist this week, even as the external reserves continued on a downward trend, falling by $177 million in two weeks. This is due to increased dollar sales by the Central Bank of Nigeria, CBN, in its effort to stem the depreciation of the naira.